Can having a dog or cat (or any other pet) reduce the resale value of your home?  Well, first of all, let’s look at how many Americans actually own pets.  The American Pets Products Manufacterer’s Association says that 43 million households have dogs while almost 38 million households have cats.  That said, it’s very likely that the people who will be looking to buy your  house will be pet owners themselves as will other properties for sale at the same time as your home is for sale.  So, if you decide to get a pet, you won’t be alone!

That’s not to say you shouldn’t take certain precautions, though.  If you have a pet in your home, there are things you’ll want to do before putting your house on the market and before each showing of your home:

-Make sure you keep the house clean of pet hair.  Have the carpets and furniture professionally cleaned before putting your house on the market and dust and vacuum frequently.

-Repair any pet-related damage such as chewed on cabinets or stained carpet.

-Keep the animal out of the house during showings.  Whether you take the pet with your or put the pet in a kennel, you don’t want potential homebuyers being surprised by seeing an animal in your house.

As long as your house is in good condition and clean, the presence of a pet shouldn’t affect the value of your home.

When you’re buying a home, you should never skip the home inspection.  It will tell you if there are any concerns in terms of safety, maintenance or code that you’ll want to be aware of before you move in and a good home inspection will also let you know if there is anything that needs to be fixed by the seller before completing the deal.  

The question is, however, who all should be there?  Of course, you’ll want to be there because the home inspector will likely give you very useful information during the process.  Your real estate agent will also want to be there because he or she has experience in these things and will know which things you can let go and which things you’ll want to take to the seller to get fixed before closing.

Sometimes the seller likes to be at the home inspection as well.  There are pros and cons to this.  Often times, an inspector likes to have the home seller there during the inspection for many reasons:

-The inspector can ask the seller about certain things (such as water stains) to find out if it’s a constant problem or the results of a one time incident.

-The seller can tell you where to find things, especially in older homes, such as the outdoor spicket turn-off, addtional breakers, etc. 

-Sometimes there are things the inspector would like to check out but can’t because it’s covered, locked or otherwise inaccessible.  Having the seller there is useful because they can move the stuff, unlock the doors or just generally give consent to get into these hard to reach areas. 

-Finally, the seller’s presence can be beneficial to the home buyers because the seller can give them hints on how to “run” certain things in the home during the walk-through — especially if the house has special features such as an intercom or surround sound system.

There are cons to having the seller present as well.  Having your home inspected can be difficult when the inpsector is telling you everything that is wrong with your home and the sellers can get defensive about what the inspector is saying.  The seller can also try to “blow off” certain things that might end up to be a big deal in the near future such as a leaky pipe or some shingles lifting off of the roof.  Finally, the buyers may feel like they cannot be candid when discussing the home’s “issues” when the seller is standing right there.

Chase is expanding their interactive eSummit online training program to broker and correspondent home equity customers.  The eSummit holds presentations to help participants learn more about the products and features that are offered by Chase.  You are able to ask Chase experts questions online and receive live answers instantly.  The eSummits are held bi-monthly and allow Chase customers to learn of new and exciting news and new products from Chase.  

Chase is one of the leading home equity lenders in the United States.  They have generated more than $54 billion of home equity originations.  Chase works through banks, brokers, correspondents and mortgage offices.  The eSummits are available to customers on the Chase website under the Home Equity section.  

You’ve got your loan, you’re buying your house, and now comes the tricky question: how do I want to handle my house insurance?

If you have a mortgage, home insurance is not an option.  Even if your house is paid off, you still want to keep your insurance.  But there’s a fine line between making sure there’s enough coverage to replace your house without paying high premiums for that coverage.  Here’s a few tips.

*Have a higher deductible.  This will lower your payments and save you money in the long run.

*Keep all your insurance in one place.  Have car insurance?  You’ll get a discount for keeping your insurance business with one agent.  Same goes for life insurance.

*Keep an inventory of your house’s contents, especially for big ticket items.  This includes any jewelry, furs or expensive electronics you possess.

*Make sure you insure those big ticket items.  Sure you want to replace the house, but you’ll want to replace the furnishings also.  Floors get mighty hard and cold at night.

*Make sure you let your agent know if you do anything to increase the value of your house, like a remodeling job, adding a pool or tacking on another room.

*Shop around.  You put a lot of time and energy into picking the house.  Give the insurance the same diligent consideration!

Now that the insurance is settled, time to sign the contracts and handle the big task.  Moving in.

You’ve decided to make the move from renting to owning and you’ve shopped around to find that “perfect” house for you.  Here are some tips to keep in mind before you sign the dotted line on that offer to purchase:

1. Make sure that you truly can afford the house.  Even if your bank has pre-approved you for a loan, you’ll need to make sure that you can afford the payments and the escrow for the property taxes based on your other monthly expenses.  You don’t want to be strapped into a payment that tightens your budget too much.

2. Don’t forget the home inspection contingency.  Especially if this is your first home, you’ll want to have a home inspection by a liscensed home inspector.  A good home inspection will walk you through the house, point out possible future problem areas as well as point out absolute problem areas.  Some home inspectors will even give you tips on how to “run” your new home.

3. Research the neighborhood and community.  Before you make that move, you want to make sure that you like the neighborhood.  Talk to people who live there, ask questions.  If you have kids or plan on having kids, research the schools and community activities that are important to you.

By making sure you cover your bases, your home purchase as well as your life in your new home will go more smoothly.

With interest rates on the rise, you may be asking yourself what you should do before your mortgage payments rise higher than you can afford you pay.  Your home and credit are on the line and time is of the essence.  What do you do?

It’s possible to take a “cash-out” refinancing loan.  You can call your lender and ask to have your variable rate credit line converted to a fixed rate, fixed term mortgage; you may be surprised how easily the yes answer comes.  You can take out a simpler refinancing loan that again locks your interest rate and eliminates the credit line.  You can sell the house and downsize.  Or you can take a second and third job to pay the note… just kidding.

Banks want your business, and will attempt to keep you a happy customer who’s not going to be returning a home you can no longer afford the payments on.  So give it a shot, check with your banking institution or lender what your options are for checking the rapid rise in interest rates on your home.  The important thing to note is that these lenders want and need your business, especially with the housing markets drying up so quickly.  You’ll find them to be especially accommodating if you simply ask.  A paying customer is better than a bankrupt one.

Individuals who have taken out a home equity line can often find themselves in a financial bind.  Their variable rate can rise and cause their monthly payments to rise as well.  These rising payments and interest rates are causing for financial pain to many homeowners.  

Many homeowners have chosen to cut back and face the rising payments, but fear that the rising payments will only continue to grow.  Many decide that they will refinance their first mortgage and pull out enough money to pay off their home equity loan.  This is known as “cash-out” refinancing.  Many people use this method to pay off their variable rate credit lines.  Other homeowners are taking a chance and calling their lenders.  They are asking for something they never knew was possible-converting their variable rate to a fixed rate.  Lenders are not advertising this option but if you confront them with the idea, they are more than happy to help you out.  They are able to do this quickly with no appraisals, no credit checks, no title or closing costs and no fees.  

Some banks are also able to change your line of credit into a multiple tax-deductible financial planning choices.  You can take different lines of credit and convert them into fixed-rate or variable-rates.  Different loan amounts can be converted to fixed-rates for a specific period of time to help you pay for individual projects.  For example, you can take a $50,000 variable-rate credit line and convert $30,000 of it into a fixed-rate loan for five years to pay for education. 

J.P. Morgan Chase and Citibank home equity groups allow customers to divide their credit lines into several different groups with different terms, rates and at no additional costs. 

While some people advocate doing renovations to increase the value of your home, you need to know that few renovations and remodeling projects will give you a 100% or more return on your investment.  While remodeling and making renovations can certainly help the sale on your home, they won’t necessarily bring in enough money to cover your investment. 

So, when should you do renovations on your home?  The best answer is ”when you want to make the changes for you and your comfort in the home.”  Even a kitchen remodel, which is often the most desired type of remodel and the best way to increase the selling points of your home won’t often bring in a 100% return on your investment. 

When you do decide that the time is right for you to undertake renovations or remodeling, keep the following in mind:

Don’t worry about being picky if you need a contractor to help you.  You will most likely invest a lot of time, money and disruption to your life when you decide to renovate or remodel and you need to fully trust your contractor to make sure the job is well done.  Ask for references and call them.  Ask to see examples of similar work.  Keep asking until you’re sure you’ll be comfortable asking this person to work on your home.

You’ll also want to make sure your contractor has current insurance.  Another option that you have is making sure that your personal liability is sufficient to cover any accidents by uninsured people on your property.

Home prices in many areas of the U.S. have skyrocketed.  A lot of homeowners are finding themselves sitting on houses that have had an enormous increase in home equity value.  These homes are becoming “piggy banks” for those wanting to use a little of that home equity.  Here are a few hot spots for home equity and where homeowners have seen the prices of their homes fly up:

• Las Vegas
• California
• Southern Florida
• Urban East Coast

A few not so hot spots where the prices of homes have dropped include:

• Southeast
• Midwest
• Southwest

Specific cities that have seen a large drop in home prices include:

• Charleston, West Virginia
• Indianapolis, Indiana
• Austin, Texas

Reports state that foreclosures will account for 1% of all homes this year, the highest it’s been in 52 years.  While we could comment on the reason for the increase in foreclosures, we’re more interested in how to reap benefits from this new housing trend.

Foreclosed homes can be a bargain basement purchase, either for a potential rental, resale or even personal accommodations.  There are however a few aspects to be aware of.

Federally seized property such as those on FHA or VA loans are more likely to come with low downpayments and possibly repair allowances.  Banks typically have a department solely to deal with confiscated properties where owners have defaulted on their loans.

Sometimes the properties will be placed up for auction, but then priced at their appraised value which is no bargain for the buyer.  Some institutions will sell for the remaining amount of the outstanding loan, which again, has the potential to be nearly the full purchase price of the house.

The best way to determine if foreclosure purchase is the way to go is to do a little research.  Find out the price for the home and factor in the cost of repairs.  Compare this number to the asking price and the price of similar properties being sold in that area.

With a little luck, a little elbow grease and a touch of daring, you could have a fantastic new home for a fraction of your neighbor’s mortgages.