Over the summer of 2020, refinances of existing mortgages rose over 200 percent, according to Realtor.com. Driven by the lowest interest rates and the highest home prices in recent history, many homeowners are opting to skip the frustrations of moving in favor of lowering their current monthly mortgage payments.

Investopedia.com warns that refinancing could be a bad idea if it’s done for the wrong reasons, such as taking cash out of your home to invest or consolidating credit card debt. Refinancing comes with considerable costs and fees - typically three to six percent of your loan amount, which can take as long as three years or more to pay back. If you decide to move sooner than three years into the new loan, you’ll lose money. You must also avoid the temptation to “reload” your paid-off credit cards with new balances.

Trading your 30-year mortgage in for a new 30-year loan also doesn’t make sense, as you’ll be adding more years of interest to the term of your loan.  But it can work if you have an FHA loan with private mortgage insurance (PMI) that can’t be canceled and you go for a shorter term than your current mortgage. If you have more than 20 percent equity, you can refinance into a conforming loan with no PMI due.

The best outcome is a healthy break-even point where the costs of refinancing are covered by the monthly savings provided by your new loan.  Explore the numbers with your lender before deciding.

Two words widely used in interior design are modern and contemporary, which sound like interchangeable synonyms, but really have different meanings. What’s confusing is that they have some traits in common along with others that set them apart.

Thespruce.com defines modern design as representing an era that’s passed, while contemporary design is all about the present and the future. Both styles share common characteristics – clean lines, simple uncluttered spaces and artistic flair. But they differ in the following ways:

Modern design began in the early to mid-1900s, when society was excited by inventions such as the skyscraper, jet aircraft, the space program, the cross-country highway system and major scientific advances, such as antibiotics and polio vaccine. The most popular modern concept is mid-century modern, when post-World War II housing was revolutionized by the low-slung ranch-style suburban home. Modernism departed from traditional comfy elements like ruffled curtains and overstuffed chintz chairs and embraced space age simplicity, sleek furniture with exposed legs, geometric lines, and wood accents. Colorful abstract art was juxtaposed against warm earth-bound colors. It’s a great motif for anyone who wants a recognizable design scheme. 

Contemporary design began in the 1970s as postmodernism rose in popularity. It is not tied to a specific era but borrows from past movements such as art deco and modernism as well as adopts new ideas, building materials, and technology, resulting in an eclectic living space. It’s an ideal choice for the homeowner who enjoys change and likes to stay ahead of new trends.

One of the best ways to get your home ready to sell is to remember to use the appeal of all five senses in your marketing. You want your home to look great and you want homebuyers to feel welcomed by attractive aromas, soothing music and other hospitable ideas so they appreciate the home’s environment on every level.

Sight – Focus on the first things homebuyers will see from the curbside to the living space inside. Make sure the yard is trimmed, flowers are planted, paint is refreshed, and the walk is freshly swept. Polish the front door hardware and sweep cobwebs from the entry lights. Provide plenty of light by opening curtains and blinds and turning on light fixtures. Neutral paint and décor help homebuyers visualize themselves in the home and removes the focus from the homeowner’s preferences.  

Sound – Put on some relaxing music to invite homebuyers to take their time and see the property thoroughly. Check built-ins, doors and floors for squeaks and creaks and get noisy fixtures repaired or oiled.  Remove and kennel raucous pets during showings. 

Touch – Homebuyers will open and close doors, open taps, and run their hands across countertops. Make sure doors, drawers and windows open smoothly and that all surfaces are sparkling clean.

Smell and Taste –Treat homebuyers to fresh-baked seasonal cookies and herbal teas in paper cups. Place a stack of flyers touting the home’s features beside the snacks. Carpets, curtains and fabric furniture should be steam-cleaned and all linens freshly laundered.