Mid America Mortgage Blog

What are Real Estate Betterments?

Investopedia defines “betterment” as  A type of action or cost expenditure that contributes towards improving an asset’s performance and/or increasing its value. “Betterments” do not include general maintenance-related actions that seek to sustain an asset’s current value. Simply put, if it makes your property more valuable (better), it’s a betterment. There is such thing as “over-improving” your home. Not all improvements are considered “betterments” because they will not affect your home’s value in the same way. There is a difference between sustaining your homes value and increasing it. Simple home improvements such as painting, replacing shingles, pressure washing the driveway or

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The Pros and Cons of a 15 Year Mortgage

House with for sale sign out front

When considering a mortgage, one of the primary factors to weigh is the length of the loan term. While the conventional 30 year mortgage is one of the most common choices, it may not necessarily be the best choice for every borrower. Ever since the latest housing downturn, more American homeowners are concerned about equity, and with a long loan term, it can take awhile to build a significant amount. Thus, the 15 year mortgage has emerged as another popular home financing choice. With the 15 year mortgage, the 30 year loan’s lifespan is cut in half, and usually has

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Reasons to Consider a HARP Refinance

Piggy bank savings

The Home Affordable Refinance Program (HARP) was created to help homeowners refinance their mortgages to more affordable interest rates, when ordinarily it would not be possible due to lack of equity. Known as being “upside down” or “underwater” in their mortgage, equity-poor homeowners owe more money on their mortgage than their home is worth, making it nearly impossible to refinance through conventional methods. Millions of Americans were faced with negative equity during the housing crisis. People who bought homes during the market peak, when prices were high, were hit especially hard after home values plummeted. Even today, after the housing

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