Mortgage News and Notes

Refinancing to finance home improvement projects

May 31st, 2019 1:09 PM by Steven Hofberg

Summer is just around the corner, and many folks find that this is the perfect time to get moving on a home improvement project. Think of finishing the basement or turning the rec room into a media center. Many homeowners choose new or updated bathrooms or kitchens. They are both considered to be among the improvements that can result in the best payback in home value.


With mortgage interest rates still low, refinancing your mortgage can be a good option to enable you to finance that project. Both Freddie Mac and FHA offer cash-out refinance mortgages up to 85% of the value of your home. For example, taking out $50,000 in cash at a rate of 4.125%  results in a payment of $242 per month (APR 4.208%). Let us run the numbers for you. We think you will be pleasantly surprised.


There is more good news, this time under the topic of RMC in the Community.


As many of our readers know, RMC has been a proud sponsor of the DC Gay Flag Football League (DCGFFL) for several years. The “final four” games were played last Sunday on the Rock Creek Park fields at 16th and Kennedy Streets, and it turned out to be a very special day. Players from the league presented Margie with a plaque thanking her for her sponsorship and support of the DCGFFL. Also, our son Mark Hofberg’s Purple Team won the league championship in a very hard fought and well played game. Lots of smiles all around!

Posted by Steven Hofberg on May 31st, 2019 1:09 PM


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