Town Tip Thursday: Attention homeowners!

Town Tip Thursday, A WHAT MATTERS Initiative.
Attention Homeowners – Get appropriate Building Permits and learn about a 2.99% Home Equity Loan that will help pay for them!

In this week’s three minute tip, Beth Medved Waller encourages homeowners to make sure they obtain building permits as required for home improvements.  She also discusses (with Katrina Meade) a home equity loan that City National Bank offers to help fund home improvements.

BUILDING PERMITS FOR HOME IMPROVEMENTS (per Warren County’s Website):

The Building Code was adopted by the Commonwealth of Virginia to ensure the health, life and safety of its citizens. Certification by the County for compliance with the Building Code will assist in avoiding possible problems later. Building Permits are required for: New buildings, additions, decks, porches, detached residential accessory buildings larger than 200 square foot, attached or detached garages, above ground or in-ground pools, finishing a basement, interior alterations (removing walls, adding walls, enlarging windows), retaining walls, fences over six (6) feet, electrical work, mechanical improvements (including heat/ac) and plumbing work.

If you are undertaking a project and are not sure if a permit is required, please contact our office at (540) 636-9973, prior to starting, and ask if a permit is necessary.

*Beth’s note – be sure to call to check the building permit requirements even if you have a professional contractor making your repairs. As a Realtor, I’ve seen many situations when licensed contractors failed to get appropriate permits. Most all buyers have home inspections that will discover un-permitted improvements that may cause sales to fall through.

CITY NATIONAL HOME EQUITY PRODUCT:

City National bank can loan up to 89% of the equity in a primary residence.  Their rate on this type of loan currently starts at 5.25% (for 80% equity) and it is tied to prime.  There is currently a special first year rate of 2.99%.  There are no closing costs with this loan except for the County’s recordation fee. The bank pays for the appraisal – if it doesn’t come in high enough, the client does not owe us anything.  The Line has a 15 year draw period and a 15 year repayment period.  During the first 15 years, the payment is interest only – minimum payment is accrued interest (any additional payment amount is a direct principal reduction).  At the end of 15 years, the principal still owed is amortized out over the next 15 years. There is a $50 annual fee that is waived for the first year.  Funds are drawn as needed and only they would pay interest only on the amount drawn. The interest may be tax deductible.  Call Katrina Meade for more information at 540-631-3104 or email her at Katrina.Meade@bankatcity.com with any questions.

The bank will require the following information to start the loan process:

• 2 year’s tax returns
• 2 year’s W-2
• 30 day’s payroll stubs for each borrower
• Copy of Identification for each borrower
• Social Security Number for each borrower
• Collateral Information:
• Property Address
• Original Purchase Price
• Current Market Value
• Year House was built
• Mortgagee
• Payment Amount
• Year purchased
• Certificate of insurance for the collateral
• Copy of the Deed
• Employment Information
• Place of Employment
• Address / Phone Number
• Monthly Income
• Length of Employment

A WHAT MATTERS INITIATIVE

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Beth’s WHAT MATTERS Warren/Town Tip videos post on Facebook and YouTube. They are also shared with Royal Examiner online (most are distributed in their daily email blast to thousands of local residents). Sign up for Royal Examiner Email Alerts HERE and check out the “WHAT MATTERS Warren” tab under “Features.”

Visit www.whatmattersw2.com “Community” section to request a TOWN TIP or WHAT MATTERS WARREN BETHvid.

Learn more Beth’s nonprofit,  WHAT MATTERS, a 501 (c) (3), at www.whatmattersw2.com out the “Community” section to request a TOWN TIP or WHAT MATTERS WARREN BETHvid or contact her at 540-671-6145 or beth@whatmattersw2.com.