Buyers soon discover they’ve got more than a few decisions to make when first embarking on a new home purchase. One such consideration is your mortgage. And there are more than a few choices there, too. Homeowners may find themselves asking; Should I get a fixed rate loan or an adjustable? Should I lock in my interest rate or wait? Should I get a 15 year mortgage, 20, or 30? Let’s take a closer look.[Read more…]
When comparing interest rates on home loans with other types of consumer debt such as credit cards or automobile loans it becomes immediately clear there’s quite a bit of difference.Why the disparity? Home loans are secured by real estate while credit cards are not.Other installment debt such as an automobile loan can also carry higher rates compared to a home loan. Consumers can always renegotiate the interest rate on a credit card or other types of debt but even then the rates are still higher than what is offered for a mortgage.That said, home owners can replace those higher rates with a lower one by refinancing an existing mortgage, pulling out extra cash during the process and paying off those high interest rate accounts. How?
Here are four mortgage refinance options for consolidating debt.[Read more…]
Refinancing comes with many intricacies and it’s hard to know what to do and what not to do in order to get the best deal on your refinance. We’ve outlined some foundational tips to get started on knowing what refinance mistakes to avoid.[Read more…]
When it comes to getting the lowest refinance rate, there are a few key questions to ask your lender. Being informed about your specific situation will help you get the inside scoop on how to manage your refinance and get the lowest refinance rate.
When evaluating refinance lenders, be sure to ask these questions and think critically about how their answers compare to a trustworthy lender.[Read more…]
There are plenty of benefits to refinancing your mortgage — lower interest rates, lower monthly payments, and building equity faster are all inviting incentives to refinancing.
If you’re looking to refinance your mortgage, it is recommended that you do so through a direct lender instead of a bank due to the specific focus and expertise in mortgage loans. However, if you have a history of having bad credit, the refinancing process may be a bit more tricky.[Read more…]
When you need to refinance your home, it’s wise to know the driving factors behind determining your interest rate.[Read more…]
Mortgage refinances typically aim to lower your monthly payment while cash-out refinances are often used to take care of other debts or make improvements to your home.
Your home mortgage interest rate depends on a number of variables that are currently being decided by the Federal National Mortgage Association (FNMA), otherwise known as Fannie Mae. Depending on the housing resale market, your personal and individual qualifications, and the term of the loan, you can find major differences in rates that are available to you.[Read more…]
The refinance process starts well before you start filling out refinance applications. Depending on how well you’ve prepared and organized your refinance information will determine the time it takes to complete the refinance. We will explain the refinance process and what it looks like for your mortgage.[Read more…]
One of the most common goals is to get on track financially. As Summer starts settling down and everyone gets back to their everyday schedule, many start to refocus for the second half of the year. One of the best ways to get on track and get your finances in order as we finish 2019 is to have a plan. Set aside some time to write down your goals and how you’re going to achieve them. By following these four simple steps, 2019 will end on a much better financial note than 2018.[Read more…]
It’s no secret the cost of attending college has become more and more expensive over recent years. Tuition costs and a whole host of other fees must be accounted for and, for many, paying for college with high-cost student loans is the only option. But for homeowners, there’s another way to help defray the cost of higher education. You can use a debt consolidation mortgage to save for your kids’ college by leveraging the equity in your home.[Read more…]