For many, the dream of homeownership comes hand in hand with the complex world of mortgages. The terminology alone can be overwhelming, but one term that’s worth exploring is “assumable loans.” What exactly is an assumable loan, and could it be the right option for you? What is an Assumable Loan? An assumable loan, as the name suggests, is a type of mortgage that can […]
Mortgage rates play a significant role in the housing market, affecting affordability for potential homebuyers and those looking to refinance. However, predicting and influencing mortgage rates isn’t straightforward. Understanding the factors that influence them can offer insights into what might lead to lower rates. Federal Reserve’s Influence The Federal Reserve’s monetary policy is a major factor in mortgage rate fluctuations. When the Fed lowers short-term […]
HELOC, short for Home Equity Line of Credit, is a popular financial tool that allows homeowners to tap into the equity they’ve built up in their homes. It’s like having a flexible credit card tied to your home. Sounds intriguing, right? Well, let’s break it down and see what benefits and drawbacks come along with this financial option. The Pros Flexibility and convenience: One of […]
Purchasing a home is a significant financial decision, and one of the most critical factors is obtaining a mortgage. The process of getting a mortgage can be daunting and complex, and one of the first steps is obtaining a pre-approval. A pre-approval is essentially a lender’s guarantee that they are willing to lend you a specific amount of money based on your financial situation. In […]
As a prospective homebuyer or homeowner, one of the most crucial decisions you will make is locking your mortgage rate. It is a decision that can have a significant impact on your finances for years to come. This decision is even more critical now as mortgage rates have been fluctuating in recent months due to several economic factors. With that being said, It’s worth exploring […]
Jumbo loans are quite common now. As home prices have skyrocketed, the number of borrowers who need larger loans has also increased. A jumbo loan is a mortgage that exceeds the conforming loan limit set by the federal government every year. Jumbo loans can be used for primary homes, second or vacation homes or investment properties, and they are available as both adjustable- and fixed-rate […]
When you’re self-employed and you want to buy a home, you fill out the same mortgage application as everyone else. Mortgage lenders also consider the same things when you’re a self-employed borrower: your credit score, how much debt you have, your assets and your income. It is true that self-employed homebuyers do have to jump through a few more hoops than a W-2 employee. Specifically, […]
The Federal Reserve raised its benchmark interest rate .75% in September and concerns over how this would affect the personal finances of millions of Americans started to arise. While an increase in rates may help tame inflation, they don’t always help consumers. However, some homeowners may still benefit from mortgage refinancing. In fact, even with the rate jump, select homeowners can still save money with […]
Over the last year the average homeowner in the United States gained roughly $64,000 in equity due to home price appreciation. Now, whether you’ve just retired or you’re thinking about retirement, you may be considering your options for this whole new stage of your life. Here are a few ways that you can go about converting your home equity into money for retirement. Cash-Out Refinance […]
Over the last five years, a surge in home prices has created substantial wealth for the middle class. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 just over the last 12 months alone. Since there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, […]
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