A reverse mortgage lets you borrow money from the equity in your house, without any monthly payments. The loan is only repaid when the house is sold, or the property owner passes away. If you are considering a reverse mortgage loan, start by understanding how one works and how it will affect you now and in the future. If you are a senior and a homeowner and short of cash to make ends meet, a reverse mortgage could in some […]
Building home equity is important. It’s your financial stake in your house and since it’s considered an asset, you can use your home equity to finance your kid’s college education, remodel your current house, buy another home or supplement your retirement savings. If you’re wondering how to build your home equity, check out these tips. Make a Big Down Payment Your home equity represents how much of your home you actually own. If your goal is to build as much equity as […]
Once you find your dream home and make an offer on it, it’s time to apply for your new mortgage loan. Getting the right home loan is essential to your financial stability and lasting success when it comes to owning your new home. That’s why it’s important to understand how mortgage loans work, what types of mortgages are out there, and how each type of mortgage is different. Let’s look at the basics so you can feel confident in choosing […]
As a homeowner, it’s important to know about mortgage refinancing: taking out a new loan to pay off and replace your old loan. You might be wondering if it is a good time to refinance, and to find out what’s in it for you if you do. Can you get a mortgage with a better rate? Find a better type of mortgage? Or reduce your overall amount of debt? Below are three reasons to refinance your mortgage.
How to Buy Your First Home Buying your first home can be very exciting and, for some people, overwhelming. If you’re planning to take the plunge into home ownership for the first time– congratulations! Before you start the process of actually looking at homes, let’s look at some key information you’ll need to know. Get Your Finances in Order Know your credit score and take steps to improve it if necessary. Determine how much you can comfortably […]
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