Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits a new low? While it’s tempting to lower your interest rate, the costs to do so can become prohibitive. The old rule of thumb used to be: refinance only if you can lower your rate Read more…
No-cost loans have become a popular alternative for borrowers who are considering refinancing their home loans. With a no-cost loan, there are no out-of-pocket fees or any fees tacked-on to the new loan paid by the borrowers. For example, if a $150,000 home loan is refinanced with a no-cost loan, the new loan balance would Read more…
The typical problem for homeowners: multiple loans on their property – a first mortgage and a second mortgage. The first mortgage might be an ugly loan with high interest and high monthly payments. The second mortgage (sometimes called an equity line of credit) usually has a low rate and gives homeowners more flexibility to take Read more…
Many aspiring homeowners utilize 80/20 loans to avoid paying PMI (Private Mortgage Insurance). PMI is required when a mortgage equates to greater than 80% of the home value. So what is an 80/20 loan? Well it allows home buyers to take out two loans: one for the 20% down payment to avoid PMI and one Read more…
If you have a VA loan and would like to either refinance for lower monthly payments or access the money you’ve invested in your home (and accrued as equity), you may want to look into VA refinance options. You may find that a VA refinance can be exactly what you need to get you through Read more…
Are you looking to refinance your home, but are trying to get a loan with low upfront costs? If so, you may be eyeing no cost mortgages. Before you sign on the dotted line make sure you understand the pros and cons of no cost mortgages. What is a No Cost Mortgage? If a lender Read more…
In the 4th quarter of 2010, mortgage and refinance rates dropped to record lows sending homeowners in a refinancing frenzy. Today, single digit low rates are a far cry from where they used to hit in the 1980′s topping at 17%. Homeowners often hear about reduced rates and jump to refinance their mortgage. However, before Read more…
A HELOC is a home equity line of credit or a loan that is tied to your home. It has a revolving line of credit meaning you can pay it off and then borrow again, similar to a credit card. However, the interest rate is usually much lower than a credit card. The interest rate Read more…
Are you overwhelmed with debt? Have you considered consolidating your debt with a refinance so you can pay off those highest interest debts now, saving yourself money and stress? If you own a home, you may discover that refinancing can be the perfect option for consolidating and paying off debt. How Can Refinancing Help You Read more…
Buying your first home can be an exciting and scary experience. Most people find that they have no idea what is going on and rely a lot on the advice of their lender or real estate agent to get them through the process. And it’s an experience most people don’t want to repeat any time Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits Read more...
One of the biggest purchases you will probably make it your life is your home. Your home may also be Read more...
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become Read more...
1. What is HUD? HUD stands for the United States Department of Housing and Urban Development. It’s a government agency Read more...