If you want to tap into your home’s equity, you have a few options, one of which is the closed-end home equity loan. A closed-end home equity loan is like your standard mortgage with monthly payments and a finite term.Looking for Current Mortgage Interest Rates? Click Here.Keep reading to learn how it works. How the Closed-End Home Equity Loan Works The closed-end home equity loan gives you the chance to tap into your home’s equity. Let’s say you borrow $100,000 of your home’s equity … [Read more...]
How Much of Your Home’s Equity Can you Tap Into?
If you have equity in your home, you might think you can borrow it at any time. But that’s not the case. Each loan program only allows you to tap into a certain amount of your home’s equity.Looking for Current Mortgage Interest Rates? Click Here.Why do banks care how much equity you take out of your home? It’s simple – it keeps you paying your mortgage. Without any equity, it can be easy to walk away from your debt and your home because you have the cash in hand. This leaves the lender … [Read more...]
When is it Not a Good Idea to Refinance Your Mortgage?
When rates fall, it can be very tempting to run out and refinance your mortgage. Did you know that it’s not always a good idea to do so, though? Below we offer tips on when you should not consider refinancing. Closing Costs are too High Every time you refinance you pay closing costs. If you don’t pay them because you have a ‘no closing cost loan,’ you pay them in the higher interest rate. One way or the other, you are paying the bank because they don’t write loans for free.Get Matched with … [Read more...]
Refinancing with HARP: The Good and the Not So Good
It has been known that the Home Affordable Refinance Program (HARP) has been a saving grace for a lot of Americans who signed up for it. Since the housing crisis, about 3.4 million Americans have applied for this refinancing program.And from the recent turn of events, HARP is extended up until December 31, 2018. That's a 15-month extension from its last deadline which was September 30 of this year. This is all thanks to the Federal Housing Finance Agency (FHFA).Through the years, the … [Read more...]
What are Some Smart Ways to Use Home Equity?
If you have equity in your home, you might consider using it. There are good and bad ways to do so. Using it for the wrong reasons could leave you in trouble. It could even leave you without a home. Using home equity for good reasons, though, could help you get ahead. Here we discuss the smartest ways to use your equity. Fixing up Your Home The best way to use home equity is to fix up your home. It just makes sense. You take cash out of your home but invest right back into it. If the changes … [Read more...]