Banknotes

By: Cindy Mack, Assistant Vice President – Mortgage Loan Officer

Divorce is difficult for so many reasons. To avoid making it harder than it has to be on your finances, it helps to understand the way mortgages are handled as you divide assets.

Whether you are thinking about keeping your current home to provide stability or considering a move to get a fresh start, there are things you should know to make the process easier.

By: Paulo Gutierrez, Mortgage Sales Coordinator

It’s incredible, but true: Mortgage rates, already near historic lows months ago, have continued to drop. In fact, the rate environment is such that people who bought a home just last year might benefit from already refinancing, as it’s estimated that by doing so, the average homeowner could save around $150 monthly.

By: Mark DeBiasio, Executive Vice President – Chief Financial Officer

On December 22, 2017 the President signed the Tax Cuts and Jobs Act of 2017.  The new law makes many significant changes to the tax code, including doing away with the deduction for the interest paid on home equity loans.

By: Mark DeBiasio, Executive Vice President – Chief Financial Officer

Simply put, a Home Equity Conversion Mortgage (or HECM) is a financial product that allows homeowners, over the age of 62, to extract equity from their homes in tax-free fashion.  HECM’s are only available through FHA approved lenders.  HECM’s are loans secured by a first mortgage on the homeowner’s residence with loan proceeds paid out over time or in a lump sum.  HECM’s do not create a repayment obligation as long as the homeowner resides in their home and keeps real estate taxes current.

Thanks to current mortgage rates, refinancing your home could be a great way to lower your interest rate or improve your loan terms – or both! But a low rate isn’t the only number to consider when trying to decide if the time is right for a refi.