Banknotes

Buying a home can be overwhelming for anyone, but first-time home buyers can be more susceptible to making a mistake that could cost thousands of dollars simply because you have never done this before.

As I recently explained in detail in another article, a cash-out mortgage refinance loan can be a great way to free up some immediate cash using the equity you’ve built up in your home over the years. However, one of the downsides to a cash-out refinance is taking on a slightly higher interest rate than a regular refinance. It is a practice called “loan-level pricing.”

Whether you currently have extra time to complete a home improvement project or the recent economic challenges have taken a toll on your family budget, many people are looking for immediate cash these days.

Could a cash-out refinance be the solution?

With unemployment rising and no clear timeline for the reopening of non-essential businesses, many people are worried about how they can make ends meet for the next few months and beyond.

One option to consider for financial relief is your mortgage.

Other than different interest rates, most people think that one mortgage is the same as any other. In truth, there are dozens of different mortgage loan options, each with their own special provisions to help people in different phases of life or people in specific situations.

When life changes, your home loan needs may change, too. From first-time home buyer to eventually downsizing as an empty-nester, there’s a perfect mortgage for every phase of life.

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.

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.

With the weather finally starting to cooperate and spring just around the corner, the 2019 housing market is beginning to heat up in earnest. Loan applications for newly constructed properties accelerated going into this year’s peak home-buying season, contrasting with the weakness seen at this time in 2018. Year-over-year new-home purchase applications for March were up 7%; compared to the previous month, they increased 19%.

If you are thinking about purchasing your first home, the down payment may be one of the reasons why you decide to wait. While there are a number of factors that play into a pre-approval for a home loan, the down payment is a major component to this process. Setting aside funds for a home purchase is not always easy.

While there is a lot of information out there about homeownership, it is very important to talk with a local, knowledgeable lender regarding the options for your particular situation. 

Economists confirm that homeowners, on average, accumulate more wealth than renters. By paying down their mortgage on a monthly basis, part of every payment goes to the principal and the value of their asset (house). Homeowners also have the flexibility to improve their property to better suit their needs and to increase its value over time.