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Carrington Mortgage Services, LLC Learning Center

What is a Home Equity Loan?

Not even a year ago, you could refinance your entire mortgage to get cash out of your home’s equity while taking advantage of record low rates. The market is changing and rates are rising, but you still have options to make your home work for you. Home equity loans, also known as second mortgages, are a potential tool that can help you access some of your home’s equity, keep the rate on your existent mortgage, and still achieve your financial goals.

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Cash-Out Refinance: When Does It Make Sense?

A cash-out refinance allows you to access the equity in your home for extra cash if you have considerable equity in the home. For example, if your home is worth $250,000 and you still owe $150,000, you could take out a new loan for $180,000, pay off the existing loan amount and use the remaining $30,000 to consolidate credit card debt.

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Escrow 101: Covering Things You May Not Already Know

What is escrow analysis and how often is it performed?

Carrington Mortgage Services, LLC (CMS) completes an escrow analysis each year to ensure your escrow account is funded correctly. During the analysis we will determine any surplus or shortage, and adjust your monthly payment accordingly to cover all of the bills that are paid through your escrow account.

The analysis outlines the activity on your escrow account for the past year and the anticipated activity for the upcoming year. We use the tax and insurance amounts from the most recent year to project taxes and insurance for the upcoming year.

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CCF

Carrington Charitable Foundation's 10th Golf Classic

After a two-year hiatus during the pandemic, the Carrington Charitable Foundation (CCF) held its 10th annual CCF Golf Classic benefitting CCF’s Signature Programs that support post 9/11 combat wounded American Veterans on October 10, 2022, at The Resort at Pelican Hill in Newport Coast, Calif. The event raised more than $2 million for its initiatives that enable Mobility, Stability, Purpose and Prosperity for U.S. servicemen and women returning from post-9/11 battlefields. CCF is the nonprofit organization of The Carrington Companies. More than 250 golfers participated and the event culminated in a dinner and auction attended by more than 450 people. 

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