Carrington Mortgage Services, LLC Learning Center

What is an Assumable Mortgage?

We want your homeownership journey to be as simple as possible, so whether you’re a new member of the Carrington family, or could benefit from a refresher, here is a quick review of the functions you may need to manage your home 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.

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.

Not all debt is created equal when it comes to looking at the money you owe. There is absolutely good debt and bad debt, and the difference matters. Check out our lists below for some examples of good vs. bad debt.

The holiday season is just around the corner, and before you know it, your home will be the host of family gatherings and friends dropping by with holiday cheer. However, you may feel like your home needs some TLC before then, and what better way to prepare than with new flooring! Not sure quite where to begin? Let Carrington help you get started.

With the holidays just ahead, now may be the perfect time to consider a cash-out refinance - especially if you have personal debts with high interest rates (student loans, credit cards), or are ready to make some much-needed home improvements.

With the lowest mortgage rates in recent memory, you might be considering refinancing your mortgage and potentially getting cash out. Whether you pay off debts with a higher interest rate (student loans or credit cards, for example), make some much-needed home improvements, or reduce your monthly payment, refinancing may benefit your family’s financial situation.

Buying a house is one of the largest purchases that most people will make in their lifetime. Given that, it is very important to properly prepare for the home buying process to ensure that all goes as smoothly as possible.