Buying a home can seem like a daunting task, but it doesn't have to be if you know what to expect. Help ease your stress by getting prepared for the road ahead. There are several steps to buying a home, but we have compiled a checklist to get you to the finish line.
If you find yourself wondering about cash-out refinances, you are not alone. Many people decide to get a cash-out refinance for reasons such as needing home improvements, helping pay for a child’s college tuition, or simply wanting a better rate while accessing the equity of one’s home. Below is what you can expect when getting a cash-out refinance.
You've found the home you want and you're ready to buy - but how do you determine what kind of mortgage is best for your budget and lifestyle?
Improving your credit score is worth the time and effort, but that does not mean the result is going to be instantaneous. Credit improvement is a process and the best way to improve it is to manage it responsibly. If you are looking for ways to improve your score, here are some tips that you can utilize to begin the process:
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.
A Jumbo loan has a principal loan amount that is bigger than conforming loan limits. For 2018, the maximum conventional loan amount is $453,100 (ranging up to $679,650 in high-cost areas) for a single-family home.
Like homes, mortgages come in many shapes and sizes. Down payments*** can run from zero (0%) in some instances to 3% and all the way to 20% or more.
Refinancing may save you money by lowering your monthly payment or reducing your loan term. However, if you aren’t careful it could end up costing you more in the long run. Here are some things to watch out for when refinancing:
Buying a home is often one of the biggest financial decisions in your life. It can also be nerve-racking, and you may have a lot of questions. Determining how much to spend on a home will most likely be at the top of your to-do list before you begin your search for a home.
If you have considerable equity in your home and need extra cash for major expenses, such as home improvements, starting a business, college tuition, or consolidating credit card debt, a cash-out refinance of your home could be an option.
