Category: Experienced Homebuyer

Let’s look at how a cash-out mortgage refinance works, and some potential pros and cons.

Congratulations, you have found your dream home! You and your realtor have worked out all the details with the seller and have finally agreed to the purchase price. Now what?

You’re ready to buy a new home. You’ve agreed on a price, have a mortgage ready, and booked the movers. However, there is one final expense you’ll need to deal with before you can sign your paperwork, collect your keys, and move in. It’s called closing costs. Understanding what closing costs are and how much you’ll need to pay for them will help you budget for your new home.

Multi-generational living is defined as adults from multiple generations living in the same home. This form of living is on the rise in the U.S. after declining for years and a record 60.6 million Americans live in multigenerational households according to data from Pew Research Center. Reasons include growing racial and ethnic diversity in the U.S., more young adults living at home, economic necessity and a larger percentage of the US population over age 65.  Whatever the reason that may be causing you to consider multigenerational living with some planning, you can make this living arrangement work for everyone.

How Much of Your Income Should Go Toward Housing? If you’re ready to start house-hunting – or if you’re just looking to build a better budget – you need to know how much of your income should go toward housing.

One of the biggest joys of owning a home is that your mortgage payment allows you to build equity in it. Home equity is the difference between your home’s value and what you owe. Some homeowners enjoy building equity so much; they want to know ways they can build it faster. Here we explore ways you can do that.

Additions and major home renovation projects make your house feel more like a home and potentially boost its functionality and resale value. But unless you are in a position to pay cash for renovations, you’ll be looking to finance them in the form of a loan.  There are many different options you should consider based on the scope of your project, amount you are looking to borrow and the equity available in your home.  Here we’ll discuss three of the more common ones that are available to borrowers today.

You’ll want to weigh your options carefully and choose the type of mortgage that makes the most sense for your individual situation.

As long-term interest rates remain at near-historic lows, it seems like everyone from casual acquaintances to close relatives has an opinion on how far rates have to drop before it make sense to refinance. With so many different points of view, how does one make a decision that’s right for them?  We’ve come up with 5 questions to ask yourself in order to decide if refinancing your home mortgage is right for you.

No matter how experienced you are, buying a new home is always daunting. A main reason is the commitment involved.  When taking out a mortgage, you are literally putting your home on the line because failure to make payments puts your home at risk.  For that reason, it’s important to determine what you can realistically pay for your next home.