Higher education can be one of the most significant financial investments you'll make, second only to purchasing a home. While federal loans are a common method for covering college costs, using your home’s equity is another option to consider. Before making a decision, it’s important to understand the pros and cons of tapping into your home equity to pay for college. The Financial Cost of College Just as most buyers need a mortgage to finance a home, many families rely on loans to … [Read more...]
Can You Buy Land with a VA Loan?
The VA loan program offers exceptional benefits to veterans, active-duty service members, and eligible surviving spouses, including no down payment, competitive interest rates, and no private mortgage insurance (PMI). But what about buying land? While the rules around using a VA loan for land can be more complex, there are still ways to make it work. Here's a breakdown of your options if you're looking to buy land using a VA loan. Understanding VA Loans VA loans are specifically designed for … [Read more...]
Can You Be a First-Time Homebuyer Again?
Purchasing a home is a significant milestone, and first-time homebuyer programs make the process easier for many stepping into homeownership. But what if you’ve owned a home before or are currently a homeowner? Can you qualify as a first-time homebuyer again? Surprisingly, the answer is yes. Under certain conditions, you may be eligible for these programs more than once. Here's a closer look at how it works, the eligibility criteria, and how to make the most of these opportunities. Who … [Read more...]
What to Do If Interest Rates Drop After Getting a Mortgage
When securing a mortgage, buyers aim to lock in the best possible interest rate. But what if interest rates fall after you’ve closed on your loan? Are you stuck with your current rate? The good news is that you may have options, whether your loan is brand-new or you’ve been paying it off for a while. Here are three ways to take advantage of lower rates. 1. Explore a Float Down Option Many borrowers choose fixed-rate loans for stability—they protect you from rising rates. … [Read more...]
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