The Benefits of Paying Points on Your MortgageWhen you take out a mortgage, you may be given the option to pay points in exchange for a lower interest rate. A mortgage point, also known as a discount point, is equal to 1% of the loan amount. For example, if you re financing $200,000, one point would cost $2,000. While paying points means you ll pay more upfront, it can offer long-term savings. Understanding the benefits of paying points on your mortgage can help you decide if it's the right move … [Read more...]
Cash-Out Refinance vs. Rate-and-Term Refinance: Which One Is Right for You?
When considering refinancing your mortgage, two main options often come to the forefront: Cash-Out Refinance and Rate-and-Term Refinance. Both allow you to change the terms of your mortgage, but they serve different purposes and have distinct advantages. Understanding the differences between these two refinancing options is crucial to making an informed decision that best aligns with your financial goals. What Is a Cash-Out Refinance?A Cash-Out Refinance allows you to replace your existing … [Read more...]
Why Retirees Are Taking Out Mortgages on Purpose
For generations, the goal was simple, pay off your mortgage before retirement and enjoy your golden years debt-free. But today’s retirees are changing the conversation. More and more, homeowners in or near retirement are choosing to take out a mortgage on purpose, not out of necessity. And for many, it is a smart financial move. So why would someone take on a mortgage after age 60, 70, or even 80? The answer lies in strategy, flexibility, and long-term planning. Preserving Retirement … [Read more...]
Your Mortgage Timeline, Backward
For many homebuyers, the mortgage process feels like a maze. You know you want to own a home, but the path to get there can feel confusing. So let us try something different. Instead of walking forward through the process, let us walk backward, starting from the moment you get the keys and working our way to where you are now. Seeing it in reverse can help demystify the journey and show you how each step builds on the last. Closing Day: You Get the Keys This is the moment you have been waiting … [Read more...]
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