As you can see in the video below, the amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment. In bullets: Down payment Loan size Interest rate - fixed or adjustable Repayment term - how long Payment schedule - how often all affect the size of your payment. … [Read more...]
A Step-by-Step Guide to Refinancing a Traditional Mortgage to a FHA Mortgage
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more. Those who are interested in refinancing in an FHA mortgage may consider these steps. Understand the Rules … [Read more...]
Remodeling 101: How to Create a Proper Budget for Any Renovation, Large or Small
Whether you're readying to put your home on the market or you haven't updated your space in a while and want to modernize, approaching renovations can be a struggle. With so many things to fix up, both large and small, it can seem overwhelming to prioritize, set the money aside and get to work. If you're having trouble figuring out where to begin with budget, here are some tips for how to properly prioritize so you can maximize your renovation expenditures. Determine What Is Most Important … [Read more...]
Refinancing Tips: 5 Questions to Ask Your Lender to Ensure You’ve Done Your Homework
If you're looking to refinance your home, you're likely going to benefit from lower mortgage payments. But lower mortgage payments aren't the whole story with a refinance. A refinance plan may change several key terms of your mortgage agreement – which may work for or against you. Before you refinance, you'll want to ask your lender these five key questions – it'll help you ensure you're getting a deal you can afford. How Long Does It Take To Close? Closing a refinance isn't always … [Read more...]
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