If you've been paying attention to the mortgage rate news, you may be wondering exactly how it is banks decide what mortgage rates to offer. Do they just pick a number at random? Mortgage rates may seem somewhat arbitrary, but there's actually something of a science to them. So how does your bank or lender determine what your interest rate will be? Here are just some of the factors that go into the equation. Rates Always Account For Inflation First and foremost, every mortgage interest rate … [Read more...]
How to Determine the Price of Your Home for Sale
Many people rely on the price they paid for their home as a starting point for selling, but with the ever-shifting tides of the real estate market, the price paid is not always the best metric to go by. If you're putting your home up for sale and are looking for the ideal price point, here are some ways you can arrive at a number that will keep potential buyers interested. Check Out Your Neighborhood Your house may have a lot of different features than the homes of your neighbors, but checking … [Read more...]
5 Uncommon Mortgage Terms You Need to Know
When it comes to finding a new home, there are lots of complex ratios, terms, and contracts that you'll encounter - and at times, it'll feel like you're trying to navigate a minefield. Here are five mortgage terms you may not encounter regularly that you'll need to know when buying a home. Escrow: Money Held In Trust To Pay Taxes An escrow account is a bank account that your lender maintains on your behalf. When you close your mortgage, you'll need to deposit a certain percent of your annual … [Read more...]
How to Smartly Leverage Your Home Equity
So you've been a homeowner for some time. You've been faithfully paying off your mortgage for years, and you have a fair bit of equity built up in your home – and that makes you proud. But now, you're wondering what good equity is if you're not using it. How do you actually use home equity? And how do you leverage it to get a high return for low risk? Here are just a few options you may want to consider if you're looking for something to do with your equity. Use A Home Equity Loan Or HELOC … [Read more...]
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