Homeowners who have equity built up in their homes can tap into that equity using a home equity line of credit, or HELOC. This financial tool can be a great way to accomplish a number of financial goals. Here are four excellent uses of a HELOC for homeowners to consider. Consolidating Costly Debts Credit card debt and other types of consumer loans are costly, unless a debtor is lucky enough to have a no-interest card. Borrowers can consolidate that debt into a HELOC, which is much more … [Read more...]
5 Key Factors That Affect Your Mortgage Rate
Many first time home buyers often wonder what factors determine their mortgage rate. Is it their credit score? Is it the type of loan chosen? Is it the size of the loan? The truth is, there are many factors at play. Mortgage interest rates are not standardized across the board, so they vary from lender to lender and from borrower to borrower. Here are 5 common factors that determine or affect your mortgage interest rate: 1. Default Risk Risk is a key consideration when … [Read more...]
