An adjustable-rate mortgage was once a great mortgage product, at a time when home buyers wanted to avoid locking in high interest rates. But with historically low interest rates now available to millions of buyers and rates expected to rise in 2017, lots of mortgage holders are trying to find a deal and negotiate better terms before rates go up. One great way to save on mortgage costs is to refinance your adjustable-rate mortgage. So how can you make a mortgage refinance work for you? Here are … [Read more...]
How Are Mortgage Rates Determined?
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...]
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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