If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with their own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you … [Read more...]
Refinancing A Mortgage: Is It Too Soon?
Due to the fact that mortgage rates are still hovering near record lows, many homeowners are considering refinancing to a lower interest rate. This is a great way for homeowners to shorten the term of the loan, reduce the size of their monthly payments, and access cash for a home improvement project. On the other hand, there are some situations where it might be too soon to refinance an existing mortgage. What are a few factors to consider? Conventional Home Loans Might Require A Certain Amount … [Read more...]
What Are The Most Common Mistakes Homeowners Make When Refinancing?
There are lots of people who are looking to take advantage of low interest rates to refinance their homes. This provides homeowners with an opportunity to save tens of thousands of dollars over the life of the loan. It could also allow homeowners to access equity to finance a home renovation or shave years off their mortgage. On the other hand, there are also a lot of people who make mistakes during the refinancing process. What are some of the mistakes that everyone should make sure they … [Read more...]
Should I Shorten My Mortgage Term, Important Factors To Consider
When you first bought your home a few years ago, perhaps you started off with a 30 year mortgage. Now, you are considering refinancing and changing it to a 20 year or even a 15 year mortgage. Shortening your mortgage term and refinancing can be a smart financial move, but before you make this decision there are a number of factors that you should consider. Switching to a shorter mortgage will mean that your monthly payments will be higher, but you will be 100% paid off much sooner and you will … [Read more...]
