As a homeowner, you may have heard about refinancing your mortgage but may not have a clear understanding of what it entails. In simple terms, mortgage refinancing is the process of replacing an existing mortgage with a new one that has better terms and conditions. The new mortgage pays off the previous one, and the…
As a first-time homebuyer, the process of purchasing a home can be intimidating and overwhelming. One of the most important steps in the home-buying process is obtaining a mortgage pre-approval. In this article, I will discuss what mortgage pre-approval is, the benefits of obtaining one, how to get pre-approved for a mortgage, the documents required…
Finding the right mortgage is no easy feat. There are so many variables that can and will change over the life of your loan, from interest rates to the type of benefit you qualify for. If you’re anything like us, you might have been hesitant to take on another loan in the past, especially since…
How one house payment can change your mortgage payments forever. The American home loan is the No. 1 form of consumer credit in the country, with an average home loan size of $133,000. Home equity loans and second mortgages are also common but usually tied to a house or an apartment. Even though these loans…
Reverse mortgages are a type of home equity loan that allows you to earn interest on the equity in your home. The interest is typically taxable, so it’s important to understand how this works with your finances. A reverse mortgage is a tool that many people use to help fund their retirement. By putting down…