Equity is back and is continuing to grow for millions of homeowners. And this is money that can be used for a variety of purposes, including investing in a second property.
An ARM, or adjustable-rate mortgage, is often a very savvy option when deciding on a home loan, particularly when interest rates have been at historic lows and have remained there as they have for the past several years.
Refinancing a mortgage allows you to pay off an existing debt on a home with a new loan with different terms and features. The short answer to the question of how frequently you can refinance your mortgage is simple:
The selection of a second mortgage to draw upon your home’s equity may seem simple enough. You want to borrow against the difference between what you owe on your mortgage and what your home is worth.
What would you do with a little extra money? Chances are, an answer quickly popped right into your head – and you probably had more than one.
You’ve been saving money and interest rates are low, so now you decide is the time to get some of the more important projects around your home finished. Three of the more popular projects that homeowners embark on are remodeling the bathroom or kitchen or finishing a basement.
Who wants to go through spring and summer with their backyard looking like a construction zone?
Remodeling and renovations often add value to your home, but how often do you plan a project that involves adding areas that foster closeness? Making a home more romantic or improving the ways you and your partner (or entire family) can relax and spend time together could help enhance your quality of life.
If you bought your home with a down payment of less than 20 percent, your lender most likely placed private mortgage insurance, or PMI, on the owed balance. This is part of your monthly mortgage payment, but that’s not necessarily a bad thing since it helped you get into your home.
The past several winters, we’ve seen severe blizzards and floods throughout much of the country and floods are already overwhelming the Midwest this year.
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