How To Build Equity When You Can’t Afford A House
Everyone around you is buying a house and talking about building wealth; this can get really overwhelming when you can’t afford a house. Yes, owning a home is a sure way to build equity, but not everyone can afford this. Due to inflation and the ever-growing price of houses, more ...
No-Closing Cost Refinance Explained
Mortgage refinancing is succeeding over other loans due to multiple reasons. Homeowners typically save money by refinancing when the interest rate is lower than they are currently paying. Cash-out refinancing may allow borrowers to use their home equity to spend on house renovations or debt consolidation. Furthermore, they provide options ...
What Is a Conforming Loan?
What Is a Conforming Loan? When you're looking for a home mortgage, you might encounter something called a conforming loan. The conforming loans are mortgages that conform to rules set by Fannie Mae and Freddie Mac lending companies. The government agencies insured both these firms that own many of the ...
What Is the Right of Rescission on Mortgage Home Loans?
The right of rescission is a legal claim that allows homeowners to cancel certain types of mortgage, such as refinancing, home equity line of credit (HELOC), home equity loans, and even reverse mortgages. It provides three days to terminate an agreement and get your funds back. Recognizing how the right ...
Four Ways to Save Money on Your Home Mortgage
When you analyze your finances, your housing expenses are likely the highest cost in your budget plan. According to the United States Census Bureau, the average monthly mortgage payment in the United States is $ 1,200. Nevertheless, it does not cover additional charges related to homeowner insurance and real estate ...
Credit Utilization Ratio: The Best One To Go
The credit utilization ratio, also known as utilization rate, is a number that indicates the percentage of the available balance that borrowers use on their revolving credit accounts, i.e., credit or debit cards. In reality, the lower credit utilization rate is better for your credit rating, but a little utilization ...
