If you have equity in your home, you might want to tap into it in order to have cash in hand. Some people just don’t like having their investment tied up in their home. Others need the cash for things like home renovations, college tuition, or debt consolidation. Just how much of your equity are you allowed to take out? It depends on the loan program, as each program has different requirements. Conventional Cash-Out Loan If you are … [Read more...]
What is Loan Principal?
When you take out a mortgage, your payment may be comprised of several parts including the principal, interest, and mortgage insurance. It’s important to understand each part of the payment so that you can choose the loan that is right for you. There’s no doubt that you will pay some type of fees, such as interest, as every lender charges interest as a fee to borrow the money. Understanding the Principal The principal balance of … [Read more...]
What is an Easement Appurtenant?
All properties have easements. They usually get put in place when the subdivision is created. The easements are often for a variety of reasons including power lines, phone lines, or gas lines as a few examples. Looking for Current Mortgage Interest Rates? Click Here. There are three types of easements – easement in gross, easement appurtenant, and prescriptive easement. In this article, we’ll discuss easement appurtenant in … [Read more...]
What’s Wet Funding Versus Dry Funding?
When you close on a loan, there has to be funding. That’s how the money exchanges hands. There are two types of funding that you may experience – wet funding or dry funding. Looking for Current Mortgage Interest Rates? Click Here. It’s important to understand the difference as it pertains to how and when the seller (or you in a refinance) receive the funds. What is a Wet Funding? At a wet funding, the loan funds immediately at … [Read more...]
USDA Loan Refinance Options
Low to medium-income borrowers often benefit from the USDA loan program. With no down payment requirement and flexible guidelines, you can get the USDA loan with little money out of your own pocket. But what happens when you need/want to refinance? What options do you have? Looking for Current Mortgage Interest Rates? Click Here. The USDA Streamline Assist Refinance The USDA started a streamline refinance program, much like the FHA … [Read more...]
Debt Consolidation and Debt Settlement – What’s the Difference?
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan. Get Matched with a Lender, Click Here. The Type of Loan First, you … [Read more...]
Are Home Appraisals Public Record?
You pay for an appraisal on a home when you buy a home or refinance your current mortgage. Contrary to popular belief, though, the home appraisal isn’t public record. The only people that know the value of the home are you, the lender, and the appraiser. Looking for Current Mortgage Interest Rates? Click Here. Home Appraisals Don’t Get Recorded Unlike your mortgage or deed, home appraisals don’t get recorded by the county. Now, … [Read more...]
Taxes and Mortgage Interest Deduction: Is Itemizing Necessary?
Taxpayers have long been able to deduct mortgage interest on their taxes. And then came the Tax Cuts and Jobs Act. While the Act did change the type and amount of deductions, it didn’t entirely eliminate the mortgage interest deduction. Looking for Current Mortgage Interest Rates? Click Here. Taxpayers may still be eligible to deduct mortgage interest paid. It depends on a variety of factors, including whether or not you will be … [Read more...]
Setting up Bi-Weekly Mortgage Payments Yourself
Bi-weekly mortgage payments can save you thousands of dollars in interest. Many lenders/finance companies offer this service, but at a cost. Did you know you can do it yourself? Check with your lender first, but using the steps below, you can make bi-weekly payments. Looking for Current Mortgage Interest Rates? Click Here. What are Bi-Weekly Payments? Don’t let the name scare you. You don’t pay double the mortgage payments. … [Read more...]
Mortgage Prequalification: Do They Damage your Credit?
Getting prequalified before shopping for a home is smart. It’s the first step in getting a loan approval. There’s a big difference between prequalification and preapproval, but everyone has to start somewhere. Get Matched with a Lender, Click Here. It all sounds like it could damage your credit, though. After all, lenders mark your credit report with an inquiry every time you apply for new credit, right? The prequalification works … [Read more...]
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