Homeowners often don’t realize that they may be able to use the equity they have built in their homes to help pay their bills with a cash-out refinance.
By refinancing into a new mortgage with a lower interest rate, homeowners may be able to lower their monthly mortgage payment. This is how to figure out whether it makes financial sense to do so.
One way to get a lower-priced home is through what’s known as a short sale. This occurs when a home is sold at a price that’s lower than what the homeowner owes on the mortgage.
Most people don’t like uncertainty, especially when it comes to their finances. So, they may shy away from adjustable-rate mortgages (ARMs) because the mortgage interest rate changes over time. However, ARMs often offer big savings in the first few years of the loan.
It would be great to buy a home when prices are at rock bottom, sell it at the peak of the market, and then pocket the profits. But it's hard to predict future home prices.
Eligible service members, veterans, and military spouses can tap into the equity in their homes to get cash to pay for many expenses through one of several different loan programs.
Lenders examine a buyer’s financial picture as part of the process of determining whether to lend to a potential borrower. They must verify a potential borrower's income and employment.
Smart Moves Start Here.