refinance: How to Pay Off Your Mortgage Early - 07/05/23 01:58 PM
Some homeowners are eager to get out of their mortgage early, with reasons ranging from eliminating the psychological pressure of debt to slashing interest payments. For retirees, especially, paying off a home loan early can help increase cash flow.
Whatever your motivation, paying down your mortgage ahead of time reduces the amount of interest you’ll pay on the loan. Here are some early payoff strategies to help you achieve that goal.
Can you pay off your mortgage early?
In most cases, you can pay your mortgage off early without penalty — but there are a few things to keep in mind before you do:
Check for … (2 comments)

refinance: Mortgage Loan Modification: What It Is and How to Get One - 06/14/23 02:56 PM
Loan modifications are a long-term financial relief option for homeowners who can’t make their mortgage payments. If approved by your lender, this option can help you avoid foreclosure by lowering your interest rate or changing the structure of your overall loan.
What is a loan modification?
A loan modification involves changing your existing mortgage so it’s easier for you to keep up with your payments. These changes can include a new interest rate or a different repayment schedule. It likely won’t reduce the amount you owe on the balance of your mortgage.
Lenders allow borrowers to modify loans because default and foreclosure are more costly to … (2 comments)

refinance: Mortgage Credit Certificate (MCC): A Way to Help You Afford Your Mortgage Payments - 04/04/23 03:10 PM
Buying your first home comes with costs and possibly stress, but there’s at least one potential silver lining. If you’re within income limits, you might be able to qualify for a mortgage credit certificate, also called a mortgage interest credit certificate or MCC.
What is a mortgage credit certificate? It could save you money when you file your taxes and make it easier to pay your mortgage each month. Learn more about this mortgage certificate, who is eligible, how to apply, how to claim the tax credit and what happens if you refinance.
What is a mortgage credit certificate?
A mortgage credit certificate allows … (1 comments)

refinance: Foreclosure Activity at New High Since the Pandemic Began - 04/22/22 10:14 AM
Foreclosure starts and bank repossessions are at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels.
The number of properties with a foreclosure filing during the first quarter of 2022 climbed 39% compared to the previous quarter. Foreclosure filings are up much higher—132%—compared to a year ago, according to ATTOM Data Solutions’ Q1 2022 U.S. Foreclosure Market Report.
“Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB [Consumer Financial Protection Bureau’s] … (1 comments)

refinance: Your Stress-Free Guide to Shopping for Home Loans - 04/21/22 11:38 AM
With this super-simple breakdown of loan types, you won’t get overwhelmed — you’ll find the right mortgage.
When it comes to buying a house, most people know what they prefer: a bungalow or a condo, a hot neighborhood or a sleepy street.
Mortgages, too, come in many styles — and recognizing which type you should choose is just slightly more involved than, say, knowing that you prefer hardwood floors over wall-to-wall carpeting.
First things first: To pick the best loan for your situation, you need to know what your situation is exactly. Will you be staying in this home for years? Decades? Are you … (1 comments)

refinance: Extending Help to Homeowners Impacted by COVID-19 - 04/17/22 07:29 PM
If you’re struggling to make your mortgage payments due to COVID-19, relief options are available. 
If you are a homeowner experiencing financial hardship directly or indirectly related to Coronavirus (COVID-19) and your mortgage is owned by Freddie Mac, contact your loan servicer (the company listed on your mortgage statement) right away to discuss your options.
Whether you’re facing job loss, reduced income, illness or other issues that impact your ability to make your monthly mortgage payment, Freddie Mac is working to ensure you are protected. In fact, the company has directed your loan servicer to provide mortgage relief options that include:
Ensuring payment relief by providing forbearance for … (1 comments)

refinance: How Much Home Equity Do I Need For a Mortgage Refinance? - 04/16/22 12:59 PM
With mortgage rates on the rise, the opportunity to save money with a refinance is shrinking, but it can still make sense for some homeowners. When it comes to refinancing a mortgage, though, home equity matters.
How much home equity do I need to refinance my mortgage?
Home equity is the cash value in your home. For instance, if your home is valued at $300,000 and you owe $200,000, your home would have $100,000 of cash value, or equity. If you don’t have enough home equity, private mortgage insurance, or PMI, may be required. This is a type of insurance borrowers pay to protect the … (2 comments)

refinance: 6 Simple Ways to Save Energy and Water in Your Home - 04/04/22 05:44 PM
There are many ways to make your home more energy- and water-efficient — and you don’t always have to hire a professional to get the job done. Here are six easy home improvement projects that can save you money while reducing your energy and water consumption.
1   Seal Gaps
Your HVAC system works hard to keep the temperature inside your home consistent — but hot air is always trying to move from warm spaces to cooler ones. Walls, windows, doors and the roof are all places where heat is likely to enter or escape.
Applying caulk around the windows casings and weather stripping around … (1 comments)

refinance: Borrowing Costs Jump as Rates Continue to Increase - 04/03/22 05:55 PM
For the fourth consecutive week, mortgage rates surged, up more than 90 basis points in one month.
Rates have jumped from 3.76% to 4.67% in just March alone, significantly increasing the borrowing costs for buyers, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, wrote for the association’s blog.
The monthly payment for a median-priced home with a 30-year fixed-rate mortgage rose more than $170 in March due to higher rates, Evangelou notes.
In the past three months, that amount has been increasing even more. For example, LendingTree offers the following example: A 30-year, fixed-rate mortgage loan worth $300,000 … (0 comments)

refinance: When Will Mortgage Rates Hit 5%? It Could Happen Soon - 04/02/22 05:45 PM
For the past decade, American homeowners grew accustomed to mortgage rates that once would have been unthinkably low. The rate on a 30-year loan started with a three or a four, maybe even a two.
Rates above 5 percent? That was exceedingly rare. During the past 10 years, the average cost of a 30-year mortgage topped the 5 percent threshold for just one fleeting six-week period in late 2018, according to Bankrate’s weekly national survey of lenders.
Times are changing fast, though. The average rate on a 30-year loan surged to 4.73 percent in this week’s survey — and 5 percent might not be far away.
“I would … (2 comments)

refinance: Some Owners Turn to Cash-Out Refinances - 03/31/22 02:58 PM
Some homeowners are turning to the equity in their current home to fund their next real estate transaction. But the move isn’t without risks.
Most homeowners who bought a home before 2020 have seen rapid appreciation and rising equity in their homes. A cash-out refinance is allowing them to use that equity to help fund their next purchase. They can take out a new mortgage loan for more than what they owe, and then use the cash to buy another property or to make a down payment on a new one.
Cash-out refinances have traditionally been used to pay off debt or fund home … (1 comments)

refinance: How Much Does it Cost to Refinance Your House? - 03/29/22 08:03 PM
Refinancing your mortgage can lower your interest rate, help shorten your loan term or convert equity into funds you need — but it comes with a price tag. Just like your first mortgage, you’ll need to consider the closing costs.
Why refinance your mortgage?
Simply put, spending some money now can save you more money in the long run — or help you access cash you need for a project right now. Here’s a rundown of some of the main reasons you might want to consider refinancing your mortgage:
You can lower your monthly payment – If you have a fixed-rate mortgage with a rate that’s higher … (1 comments)

refinance: Who Really, Really Approves Your Loan? - 03/25/22 04:39 PM
‘Approval’ in the mortgage and real estate industries is a term thrown around sometimes a bit too regularly. It’s the stage of a loan application where the terms of the application and submitted documentation meet the requirements to take the loan to its final state, referred to as ‘funding.’
It’s the stage where every loan applicant wants to get to because it one step closer to moving into their new home. There’s a preapproval and then there’s a final approval. The preapproval is a stage where the homebuyers have submitted and application, provided some documentation and have given the lender authorization to … (0 comments)

refinance: What is a Cash-in Refinance? - 03/13/22 11:21 AM
A cash-in refinance lets you refinance your mortgage into a new loan with a lower principal balance.
When interest rates are low, you may be thinking about refinancing your home mortgage. Refinancing can lower your monthly payments or help you save on interest over the life of the loan.
But lenders typically will only allow borrowers to refinance with a certain amount of home equity. You may not have enough equity if you put down a small down payment or haven’t had your mortgage for long. 
A cash-in refinance can allow you to qualify for refinancing, help you put more money into your home, … (0 comments)

refinance: What You Need to Know About Discount Points - 03/09/22 05:38 PM
When you're in the process of shopping for a mortgage, your lender may present you with the option of buying discount points. What are points, and should you buy them? Learn how discount points affect your mortgage and when you should consider buying them.
What Are Discount Points
Discount points allow you to pay upfront some of the interest on your home loan, and in exchange, you receive a lower interest rate on your mortgage. You pay your lender a one-time fee for the discount points when you close your loan.
One discount point is equal to 1% of the loan amount (or $1,000 for every $100,000), … (0 comments)

refinance: If You're a Homeowner Struggling to Make Housing-Related Payments Due to the Pandemic, Help is Available or Coming Soon - 03/06/22 10:34 AM
If you are a homeowner and COVID-19 has made it difficult for you to pay your mortgage, utilities, property taxes, or other home expenses, financial assistance may already be available for you. The Homeowner Assistance Fund (HAF) was established by the American Rescue Plan Act to help homeowners financially impacted by COVID-19 with housing-related costs. This federal assistance program provides money to states, Tribes, territories, and the District of Columbia to assist homeowners with housing-related costs.
HAF can provide financial assistance for mortgage payments (including past due payments), and, depending on the program, may also be used for homeowners insurance, utility bills, property taxes, … (1 comments)

refinance: Mortgage Rates Dip to 3.89% - 02/26/22 09:13 PM
The 30-year fixed-rate mortgage reversed course this week and decreased to an average of 3.89%, Freddie Mac reports. However, with expectations of even higher inflation on the horizon, mortgage rates likely will resume their upward trek over the coming weeks, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, notes on the association’s blog.
Despite this week’s decline, mortgage rates have risen by more than a full percentage point over the last six months, says Sam Khater, Freddie Mac’s chief economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly … (3 comments)

refinance: Cash-out Refinances See Yearly Increase Despite Rising Mortgage Rates, Data Shows - 01/31/22 01:18 PM
Homeowners are taking advantage of rising home values.
Mortgage refinances were down in December, but homeowners are still taking out equity through cash-out refinances.
Mortgage origination activity, or the measure of how many new home loans are started, slowed down for the fourth consecutive month in December, according to data from Black Knight.
New mortgage purchases fell 22.5% while new mortgage refinances dropped 17.1%, each ending 2021 at their lowest point in two years, Black Knight’s December 2021 Originations Market Monitor report said.
"Seen in the light of the normal seasonal slowdown in home sales as well as our current rate environment, December’s more than 20% drop … (0 comments)

refinance: Survey: 1 in 4 Americans Severely Underestimate This Home Improvement Cost - 12/21/21 09:08 PM
With extra time spent at home during the pandemic, more Americans took an interest in fixing up or upgrading their houses. 
In fact, average household spending on home services increased to $13,140, up from $9,080 in 2019. Did this increased activity lead to more informed homeowners when it comes to home improvement costs? 
With higher demand and construction material shortages, home services pricing has been unpredictable. It’s as important as ever that homeowners know how much home renovations might cost before taking on new projects.
Failing to properly budget for home upgrades can wreak havoc on homeowners’ wallets, so we surveyed over 900 people to learn more about their outlook on home … (0 comments)

refinance: 11 Tips for Working with Contractors on a Home Renovation - 12/07/21 07:58 PM
In the course of maintaining your home, you will most likely need repairs or improvements that require professional help, and you’ll need to call in a contractor.
These suggestions can help make sure the relationship with your contractor — and the renovation project — goes smoothly.
Know What You Want
Describe the work you want in writing, being as specific as possible. Consider working with a professional to help develop plans and specifications.
Consider the Lifecycle Costs of Materials and Appliances
Compare materials not only in terms of the initial purchase and installation costs, but also by how much it costs to maintain them and how … (3 comments)