refinancing: Is Now a Good Time to Cash Out Your Home Equity?
- 03/18/19 08:14 AM
For many Americans, their home is their primary investment. The equity stored in your residence can be a source of available cash for home repairs, upgrades, or for financing the purchase of investment properties. However, few homeowners really understand the process that results in home equity. What Is Home Equity? Your monthly mortgage payment goes towards two different amounts. The first is the interest that you pay for the loan. The other is your principal payment or the amount that counts against the initial amount that you borrowed for the purchase. Depending on the details of your loan contract, each payment is generally … (1 comments)
refinancing: 4 Ways To Put Your Home's Equity To Work For You
- 07/09/18 10:36 AM
Homeowners who have equity built up in their homes can tap into that equity using a home equity line of credit, or HELOC. This financial tool can be a great way to accomplish a number of financial goals. Here are four excellent uses of a HELOC for homeowners to consider. Consolidating Costly Debts Credit card debt and other types of consumer loans are costly, unless a debtor is lucky enough to have a no-interest card. Borrowers can consolidate that debt into a HELOC, which is much more affordable because it is a secured debt. This advantage only works if the borrower stops adding to … (1 comments)
refinancing: 3 Reasons You Might Consider Refinancing Your Mortgage in Early 2018
- 01/30/18 09:34 AM
If you are a homeowner who has had their mortgage for a few years, you may be starting to wonder about refinancing. In essence, this is the process of retiring your current mortgage and taking out a new one because the terms are more favorable to you. Below we will share three reasons why you might want to look at refinancing your mortgage this year. Let's get started. Can You Use Some Extra Cash? Ask yourself: if you had some extra money on hand, how would you use it? Many homeowners refinance to pull out some of the equity value that they … (5 comments)
refinancing: How Do I Know If It's a Good Idea to Refinance My Mortgage?
- 12/15/17 09:48 AM
Are you interested in paying less per month on your mortgage? Or perhaps you would prefer if your mortgage was paid off a couple of months – or years – faster? If you are a homeowner with a mortgage, one option that is open to you is refinancing. How Does Refinancing Work? In short, refinancing is a process in which you pay off your existing mortgage and borrow a new mortgage under a different set of terms. In most cases, homeowners will use the funds from the new mortgage to pay off the old one. Depending on the terms of your new mortgage, there … (17 comments)
refinancing: When Does Refinancing Your Mortgage Make The Most Sense?
- 10/18/16 03:05 AM
As a homeowner, you may have heard the term refinancing without being aware of exactly what it means. There are a lot of pros and cons associated with what it can do for your financial situation. While getting a different new loan for your mortgage can be a good financial decision in certain situations, here are some things you should consider before you decide to move forward. Getting A Lower Rate One of the main reasons that refinancing can be a popular option for many homeowners is that it can provide the opportunity for considerable money savings. Since you will be acquiring … (0 comments)
refinancing: A Guide to Financing Home Improvements
- 01/26/16 09:27 AM
If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with their own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you use a mortgage refinance to get the most out of your renovation? Here's what you need to know.
Home … (2 comments)
refinancing: Refinance Your Mortgage: Now or Wait?
- 10/15/14 02:59 AM
Refinancing your mortgage is a great way to reduce your monthly payments or take out some of the equity in your home to reinvest in renovations, upgrades or in other areas in your financial portfolio. Let's take a quick look at a few questions that you can ask yourself in order to determine whether you should refinance now or wait until sometime in the future.
Can You Lock In A Lower Interest Rate? Depending on when you first purchased your home and took out your mortgage, you may find that by refinancing now you can lock in a lower interest … (0 comments)
refinancing: 4 Reasons To Consider A Refinance
- 04/23/14 03:44 AM
To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations.
Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and … (2 comments)
refinancing: Shortening Your Mortgage Term: Important Factors To Consider
- 01/14/14 10:58 AM
When you first bought your home a few years ago, perhaps you started off with a 30 year mortgage. Now, you are considering refinancing and changing it to a 20 year or even a 15 year mortgage. Shortening your mortgage term and refinancing can be a smart financial move, but before you make this decision there are a number of factors that you should consider. Switching to a shorter mortgage will mean that your monthly payments will be higher, but you will be 100% paid off much sooner and you will save thousands of dollars in interest rates. Here are a … (3 comments)
NMLS ID: 247026
Colorado Mortgage License: 100019059
Benchmark Mortgage, Ark-La-Tex Financial Services, LLC NMLS ID 2143. Equal Housing Opportunity. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Colorado Mortgage Company Registrant – Regulated by The Division of Real Estate #2143
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