Are you considering a home equity loan to regain control of escalating debt? You aren’t alone. Many American families live beyond their means, with 43% of them carrying credit card balances each month. Furthermore, figures from the Federal Reserve reveal that as of March 2019, total nonrevolving consumer credit (loans) in America totals $2,994.9 billion. A home equity loan is one method of debt consolidation, but is it the right option for you?
Are you struggling to make monthly payments on a personal loan? Or have interest rates dropped since you obtained a personal loan? It might be time to refinance with a new loan to pay off the original loan. Refinances can be through the same lender or through a different lender. Learn more about the advantages and disadvantages to determine if refinancing is right for you.
New homeowners and those investigating refinance rates may find themselves confused by two terms that seem very similar but are actually quite different. The terms “refi rates” and “APR” are not interchangeable. Still, both terms are important to understand so you can determine which mortgage is best for your situation.
With interest rates at near-historic lows, many homeowners are starting to look at the different refinance rates to see if they are able to save money. If you can save money on interest, you will be paying less each month. Plus, if you have other debt, you can consider a cash-out refi that will alleviate other high-interest debt. This will save you even more. Wondering how to get the best refi rates?
As you make payments on your house, you build equity, and you can tap into that equity and turn it into cash with a cash-out refinance. This basically means you refinance your mortgage for more than you currently owe and receive the difference between value and what you owe in cash. You can use the money any way you want, but some uses are obviously better than others. Evaluate the pros and cons of a cash-out refinance to see if it’s a good option for you.
A refi calculator, also known as a mortgage calculator, isn’t at all like one of those solar-powered devices you have stashed away in your kitchen drawer. Instead, a refi calculator is a powerful online tool designed to provide you with valuable information that could save you money. It’s the first item you should use when you’re investigating refi rates and options.
When homeowners consider a refinance, it could be for many reasons. They may want to get some extra cash to complete a home improvement project, or they may want to pay off high-interest debt like credit cards, medical bills or student loans. The process can make a lot of sense for many people, but only for those who truly understand refi rates. Let’s take a closer look.
With 30-year fixed mortgage rates falling to some of the lowest rates in recent memory, this is one of the best times for homeowners to consider a refinance to complete home projects or pay off high-interest debt like medical bills and credit cards. Of course, the process isn’t free, so let’s take a look at the costs associated with a refi:
Non-qualifying mortgages, otherwise known as non-QM mortgages, are sometimes an option for people who aren’t eligible for traditional qualified mortgages. In fact, the non-QM route to homeownership is becoming increasingly popular. In 2018, experts predicted a surge of more than 400% in the non-QM market, and that growth continues throughout 2019. But what are non-QM mortgages, and how can they make the dream of owning a home a reality?
Welcome to the modern digital age! Things have certainly changed since your parents applied for a mortgage, perhaps even since the first time you applied yourself. Just a few short years ago, it was still necessary to pack up all your paperwork and head to the local branch of a nearby bank. Perhaps you worked with a mortgage broker, who would invite you into an office to collect piles of information. It was time consuming and usually confusing.