If you are thinking of cashing out some of the equity you have in your home, you should know the best uses for those funds. Not all uses are created equal. In fact, there are some bad reasons to take money out of your home.Compare Offers from Several Mortgage Lenders.Keep reading to learn the top reasons to use your cash-out refinance proceeds. Fix up Your Home If you are going to take … [Read more...]
5 Steps to Improve Your Financial Situation Before Refinancing
Have you decided it’s time to refinance? Maybe you want to tap into your home’s equity or you want to secure a lower interest rate. No matter the reason, you should prepare yourself for the refinance. Most borrowers want to get the lowest rate and best terms possible on their refinance. This is only possible when you prove to a lender that you are a low-risk borrower.Compare Offers from … [Read more...]
How to Obtain a HELOC with a Low Credit Score
A home equity line of credit can help you gain access to the equity you built up in your home. Unlike your first mortgage, the requirements for the HELOC are a bit more relaxed. In fact, even if you have a low credit score, there are ways for you to obtain approval for this equity loan. You have to know what lenders expect and what you can do to maximize your chances of securing approval for a … [Read more...]
How Long Should You Wait to Refinance a Mortgage?
Many loan programs allow you to refinance after just six months of purchasing the home. Just because you can refinance, doesn’t mean you should though.Looking for Current Mortgage Interest Rates? Click Here.There are certain factors you should consider before you refinance your loan. What are the Closing Costs? Perhaps the largest factor to consider is the closing costs. You likely … [Read more...]
Should you Refinance to Pay for Home Renovation?
You have some home renovation ideas swirling through your mind and you want to make them a reality. You have a few options – use your credit card, refinancing your home, or paying cash. While you know that using a credit card could leave you with high-interest rates and a trail of debt for many years to come, refinancing may provide an attractive option. Unless you have the cash lying around, … [Read more...]
