A cash-out refinance lets you borrow from your home equity or the difference between your current mortgage balance and the value of your home. If your home is worth $200,000 and your current mortgage balance is $150,000, for instance, that means you have $50,000 in home equity. Getting a cash-out to refinance allows you to access that equity in cash
With the economy currently in unprecedented territory, homebuyers in search of a new mortgage undoubtedly have questions on how and when to proceed. To help, here are answers to 12 of the most frequently asked mortgage questions. 1. Are mortgage rates decreasing? While mortgage rates are down from a year ago, they are up from a few weeks ago. So, it’s
If you’re among the millions of Americans facing the prospect of unemployment or reduced income due to the coronavirus pandemic, you might be considering asking for a break on your mortgage payment. But keep this in mind: Requesting forbearance on your mortgage isn’t foolproof. The $2.2 trillion CARES Act stimulus package requires servicers to provide forbearance—or a temporary postponement of
Signing for a mortgage is the final step required before you’re given the keys to your new home, and that means it’s time to settle up closing costs—or the fees associated with a mortgage that typically amount to 2 percent to 5 percent of the loan principal. While the various closing cost components vary from state to state, some closing-related
If you’re wondering how you’re going to pay your mortgage due to the spread of coronavirus, you’re not alone. Luckily, there are some things you can do to help take care of that monthly payment. Here are some options that might be available to you. 1. Talk to your loan officer before your payment is due Once you realize that
In light of the uncertainty of times during the coronavirus pandemic, home sellers have canceled open houses, lenders are extending the time it takes to close a deal and many real estate agents are giving video tours in lieu of live walkthroughs. In other words, there’s virtually no aspect of American life that has been untouched by the coronavirus, and
Written and published on 3/26/20 by: Barry Habib and Dan Habib, “Mortgage Crisis and Fed Unintended Consequences” The Coronavirus Meltdown The current Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison. The pressing issue centers around capital that’s required by Mortgage Lenders to be able to function
With many people rushing to refinance their mortgages right now due to low-interest rates, the likelihood of making a mistake that could cost them loads of cash down the line is indeed a reality. Tempted to jump on the refinance bandwagon yourself? Proceed with caution. Here are six possible pitfalls to steer clear of when it comes to refinancing. 1.
With mortgage rates at unprecedented lows, and benchmark bond yields dropping below 1 percent for the first time in history, conditions could be ripe for first-time homebuyers and those looking to refinance. But how do you know if the time is right to take advantage of the savings a less expensive interest rate could bring? Here are five questions homeowners should
Mortgage rates this low have not been seen in almost 50 years, prompting both sellers and buyers to take advantage of record-level savings on their mortgage. According to Freddie Mac, the average 30-year fixed-rate mortgage hit a record 3.29 percent this past week, which is the lowest level in its nearly 50-year history. Mortgage applications, meanwhile, increased 10 percent last week from one
