Pros and Cons of a Reverse Mortgage

Posted on Leave a comment

Reverse mortgages are rapidly gaining in popularity, in part due to the large baby boomer population now entering retirement. A reverse mortgage is very different than any other type of loan so it’s important to weight the pros and cons before deciding it’s the right option for you. Pro: No monthly payments are required As long as you remain in your home, there will be no payments necessary on a reverse mortgage. Instead, you receive a stream of income from your equity. The loan will only become due once you are no longer living in the home. Pro: Multiple ways to receive proceeds A reverse mortgage creates a source of income with the ability to select the amount you receive either as regular payments, a lump sum, a line of credit, or a combination of these options. Pro: It won’t affect Medicare or Social Security The money you receive from your reverse mortgage will have […]

4 Things to Know Before You Refinance Your Mortgage

Posted on Leave a comment

Refinancing your mortgage can help you lower your monthly mortgage payment and save interest in the long run. It can also give you greater stability if you want to refinance from an ARM into a fixed-rate loan or the cash for home renovations if you choose a cash-back refinance. Still, refinancing is a big decision and it’s best to be informed. Here are 4 crucial things to understand before you decide to refinance. #1. Know how much equity you have Before you can refinance, you need to know how much equity you have in your home. This is one of the primary qualifications for a refi loan, but the amount of equity depends on the lender and loan product. In general, you will need at least 15% equity to qualify, but you will likely need more equity if you are choosing a cash-out refinance. #2. Know what it will cost In general, refinancing costs anywhere […]

student loans and mortgage refinancing

How to Pay Off Student Loans via Mortgage Refinancing

Posted on

The problem of making student loan payments is looming over a disturbingly increasing number of Americans, but now there is a new mortgage loan refinancing program that enables borrowers to change their student loans for mortgage loans at a lower interest rate. This cash-out refinancing program is offered by the personal finance company SoFi, and backed by Fannie Mae (which is controlled by the government, as some of us may remember from the infamous financial crisis of 2008-09). While the program does offer a number of potential benefits, there are also risks to be considered. Benefits of Paying Off a Student Loan via Mortgage Refinancing Thanks to the student loan repayment program, a homeowner with student loans, or homeowner parents that had jointly signed student loans for their children, can obtain a cash-out refinance. SoFi pays the student debt with the extra cash, and the borrower gets a higher new mortgage loan, but at a lower […]

mortgages in florida

Mortgages in Florida | Loan Types

Posted on

The state of Florida has the fourth largest population in the United States, and it is expected to keep growing. Tourists are attracted to the state due to its warm climate, its white sand beaches and its vibrant cities. For a long time, Florida has been an ideal place for vacation homes, principal residences and real estate investment. Currently, it may be a particularly good time to invest in Florida’s real estate market long term. The statistical data is showing Florida household prices are on the rise since 2011, and this trend is likely to continue. Mortgage loan types obtainable in Florida There are several options available for homebuyers in Florida. Depending on your needs, you can get the perfect mortgage package with the lowest down payment, the lowest interest rate, the lowest interest expenses or the lowest closing cost. Fixed-rate mortgage Fixed-rate mortgage remains the favorite option for Florida homebuyers. This is the most ubiquitous type of […]

Mortgages in Atlanta | A Beginner’s Guide

Posted on

Despite of its continuously growing population, Atlanta is still one of the most sought out regions for residential purposes. However, buying a home in Atlanta implies that both buyers and sellers have to undergo a cumbersome mortgage process involving documentation, official approvals and several legal formalities. Moreover, if you don’t have a healthy payment record, or you are self-employed with variance in payment schedules, the authorities your application could be turned down. However, before throwing in the towel, or entirely giving up on settling in Atlanta, read these mortgage and home loan tips that can lend you a hand. Find a Mortgage broker or an Intermediary Agency in Atlanta It is true that mortgage agents have somewhat of a shallow reputation due to high commission rates and not so stellar results. However, if you are in capable hands of a professional mortgage broker, it will result in getting loan sanctions, flexible payment terms and a smooth […]