Buying and selling a home has never been as easy as it is today. Most information that has remained solely in the hands of realtors a decade ago are now available to any regular buyer or seller through the networked convenience of the internet. And it is this same generous convergence of business and data that allowed for the development of new tools to help usher a new era of mortgage and real estate. In this list, we have compiled the most useful tools readily available online to any individual looking to apply for a loan, buy or sell a…
Chris Hamler
Refinancing continues to make up majority of the mortgage activity in the last few months. Indeed, many homeowners are taking advantage of the near record low mortgage interest rates. But is refinancing for everyone? It depends on whether refinancing would be advantageous in your situation. If the current rate is one to two percent lower than your original mortgage rate and you’re not yet 10 or 15 years deep into your payments, refinancing could be a wise option. The same can be said if you aim to refinance and tap into the significant equity you’ve earned in your home. But…
Millennials constitute the majority of today’s homebuyers. According to a statistical studyby the National Realtors Association, Generation Y who are individuals born from 1980 to 2000 make up 35 percent of the whole home buying population. This is followed by the Gen X who took 26 percent of the share. Millennials have led the home buying crowd for three straight years now. A good 67 percent of them are first-timers. The typical choice is a detached single-family home which made up 83 percent of all home purchases. A surprising finding from this study reveals that in fact, student debt remains…
Many senior homeowners are familiar with reverse mortgages. However, only a few know about reverse mortgage refinancing. What is it and how does it work? Most importantly, what are the steps needed to accomplish the reverse mortgage refinance process? Take a tour. The Basics Reverse Mortgage Defined A reverse mortgageis a type of loan specifically designed for older homeowners that enables them to tap into their home’s equity and take out the cash for personal financial purposes. This type of loan does not require the borrower to pay monthly dues, unlike conventional loans. When is it Repaid? The loan only…