As defined, home equity is the net current value of an owned property less any mortgages and liens tied to the property.Home equity moves depending on two main factors: (1) when mortgages or liens are paid down and (2) when home values move.When someone takes a mortgage, they are just Read more
Millennials’ Hardest Struggle: Selling the Home When the Time Comes
Millennials are buying homes and becoming homeowners. They’re grown ups now. And now, buying a home and getting a good paying job excited them more than just partying and spending a lot on shopping. Buying a home is one of the major steps they take in their ‘adulting’ phase.According to HSBC, 35 Read more
Have a Balloon Mortgage, How to Refinance It?
A loan that is over before it fully gets paid, such is the concept of a balloon mortgage. But, really, the unpaid balance in the form of a balloon payment awaits you when the loan term is up. Against this backdrop, homeowners with balloon mortgages have two major options: to sell the home or to Read more
Does it Make Sense to Refinance to Get Rid of PMI?
If you purchased your home with less than 20% down and you have a conventional loan, you pay PMI (Private Mortgage Insurance). The amount you pay is detailed on your mortgage statement. Chances are that it adds up to $100 or more per month.Unfortunately, you will never see a return on this Read more
How to Handle a Low Appraisal
You finally found the house of your dreams! You went through a bidding war and won! All you have left is to close on the loan. Unfortunately, there are many more factors at play, here. The largest hurdle you have to cross is the appraisal. If it does not come in high enough, you could find yourself Read more
