Are you interested in paying less per month on your mortgage? Or perhaps you would prefer if your mortgage was paid off a couple of months – or years – faster? If you are a homeowner with a mortgage, one option that is open to you is refinancing. In today's post, we will explore the topic of mortgage refinancing and how to know if it is a good idea. How Does Refinancing Work? In short, refinancing is a process in which pay off your existing mortgage and borrow a new mortgage under a different set of terms. In most cases, homeowners will use the funds from the new mortgage to pay off the old one. Depending on the terms of your new mortgage, there may or may not be cash left over … [Continue Reading...]
The housing market continues to be very competitive, so you may have to be a bit more flexible with what you are looking for. For example, you may come across a home that is not quite perfect, but it has a lot of the features that you need. In that case, you may be wondering how you can finance a home renovation. One of the best ways to do so is using the FHA Streamline 203(k) program. What Can The FHA Streamline Program Finance? There are several examples of home renovations you may be able to fund using the FHA Streamline 203(k) program. For example, you might be interested in updating the kitchen or bathroom. You might also need to repair the roof or purchase new appliances. If you … [Continue Reading...]
Last week’s scheduled economic reports included preliminary monthly readings on inflation and consumer sentiment along with weekly reporting on mortgage rates and jobless claims. University of Michigan Reports Slower Inflationary Growth The University of Michigan predicted lower inflationary growth as December’s year-over-year reading for inflation fell to 4.6 percent from November’s year-over-year reading of 4.9 percent. This was the lowest inflation reading since September 2021. Analysts credited lower gasoline prices for slowing rapid inflation rates seen in recent months. Falling gas prices also contributed to higher consumer sentiment levels reported in … [Continue Reading...]
Outside of the significant financial responsibility of delving into home ownership, there can also be a lot of other risks involved that you may not have thought about before investing in a home. You'll need to protect your home against theft or burglary. And homeowner's insurance to protect your home and belongings is almost a requirement. But there are other less common occurrences you may not have thought about. If you happen to be living in an area that's at high risk of fire, here are some things to consider beforehand. Defining "High Risk" It's easy to be swept away by a beautiful home and forget about what the natural landscape around it consists of. Many homes across the United … [Continue Reading...]
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more. Those who are interested in refinancing in an FHA mortgage may consider these steps.
Understand the Rules and Requirements
There are specific rules in place regarding refinancing under the FHA program. For example, the loan amount may be up to 96.5 percent of the value of the home, but the homeowner … [Continue Reading...]
For many people, investing in a house is one of the most important purchases they will make in their lifetime. However, alongside having the comfort of your own home, there are many financial benefits associated with buying in. If you're currently perusing the market for opportunities, here are some reasons to consider investing a little sooner. Get Away From Inflation If you have an adjustable-rate mortgage, your interest rates will certainly fluctuate from time to time, but owning a home actually allows you to guard against the reality of inflation, which can be a significant burden as a renter. While the price of housing and apartment rentals can rise considerably with inflation, your … [Continue Reading...]
