Are you hoping to become a homeowner this year or want to refinance an existing home loan? If so, it pays to take the time to understand the current mortgage landscape. Getting the right loan can be as important as the home itself. The last thing you want to do is pay unnecessary fees or take on loan terms that might hurt your finances.
By Lynnette Khalfani-Cox, The Money Coach®
Getting a home loan can be a confusing process. You have to decide whether to get a fixed rate mortgage or an adjustable rate loan. You’ll want to shop around and qualify for the best loan rates and terms. And when you’re signing on the dotted line for one of the biggest purchases of your life, you naturally want to fully understand everything. So one way to make the home loan process easier is to understand some important lingo you might hear from experts in the mortgage industry.
Shopping for a home loan? An adjustable rate mortgage, or ARM, may be right for you. Continue reading
If you’re a homeowner, you have a powerful tool in your financial arsenal—the home equity loan.
Home equity loans allow some consumers to borrow a large amount of money relatively easily and cheaply. But they aren’t right for all situations. Here’s a bit more about how they work and when they’re a good option.
Content Provided Courtesy of NerdWallet
Contrary to what you may think, signing up for a mortgage loan doesn’t mean you’re trapped in that rate or term.
Knowing when to refinance, for instance if rates change or events arise that prevent you from paying as you had planned, can help you understand how to cut your costs or tap into your home’s equity.
After moving to Orange County in 1985, Casandra C., a teacher then principal, wanted to find a financial institution that was more local to her new home than her bank in North Carolina.
Reta and Tim C. joined the Credit Union in 2010, on the recommendation of Reta’s mother who is a school employee Member.
Elementary school teacher Christine C. called SchoolsFirst FCU with a question about her checking account—by the end of the call she saved money by refinancing her car.
Mention the word “refinance” and you probably think mortgage. And paperwork and hassle. Yes, refinancing your mortgage can mean both. But refinancing your car loan, not necessarily. By reducing your interest rate, you could save on your monthly payment and over the life of your loan, save thousands. And it’s easy!
Who wouldn’t want to finance a car at 0% interest? It has the potential to save you a lot of money over the life of the loan, right?
That’s what auto dealerships count on. It’s one of the best ways they have to get you into a new car, according to a J.D. Power Dealer Finance Study.