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.
Are you hoping to become a homeowner this year? Before you start your search, take the time to understand the 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.
Making the decision to become a homeowner is emotionally and financially complex. Here are some key things to ask yourself if you’re considering whether buying is right for you.
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.