Buying a house when you have student loan debt
More than half of all college students have taken on some form of debt in order to pay for their education – mostly through student loans. The average outstanding amount owed? Between $20,000 and $24,999. If you’re among those that have student loan debt, what are your options for getting a home loan? Do lenders look at debt? When issuing credit, lenders biggest concern is […]
Buying a home during a pandemic
There’s no doubt that Covid-19 has impacted how Americans are buying and selling their homes. Social distancing rules, historically low interest rates, and more people working from home have all changed, but certainly not stopped, home sales. What homebuying trends can we expect to continue through 2021? Virtual home tours Don’t assume you’ll be able to attend open houses or leisurely tour homes on […]
Buying a second house using a home equity loan
Purchasing a second or a vacation home is a dream for many people. But saving enough for a down payment may be a considerable barrier. A home equity loan could be the solution. If you own a home and you’ve built equity in it, it may make sense to use that equity as the down […]
What is a home equity line of credit?
A home equity line of credit (HELOC) uses the equity you’ve built in your home as collateral to get an additional loan. Since you’re using your home as collateral, lending institutions generally are able to offer much more favorable interest rates than you would get from an unsecure borrowing source (like a credit card company). How much money can […]
The difference between a 30 and 15-year fixed mortgage
A mortgage term is how long it will take you to repay the loan in full. There are a few term options, but most common are 15 or 30-year terms. Both mortgage options are fixed rate meaning the interest rate and monthly payment is set when the loan is taken. A fixed-rate makes it much […]
How much will your down payment on a house be?
What is a down payment on a house? A down payment is a minimum cash payment a buyer makes during the closing process to secure a loan on a home purchase. Down payment requirements vary for different types of loans, and can range from as low as 0% of the total purchase with a VA […]
Buying a second house using a home equity loan
Purchasing a second or a vacation home is a dream for many people. But saving enough for a down payment may be a considerable barrier. A home equity loan could be the solution. If you own a home and you’ve built equity in it, it may make sense to use that equity as the down […]
What is a cash-out refinance?
So What is a cash-out refinance? A cash-out refinance is a type of loan where a borrower has a mortgage they are currently paying off and they replace it with a new mortgage for more than their remaining principal. The difference between the principal balance of the first mortgage and the new one is given […]
Buying a house when you have student loan debt
More than half of all college students have taken on some form of debt in order to pay for their education – mostly through student loans. The average outstanding amount owed? Between $20,000 and $24,999. If you’re among those that have student loan debt, what are your options for getting a home loan? Do lenders look at debt? When issuing credit, lenders biggest concern is […]
Buying a home during a pandemic
There’s no doubt that Covid-19 has impacted how Americans are buying and selling their homes. Social distancing rules, historically low interest rates, and more people working from home have all changed, but certainly not stopped, home sales. What homebuying trends can we expect to continue through 2021? Virtual home tours Don’t assume you’ll be able to attend open houses or leisurely tour homes on […]
