How to tell when refinancing your home makes sense

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Refinancing your home is a major financial move that could result in some significant savings for you OR it could make your situation worse. There are typically 2 types of refinancing options:

  1. A rate and term refinance with a goal to save money. You refinance your remaining balance for a lower interest rate and a term (number of years it takes to repay the loan) that you can afford.
  2. Cash-out refinancing, where you take out a new mortgage for more than you owe and take the difference in cash, for example, to pay off existing debt.

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How to financially prepare for buying a new home

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The home buying season – typically Spring to early Fall – will be upon us shortly, and if you are in the market for a new home – either as a first-time buyer or seasoned veteran – there are some steps you need to take now to financially prepare. Many people get caught up in just finding the right home without doing the legwork needed to ensure a smooth and swift purchase. Here are a few tips to get you ready for those three lovely words – “Clear to Close”. Continue reading “How to financially prepare for buying a new home”

PMI: WHAT YOU NEED TO KNOW

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For most borrowers PMI (or Private Mortgage Insurance) is just one of the many mysterious charges that get folded into their total monthly mortgage payment.  But anyone in the market for a new home, and the inevitable mortgage that comes with it, needs to understand how it works, and how it can be avoided.  Simply put, PMI is an insurance policy that your lender takes out as protection against the possibility that someday you will no longer be able to make your mortgage payments, except that it is your responsibility to pay the monthly premiums.  Also, the lender is typically the beneficiary, not you or your heirs. Continue reading “PMI: WHAT YOU NEED TO KNOW”