HELOC stands for “Home Equity Line of Credit”. A HELOC is a special type of loan that allows you to tap into the equity you have built up in your home without refinancing your entire mortgage. In other words.. it is basically a second mortgage. How much money you can…
What is a Balloon Mortgage? The mere mention of the words “balloon mortgage” is enough to make some people’s hair stand on edge. They have likely been burned by one in the past, or at least know someone who has. To most people, balloon mortgages are a dangerous risk to…
If you’ve ever had the pleasure of refinancing a mortgage you’ve learned that there’s nothing fun about it. Mountains of paperwork to fill out and numerous lender fees make it a laborious and costly process. But there are times when refinancing a mortgage is a smart move. With interest rates hovering…
When Do You Need Private Mortgage Insurance? Private Mortgage Insurance (PMI) needs to be obtained from the lender in any case where the down payment is less than 20 percent of the sales price. It is not beneficial to you in any way whatsoever, but in case you are not…
When shopping around for a mortgage, keep a close eye on mortgage interest rates. The interest rate on your loan will have a major impact on your monthly payment. Even small differences in rates can have a large impact over the life of the loan. Obviously you want to keep…
