Getting a Loan

These interests are deductible, some fully, some partially: Education-related interest Business interest Investment interest Mortgage interest

A reverse mortgage is a way for you to take advantage of some of the equity that is currently tied up in your home. A reverse mortgage works in the same manner as a normal one, reversed, and the homeowner is paid monthly versus having to pay. The major difference between this and a home […]

The lender is obligated by the Truth in Lending Act to provide you with a written statement with a list of all of the costs associated with the loan and the terms of financing. This statement must be delivered to you before the settlement. If you want to rescind the loan, you may do so […]

After choosing a lender, you may be quoted a rate, which may “float” until the actual closing, meaning that it is not guaranteed. With a lock-in you are guaranteed that the interest rate will not change before your closing. You may want to ask for an agreement that ensures that your rate is capped, but […]

The costs associated with getting a home equity loan are basically the same as a refinance. Appraisal A non-refundable application fee Up front points, which equal one percent of the entire credit limit Closing costs, which are the same as the closing costs you would pay upon purchasing a home Yearly fees and the possibility […]

A home equity line of credit is a form of credit which allows you to borrow and use your home as collateral. Since for many, a home is their greatest asset, they tend to use these sorts of credit lines for large things like a college education for their children, medical expenses or for large […]

This could be a low-cost option for borrowing but there is some risk involved. Deductions are not allowed for the interest unless that loan is used to invest in a business.

In order to refinance your home, the current market rate should be at least 2 percentage points lower than what you are paying on your mortgage. Speak with a lender to see what rate you may be able to get. Remember to factor in costs like appraisals, points from the lender, and others, which may […]

It is highly recommended that you prepay as much of your mortgage as possible every month, which will drastically reduce the total amount that you pay. However there are times where this could be disadvantageous. If you are in a situation where you don’t have funds to cover three to six months of expenses, it […]