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Financing & Loans

Financing & Loans

Home Equity Line of Credit (HELOC): Facts to Know.

The first thing to know about a HELOC is that it’s not the same as a Home Equity Loan. This is important because many people confuse the two and, in certain aspects, they’re at opposite ends of the lending spectrum.

A Home Equity Loan is similar to your primary mortgage in the sense that it’s set for a specific loan amount to be repaid with fixed monthly payments. (This type of loan is sometimes called a “second mortgage”.) Typically, Home Equity Loan interest rates are fixed and fully amortized.

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Financing & Loans, Personal Finance

HARP Refinancing – What is it and can it help you?

HARP – Home Affordable Refinance Program.

The acronym helps us remember what the letters stand for, but what is HARP and why was it created? HARP was developed by the Federal Housing Finance Agency in an effort to help homeowners, with little or no equity in their homes, refinance their mortgage. That means, if you owe as much – or more – than your home is worth, you may be eligible for a HARP refinance.

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Financing & Loans

IDR (Income Driven Repayment) – lessening the stress of federal student loan repayment.

Paying back student loans is a stressful experience, especially for a recent graduate who is either unemployed or making a low salary. That’s where IDR (Income Driven Repayment) plans come in. These plans were developed to help borrowers (students, not parents) keep loan payments affordable and manageable, lowering the stress that typically comes with repayment.

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Financing & Loans, Personal Finance

5 Tax advantages of owning a home… #5 will make your day!

Whether you currently own a home or are just thinking about purchasing one, there are a number of tax advantages you’ll probably want to know about. These advantages are sometimes hidden within paperwork and difficult to find (without the help of an expensive accountant) or often overlooked by those of us who are not industry professionals. So we’re putting an end to the mystery by listing 5 of the most common (and money-saving) tax breaks of homeownership.

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Financing & Loans, Personal Finance

Paying down debt vs. investing and saving. What’s the right choice?

Everyone’s financial situation is different, so the money decision(s) you make must be based on your current financial condition as well as where you’d like to see your financial status in the future. Sure, there are many rules of thumb when it comes to investing, saving, debt payments and more, but when it comes down to it, any decision you make must be built around your actual financial situation, not what others think it should be or what you wish it was.

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Financing & Loans

Is a mortgage refinance right for you?

You’ve probably heard it a hundred times: “Mortgage rates are so low right now you have to refinance!”. But is it true? Does refinancing make sense for you?

Everyone’s circumstances are different. Loan balances, interest rates, remaining months on the loan – they all vary depending on each individual situation. However, there is one thing that is, and always will be, the same for everyone: math. And it’s only after you “do the math” that you should make the decision whether or not to refinance.

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Financing & Loans

Take the stress out of auto loans by doing your research & making a plan

Buying a new car can be a stressful endeavor. There are a lot of options to consider and expenses to weigh. You might be wondering

  • New or used?
  • Economy or luxury?
  • Electric, hybrid or gas guzzler?
  • Model, color, moon roof … and dozens of other features you have to think through

But you have done your research, persevered and have narrowed down your preferred option. The work is done and you have visions of driving off the car lot. Not so fast.

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