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Mortgages

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, 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

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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FICO Scores & Credit Reports, Financing & Loans

The scores that matter in mortgage lending

So you’re ready to take on a new mortgage and you’ve done your research. You have been educating yourself about credit scores, the credit process and how lenders evaluate credit for mortgage loan applications as you are getting ready to purchase a new home. And you know understanding your FICO® Scores is really important as they are the credit scores most commonly used in the mortgage loan review process.

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