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Low rates, easier terms for second home refinances Recent low rates and reasonable home prices have prompted record second home sales. Now, owners are seeking to refinance a second home to lower their rate, eliminate mortgage insurance, shorten their loan term, or get cash out. That could be a great idea. Home values have soared,…
Read MoreWhat’s driving current mortgage rates? Average mortgage rates edged up moderately on Friday. Well, we did warn you that “almost anything could happen!” Of course, Monday’s big fall set the scene for last week, and rates ended a little lower last Friday than one week earlier. Trade talks with China seemed to end with a…
Read MoreStarter home inventory on the rise Housing inventory has finally stopped its longstanding decline. And even better for first-time homebuyers, starter home inventory is actually on the rise. Verify your new rate (May 17th, 2019) Housing supply up According to new data from Trulia overall home inventory held steady in the first quarter of the…
Read MoreReduce your refinance costs Starting the mortgage refinance process can be intimidating. The goal is to trade in your current mortgage for a new one that helps you reduce your rate and build equity faster. But making mistakes during the process can result in higher costs. The best way to refinance, though, involves knowing the most common mistakes…
Read MoreIn this article: There are many reasons that a refinance can help you improve your finances, both immediately and in the long-term. One reason is to improve your cash flow in the here and now. You can lower your interest rate by choosing a program at a better rate than you currently have. That may…
Read MoreThe U.S. House of Representatives will soon consider the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, introduced by House Ways and Means chairman Richard Neal (D-MA) and cosponsored by a bipartisan cohort. The Senate Finance Committee has introduced a similar bill, the Retirement Enhancement and Savings Act of 2019, but has…
Read MoreHome Equity is a subject in the news a lot right now, as rates continue to hover near all-time lows and your home value skyrockets. There is currently over $10 Trillion in equity on mortgaged properties, with as much as $6 Trillion in “tappable” equity. Tappable equity is the total amount of equity that a…
Read MoreWith less than a month remaining in the legislative session, some Connecticut lawmakers want to go bold, eliminating the income tax for many taxpayers and replacing it with a new payroll tax. And while it has the support of some key legislators, many important details have yet to be worked out. The proposal seems straightforward…
Read MoreFinancing your manufactured home Is it hard to get a mortgage for a mobile or manufactured home? No, but it is different. Loans for manufactured homes come from Fannie Mae and Freddie Mac, two agencies that write the rules for conforming mortgages. FHA loans, plus financing from USDA and VA, are other avenues to finance a…
Read MoreHow to refinance without an appraisal Appraisals are expensive and can put your refinance at risk if the appraiser gives you a low value. The best option: skip the appraisal entirely. Fortunately, that possibility is becoming more likely by the day, as agencies like Fannie Mae and Freddie Mac loosen refinance rules. And, government programs…
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