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Resource for those of you that are considering buying a new home.  Mortgage information as well as refinancing information or borrow against your home with a home equity credit line.  Find online applications for a mortgage and understanding financing terms. 

Deciding to Refinance:

Whenever interest rates drop, homeowners might have the opportunity to save money. Lower interest rates generally mean lower mortgage loan rates, and refinancing your mortgage at a lower rate can save you a few bucks on every monthly payment.

Deciding whether to refinance your home comes down to a basic calculation: Will your savings from reduced mortgage payments be greater than the up-front costs? Look for a minimum interest rate improvement of, say, two percentage points from our existing mortgage before we get serious about refinancing.

In addition to taking advantage of a lower mortgage rate and flat-out saving money, there are other reasons to refinance. For instance, you might want to build up equity in the home more quickly (by converting to a loan with a shorter term) in order to have that money available down the road for a necessary large purchases, or for your children's education.

Mortage:

The three most important things to consider about a mortgage or any loan:

  1. size (amount of money you are borrowing)
  2. interest (the percentage rate you pay on the loan over time)
  3. term (how long it will take to pay off the loan)

Taxes:

When you file your federal and state income tax forms, you'll be able to deduct mortgage interest and property taxes

Rent vs Own Calculator: Calculate the difference between renting a property and buying a home.

 

 

  
   
   
 

 

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