There’s a lot of talk around home equity and growing home values in recent months. If you're in a position to leverage the equity in your home, it can offer some great benefits, depending on your financial goals. From debt consolidation to retirement income, let's cover the options and how you can use them to your advantage.
Buying a home can be a stomach-churning process if you’re watching and waiting for interest rate changes. Odds are you’re fretting over nothing.
While mortgage interest rates rise and fall for a variety of reasons (more on that below), they generally don’t move much. And even then it’s not likely to matter much in the long-run: a quarter-point change isn’t likely to alter the monthly payment on your mortgage by more than $20-$30, at the most.
Choices for buying a first home in Colorado are nearly as varied as the type of home you can buy. Once you know where you want to live, what type of home you can afford, and what home loan suits you best, check out these considerations to help you make the right home purchase.
Private mortgage insurance (PMI) is not always a bad thing. Its benefit -- it can allow you to choose from a wider price range of homes. How? Lenders are generally willing to accept a lower down payment (than the standard 20%) if the lender obtains mortgage insurance. You can not only get the home you deserve, but you can conserve your savings and increase your income tax deductions, just by putting less money down.
Your debt exceeds your home value, and you’re unsure of where to find relief. You certainly don’t want to default or foreclose on the home, but is there another way out? Take a look at some of these options, and be sure to review potential benefits -- and consequences -- with a professional.