The rules change when the economy goes south. Whatever you heard from NPR or Grandma, like always pay more than the minimum on your credit cards, retire your mortgage as soon as possible, and a home equity line of credit (HELOC) is the best second mortgage because of its flexibility, isn’t necessarily true when times get tough. Continue reading ‘Rules Were Meant to Be Broken: HELOCs the Best Second Mortgage’
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It’s nearly impossible to refinance your house these days without the lender requiring an appraisal (unless you’re a lucky FHA borrower getting a streamlined refinance–and we’ll talk about that tomorrow). And normally the biggest part of determining what your home is worth is the sales prices of nearby homes. But should the prices of foreclosure and short sale properties be counted when calculating what your property is worth? Continue reading ‘Feeling Undervalued? The National Association of Home Builders Agrees’
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Lease options, otherwise called rent-to-own transactions, can help you buy a home you want when you can’t make the purchase right away because your credit isn’t up to snuff, you need more time on your job to get your mortgage, or you’re still saving your down payment. They can also empty your wallet and make you homeless! So enter these transactions carefully. Continue reading ‘Bad Credit? Lease Option Can Be Great Option–But Avoid Scams.’
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It takes home equity to get a home equity loan, and the worse credit you have, the more equity you need. Your lender wants to know what your home is worth, and the appraiser is going to determine that. Continue reading ‘What’s My Home Worth? How Appraisers Value Your Property’
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