Life is full of choices, and sometimes, it’s not easy to decide. Choosing between a 15-year and 30-year fixed-rate mortgage, however, doesn’t have to be.
Simply defined, home equity is the percentage of your home’s value that you own, and it is the key to building wealth through homeownership.
With rates still near historic lows, now is a good time to talk to a mortgage professional to discuss your home ownership goals. In fact, refinancing is booming right now with requests for refinances making up 64 percent of total mortgage applications the first full week of July, according to the Mortgage Banker’s Association. Here are four signs it might be time for you to consider refinancing your mortgage!
Forbearance is when a lender agrees to let a borrower postpone payments until a later date. The payments are not eliminated.