With today’s low rates, a 15-year loan may be more affordable than you think.
Considering the 15-Year Refinance
Here are the obvious facts – you pay your loan off in 15 years rather than 30 years. You own your home in half the time. Sounds appealing, right? It is, but for the right borrower.
In March, the federal government put into law the CARES Act which helped affected homeowners put their mortgage into forbearance. The initial plan allowed homeowners to stop making payments on their mortgage for 3 months without risking a penalty or foreclosure.
As we near the end of the 3 months, many homeowners wonder, what now? The forbearance plan doesn’t erase your debt – it gives you temporary relief. You may make the payments if you can afford them or you can wait, but your credit score won’t drop and your lender can’t assess penalties.
Last week’s economic news included readings on sales of new and previously-owned homes and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released.
When someone purchases their first home, this is a significant step. There are a number of issues that people need to think about because purchasing a home is typically someone’s most significant investment.
The Federal Open Market Committee of the Federal Reserve announced its unanimous decision not to change to the current target federal funds range of 1.50 to 1.75 percent. The committee’s customary post-meeting statement said the decision not to change the Fed’s target range for federal funds was based on factors including a strong labor market, moderate economic growth, continued job growth, and low unemployment.
It is important for everyone to diversify their investments and one of the assets that people often look toward is real estate. In a healthy market, real estate should appreciate in value.
One of the most common worries that people have is money. When it comes to those golden retirement years, many people worry about running out of money. At the same time, most people who reach their retirement years have a lot of equity in their home.
Last week’s economic reports included readings on construction spending and multiple labor sector reports including private and public sector jobs and the national unemployment rate. Weekly reports on average mortgage rates and first-time jobless claims were also released.
When someone makes the decision to purchase a home, they often want to add their own personal touch, style, and flair to the home. One of the ways to do this is to paint the home. Of course, painting a home is a significant investment in terms of both time and money. It is important for everyone to keep a few tips in mind to make sure this process goes smoothly.
College is expensive and everyone needs to think about how they are going to cover the costs. Some of the costs include tuition, room and board, meals, books, and spending money.