The HECM loan is a Reverse Mortgage. Older homeowners take out these loans to use their home equity while they are still alive. Like a traditional mortgage, you can refinance an HECM, but the process is a little different.Looking for Current Mortgage Interest Rates? Click Here. Reasons to Refinance an HECM You may wonder why a homeowner would want to refinance an HECM. … [Read more...] about Understanding the HECM to HECM Refinance
Mortgage refinancing costs as much as 3% - 5% of the loan amount. Suddenly that lower mortgage payment doesn’t seem so enticing, does it? If the closing costs eat away at your savings, it may not make sense to go through with the refinance.Compare Offers from Several Mortgage Lenders.Fortunately, there are ways to lower your mortgage refinance fees. Follow the simple … [Read more...] about Tips to Lower Your Mortgage Refinance Fees
You still owe money on your home, but you want to sell it. Is this possible? Since most mortgage terms are 30 years long, homeowners sell their homes that still have mortgages on them all of the time. It is possible to sell your home while you still have a mortgage, but you should know how it works before doing it yourself.Looking for Current Mortgage Interest Rates? Click … [Read more...] about Is it Possible to Sell Your Home if you Have a Mortgage?
Did you take out a second mortgage out of desperation? Maybe you found yourself in a bind and took the first loan that came your way. Now that you are out of that financial crisis, you wonder what to do with this high-interest rate second mortgage.Get Matched with a Lender, Click Here.The good news is that you aren’t stuck with it. You are going to have to do some … [Read more...] about Getting Rid of a High Interest Rate Second Mortgage
As a seller, you have closing costs you must pay. While they won’t be tied to the mortgage itself, like it does for buyers, there are fees for transferring homeownership. How much you pay depends on who you hire to help you with the process.Get Matched with a Lender, Click Here. Do you Need a Realtor? One of the largest expenses sellers pay is the realtor fees. Typically, … [Read more...] about Do Seller Closing Costs Affect You?