Home ownership has a lot of perks: you can make renovations and stylistic changes at your leisure. You don’t have to rely on a landlord to make house repairs, and in the long run it’s a better money investment than renting. On top of all of that, if you own a home you can also be eligible for a couple of different unique sources of cash flow. Most notably the access to home equity loans and cash-out refinancing. Both options are exceptional to have in your financial toolbox, but it’s important to understand the different types of utility that they offer, so that you can ultimately understand which is the right option for you.
Buying a home, especially if you are a first-time homebuyer, can be a very confusing and stressful process. Unless you went to college for finance or work in a financial institution, it’s not really something that you would have ever learned and chances are you weren’t looking into getting a mortgage in your teenage years or early twenties. Now that you are looking, acquiring the proper knowledge can require a lot of time spent researching to figure out how to get a home mortgage and then figuring out the type of mortgage that makes the most sense for you. That’s what we’re here to help you with. Let’s look at the pros and cons of a 15-year mortgage and a 30-year mortgage, and figure out which of the two makes the most sense for you!
Would you like to buy a home, but are worried you’d never qualify for a mortgage? Or maybe you just don’t know about the process behind it? Want to renovate, but can’t seem to save the extra cash?
Learn how you can do and understand the answers to these questions.
Accessing your home equity gets a bit of a bad rap. If you hear a phrase along the lines of, “So, I took out a second mortgage on my house,” it is typically perceived as an indication of dire financial straits. This, for one, is not always the case.
PMI: it sounds like another one of those three letter acronyms that you might have heard in passing that you never really gave much thought. But if you’re mortgage shopping, it’s extremely important that you understand exactly what PMI is and why you should give serious consideration to avoiding it. You don’t want to commit to a mortgage loan without having comprehensive knowledge of all of the possible costs and fees associated with it, and understanding PMI is a big part of seeing the whole picture. Let’s talk about PMI and what you can do to avoid it.
Buying a home is a huge life decision and can be especially nerve-wracking when you’re buying for the first time. Just like anything that you do for the first time, there’s a learning curve that you have to climb before you can get a good sense of the best strategies for home buying. That’s why we’re writing this guide. We want to give you a head start as a first-time home buyer with a few valuable tips that can help to steer you in the right direction. Let’s take a look at three essential tips for first-time home buyers.
Getting approved for a mortgage loan can seem confusing, especially to first-time homebuyers. But with the right preparation and planning, the mortgage application process can get easier, setting potential borrowers up for quicker approval. Here’s Five Steps to Mortgage Approval.
Spring has arrived and with it comes new beginnings, fresh ideas and a desire to shake off winter’s slumber to embark on a new adventure. Perhaps your desire to acquire a first home is blossoming once again. It’s the right time, and Hudson River Community Credit Union’s (HRCCU) Mortgage Center is the perfect place.
Mortgage rates shot way up in the first three months of the year, then dropped a bit. Last week they mostly stayed put, according to Bankrate’s weekly national survey.
Buying a home can be an intimidating process. You may have found the home of your dreams or the fixer upper you have had your eye on for a while. However, you need to know what you can afford, what your options are and all the costs associated with a home purchase. HRCCU has created a home buyer’s guide for you to reference as you move forward with your new home.