Buying a home often involves securing a mortgage, a long-term loan designed for real estate. But life changes, and so do financial needs. Enter mortgage refinancing — the process of replacing your current mortgage with a new loan featuring different terms. Homeowners commonly refinance to take advantage of lower interest rates or reduce monthly payments. Refinancing can be a strategic financial move, but you need to know its ins and outs to determine if it's right for you and make an informed decision about mortgage refinancing.
A conventional home mortgage is a type of home loan that is NOT backed or insured by a government agency like the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), but many conventional loans end up being purchased by Fannie Mae and Freddie Mac. Instead, conventional mortgages are typically offered by private lenders such as banks, credit unions, and mortgage companies. These loans often require a higher credit score and a larger down payment compared to government-backed mortgages. Conventional mortgages can be used for various types of 1 - 4 unit homes, including primary residences, second homes, and investment properties. They are a common choice for homebuyers with good credit and financial stability.
Lots of people dream of upgrading or expanding their homes in order to have more living space. But before you think about putting your home on the market, consider upgrading your garage into a livable area using the equity on your home. This source of extra cash can help you turn that oversized room into your very own "Man Cave" (or "She Shed"), home office, tiki bar, or an ADU! Here are some reasons why a garage conversion loan might be right for you.
Moving into your dream home doesn't guarantee you won't one day get the itch. You know the one — it starts with a light tingly sensation and only fades after you browse virtual open houses for several hours (or longer). Okay, back up.
I’ve been having some troubles with my assistant this past year. Joel is friendly and able. He’s been with me for nine years and he’s great company, but never once has he brewed a pot of coffee. He is also constantly shedding around the office and overly concerned with the snack budget provided. This would be concerning for any supervisor, but I’ve neglected to mention that Joel is my cat of almost a decade and the office I’m typing to you from is located in my living room. After almost two years, I think it’s time to consider the importance of investing in a home office and the benefits it can provide both you and any other recently acquired co-workers.