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Why You Should Refinance Your Home

Historically low interest rates — which hovered under 3% in the last week of 2021 — have lots of homeowners wondering if they should refinance their home. And in fact, home refinance became increasingly popular last year as more Americans elected to stay in their current homes rather than enter a highly competitive home buying market. In the first half of 2021, there was a 33% increase in refinance activity compared to the first half of 2020. You may be asking yourself, “Should I refinance my home? And if I should, how do I refinance, and how much will it cost?” These are all smart questions to answer before you make your decision.
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Should I Pay Off My Home Loan Early?

If you own a home, you may have imagined more than once what it would be like to say, “My house is paid off! I don’t have a mortgage anymore!” Go ahead: Add in a little happy dance, and maybe throw a few fist pumps in the air, because paying off a mortgage is a big deal. According to 2020 data from the U.S. Census Bureau, about 38% of owner-occupied homes are owned free and clear; for homeowners under age 65, the share of paid-off homes is 26.4%.
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How to Budget For Your Next Home Renovation

In 2020, Americans spent much more time than usual working, eating and entertaining themselves inside their homes. That’s due in no small part to the COVID-19 pandemic. One study by the U.S. Bureau of Labor Statistics found Americans spent 10 waking hours a day at home in 2020; in 2019 it was less than eight hours a day. That meant Americans also had more time to scrutinize their spaces — which has led to a serious home improvement boom. Spending for nearly every kind of home improvement and renovation project, from painting and other minor facelifts to a complete home renovation, grew nearly 3% to $420 billion in 2020, and it’s expected to grow another 4% by the end of 2021.

Posted in: home, improvement, loan, money, remodel, save

What Are FHA Loans for First-Time Home Buyers?

Being a first-time home buyer is equal parts exciting and stressful. The idea of finding the home of your dreams to start the next chapter of your life is thrilling, but the thought of making such a major financial commitment is nerve-wracking. And once you start the process, your head can go spinning. What are FHA loans? How do I obtain a mortgage? What other types of mortgages are available? What are closing costs?

The best thing you can do as a first-time home buyer is to take things one step at a time. The first step to buying your first house is obtaining a mortgage. Several factors go into choosing the right one, which you will walk through in this article. Learning the types of loans available to you will help you make an informed decision about your finances now and well into the future.
 

Posted in: buyer, FHA, first-time, home, loan, mortgage, VA

Getting a Home Loan in Beloit, Wisconsin

Congratulations on wanting to take the plunge and become a first-time homeowner in Beloit. Maybe you’ve already done some looking. And just maybe you’ve started wondering how you’re going to afford that dream home. The fact is most people don’t buy a home outright with all their own cash. Typically, you save up enough to make a healthy down payment and then borrow the balance from a lender in the form of a home loan. The amount you borrow is called a mortgage, and you’re responsible for making monthly mortgage payments to pay the loan back.

Posted in: home, mortgage

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