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Should I Pay Off My Home Loan Early?

December 13, 2021

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%.

How to Budget For Your Next Home Renovation

November 8, 2021

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?

October 15, 2021

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

How Do Home Construction Loans Work?

June 28, 2021

Building a new house can be an exciting time. You’re preparing to customize your home to suit your needs exactly — maybe you’ve even been dreaming about this house for a long time. To help prepare you for financing a new build, we’ve outlined some key points of home construction loans, so you can move forward with more confidence.

Posted in: a, build, construction, home, loan, mortgage, renovation

What You Need to Know About Home Equity Loans

June 7, 2021

A home equity loan is also known as a second mortgage. This type of loan applies to people who have paid off a substantial portion of their first mortgage. As a homeowner, you may borrow against your equity in your home. If you then use the funds to extend or substantially improve the home, the interest on the loan may be tax-deductible, according to the Tax Cuts and Jobs Act of 2017.

Posted in: equity, home, improvement, loan, mortgage, second