06 Jun 2024
By noelkelman

Using a Mortgage to Benefit Your Financial Future

Mortgage, ,
When it comes to building wealth and securing your financial future, a mortgage can be a powerful tool. While taking on debt might seem counterintuitive to achieving financial freedom, a mortgage, when managed wisely, can provide numerous benefits. Here’s how leveraging a mortgage can pave the way to a stronger financial future. 1. Building Equity Over Time One of the most significant advantages of having a mortgage is the opportunity to build equity. Equity is the portion of your home that you truly own, calculated as the difference between the market value of your home and the remaining balance on…
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24 Apr 2024
By noelkelman

How Your Home Equity Can Help You Reach Your Retirement Goals

Mortgage, ,
If you plan on retiring soon, you are probably looking at a few options that can get you over the hump. You are probably excited to start a new phase of life. With a record number of people closing in on their retirement age, many are starting to assess their resources to make sure they have enough money to last them for the rest of their lives. If you already own a home, you might be able to tap into your home equity to help you fuel your retirement. Your Home Has Probably Gone Up In Value Your house is…
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14 Mar 2024
By noelkelman

Escaping the Rent Trap: Building Equity through Homeownership

Mortgage Tips, ,
Are you tired of pouring your hard-earned money into rent payments every month, only to see it vanish into thin air? Have you ever considered that homeownership might be the key to escaping the rent trap and building wealth for your future? We will explore how homeownership can be a powerful wealth-building tool compared to renting. Building Equity: The Foundation of Wealth One of the most compelling reasons to consider homeownership is the opportunity to build equity. Unlike renting, where your monthly payments simply cover the cost of living in a property owned by someone else, each mortgage payment you…
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02 Aug 2023
By noelkelman

How Much Equity Can I Borrow from My House

Mortgage,
The amount of equity you can borrow from your house depends on several factors, including the current market value of your home, the amount you owe on your mortgage, and your credit score. In general, lenders typically allow you to borrow up to 80% of your home's equity. For example, if your home is currently valued at $400,000 and you owe $200,000 on your mortgage, you may be able to borrow up to $160,000 (80% of the $200,000 in equity you have in your home). However, it's important to note that borrowing against your home's equity comes with risks. If…
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14 Mar 2023
By noelkelman

A Reverse Mortgage And A Home Equity Conversion: What To Know

Mortgage, ,
If you are getting ready to retire, you need to make sure you have income to support yourself during your golden years. One popular option is a reverse mortgage, and you can use it to supplement the benefits you receive through Social Security. On the other hand, you may have also heard about a home equity conversion mortgage. What are the differences between them, and which one is right for you? A Reverse Mortgage A reverse mortgage is a popular option because you can tap into the equity you have in your home to receive funds from a specific lender.…
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05 Oct 2022
By noelkelman

Using Your Equity To Buy Another House: What To Consider

Mortgage, ,
Buying a home is a dream that many people want to make come true. At the same time, many people dream of buying a second home. Perhaps you are looking for a rental property. Maybe you are looking for a vacation home. Regardless, you might be wondering how you can come up with the necessary cash to finance this dream. You might even be thinking about tapping into the equity in your current home to make that happen. It could be your down payment for your second house, but what do you need to know? How To Get A Home Equity…
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04 Oct 2022
By noelkelman

How Your Home Equity Can Help You Reach Your Retirement Goals

Mortgage, ,
If you plan on retiring soon, you are probably looking at a few options that can get you over the hump. You are probably excited to start a new phase of life. With a record number of people closing in on their retirement age, many are starting to assess their resources to make sure they have enough money to last them for the rest of their lives. If you already own a home, you might be able to tap into your home equity to help you fuel your retirement. Your Home Has Probably Gone Up In Value Your house is…
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28 Jun 2022
By noelkelman

The Top Things To Know When Refinancing Your Home

Mortgage, ,
If you are thinking about refinancing your home in the near future, you probably know that this is a great way to shorten the term of your mortgage while also saving money. At the same time, refinancing your home does not come without risks. Take a look at some of the top things you should do and what to avoid before you go through the refinancing process. Do Check Your Credit Score Always check your credit score before you begin the refinancing process. A surprising number of credit reports contain errors, and you need to correct any errors on your…
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