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Key Takeaways: A cash-out refinance replaces your existing mortgage with a new, bigger loan, but a home equity loan adds a second separate payment so you can keep your current interest rate. You might prefer a cash-out refinance if you need a large lump sum of money...
Key Takeaways: Refinancing replaces your current mortgage with a new loan that has different terms to help you lower your monthly payment or pay off your house faster. It is usually a good idea to refinance if interest rates have dropped by at least one percent or if...
Key Takeaways: Your debt-to-income ratio is a percentage that tells lenders how much of your monthly earnings goes toward paying off debt, and most banks want to see this number below 36 percent. You can lower your ratio quickly by paying off credit cards with high...
Key Takeaways: Get preapproved before you start shopping to confirm your true budget and show sellers you are ready to buy. Compare options from multiple lenders to find the best interest rate instead of settling for the first offer you receive. Avoid making large...
Key Takeaways: Townhouses offer a balance between condos and single-family homes since you own the land and the unit but share walls with neighbors. They are often more affordable than detached houses and require less maintenance because a homeowners association...
Key Takeaways: An exclusive agency listing allows you to work with one real estate agent while retaining the right to sell the home yourself. You only pay a commission if the agent finds the buyer, meaning you pay nothing if you secure the sale independently. This...
Key takeaways: Local tax collectors use the assessed value to figure out your yearly tax bill, while lenders use the appraised value to approve your mortgage or refinance loan. It is normal for the appraised value to be higher than the assessed value because tax...
Key takeaways: Hire your own team: Don't rely solely on the builder's sales rep. You should bring a buyer's agent to protect your interests and hire an independent inspector to catch construction errors before you close. Negotiate the right way: Builders rarely drop...
Key takeaways: Mortgage brokers act as a link between you and multiple lenders to help you compare rates and find the best loan for your specific situation. Working with a broker often provides more options than a direct lender since brokers can shop around at...
Key takeaways: A settlement statement acts as a final receipt that breaks down every cost, credit, and fee in your real estate transaction. It shows exactly how much the buyer needs to pay to close and the net profit the seller will receive. Most buyers receive a...
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