Whole life insurance is a kind of permanent life insurance. This means that the policyholder will have the policy for life. This is in contrast with term life insurance. Term life insurance only lasts for a specific amount of time, generally up to thirty years. Whole life insurance provides coverage in case of the policyholder’s [...]
With mortgage rates continuously on the rise, a lot of homeowners in the United States think that they have no choice but to put off their refinancing plans. Before you consider yourself part of this group, know that at the moment, home loan rates still fall under the “historic lows” range. Also, mortgage analysts, economists, [...]
The process of refinancing involves swapping your current housing loan with a new one. When you accept a mortgage refinance offer, you’ll pay off your existing loan and start a new one. Many homeowners choose to do this for a variety of reasons although the primary one is to secure a better term and interest [...]
Refinancing presents a great financial strategy as long as conducted carefully and properly. It can help you minimize mortgage payments, reduce interest rates and shorten the time you are in debt. However, this valuable tool can work against you if you don’t take the time to review its potential drawbacks. Note also that practicing smart [...]
With its warm, year-round climate and natural beauty, there is no wonder why Alabama continues to attract home buyers and property investors. The low cost of living plus the high employment rate of $94.1%, also add to its charm. Those shopping around for a home will find the state boasting quite the number of great cities [...]
Mortgage refinancing is a program that allows existing borrowers to pay off their current home loan debts, they do so through obtaining a new mortgage. There are several reasons why homeowners take advantage of this, such as getting a better interest rate or reducing the amount of time they need to pay off their debts. [...]
Most homebuyers have to rely on a mortgage to help them pay for a house. Nowadays, lenders offer a vaster array of loan options, allowing consumers to find one that best suits their needs and financial status. Fixed-Rate Mortgages A fixed-rate mortgage, also known as “plain vanilla” mortgage, comes with a locked-in or set interest [...]
Experts recommend homeownership as one of the best investments consumers can make, as long as they do it properly. However, since it comes with considerable long-term costs, buyers should know what they can do to make their overall mortgage expenditures more manageable. This way, they can avoid foreclosure and reap the benefits of owning a [...]
When making housing-related decisions, a household needs to weigh the pros and cons of owning and renting. There are many factors a family should consider before finalizing the decision, such as financial status and future housing plans. However, only a small number of people can purchase a home on their own. The majority of homebuyers [...]
Borrowers who have a high credit score qualifies for much better mortgage interest rates than their peers who have a less-than-stellar credit score. People who fall in the latter category spend more over the life of their home loan. Even if the rates are at their historic lows at the moment, interest payments can quickly [...]
