The Top Things To Know When Refinancing Your Home

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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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Owning A Home Can Contribute To A Retirement Portfolio

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Many people dream of retiring one day, and there are numerous assets that contribute to that retirement goal. Social security, pension plans, and savings accounts have traditionally provided assets people use to enjoy their retirement; however, this traditional plan ignores one of the most valuable assets. Owning a home can contribute significantly to someone's retirement goals; however, it is important to have a firm plan in place to make those retirement dreams come true. There are several ways a home can play an important role in that plan.  The Value Of A House Traditionally Increases Over Time Many people who…
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The Top Ways To Use Home Equity

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Equity is a powerful tool. As homeowners pay off the mortgage, the amount of equity in the house grows. As the house appreciates in value, homeowners accrue even more equity. Then, homeowners can tap into this equity for a variety of purposes. What are a few of the ways homeowners might be able to use this equity?  Purchase A New House One of the top ways homeowners can use the equity in their existing home is to purchase a house that better suits their needs. Even though homeowners may find a house that is right for them now, it might…
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How A Reverse Mortgage Can Help With Long-Term Care

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Anyone who has paid attention to the TV recently has likely seen a lot of commercials for something called a reverse mortgage. For those who might not know, a reverse mortgage is exactly that. In this option, people receive monthly payments from a lender in exchange for equity in their homes. In essence, this functions as an annuity. One of the major benefits of a reverse mortgage is that it can be used to cover the costs associated with long-term care. Over the next few decades, the number of elderly individuals in the United States is projected to double. For…
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3 Positive Reasons To Get A 15-Year Mortgage

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Most people can't pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag. People who have a stable career and the income to afford larger payments, or who are nearing retirement, may want to take out a 15-year mortgage. Here are some reasons to consider one. Save Money Over The Life Of The Loan The total interest paid on a 30-year loan can be nearly as much as the principal. While it can be difficult to see the bigger picture when facing a…
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