Loan Tips
1. Consider the following when shopping around for the best value:
a.
Interest rates, points and length of mortgage. Make sure you are comfortable with the mortgage payments from the start.
b. Buy the house you need, with the payment you can afford.
2. Shop around for refinancing. With interest rates hovering around 7%, now may be the best time to review your mortgage and see if you can refinance at a better rate — and a lower monthly payment.
3. Protect yourself and your family with adequate life and disability insurance. If you have a mortgage or home equity loan obligation, it is crucial that you carry adequate insurance on household income earners.
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3. Be aware of the do's and dont's of home equity loans.
Consider home equity loans as a source of financing when:
a. You would ordinarily borrow money anyway — such as for home improvements or major repairs, college expenses, a new car.
b. You expect to remain in your current home for several more years.
c. You have a plan — and the means — to pay yourself back.
Don't consider a home equity line of credit if:
a. You are in a financial bind.
b. You are thinking about using it to fund a vacation or some other well-deserved treat.
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