How does a traditional second mortgage differ from a home equity line of credit?
A traditional second mortgage gives you a set amount of money, which is paid back over time or due in…read more
How can I get the best possible rates on my loans?
Compare both APR and additional fees across multiple lenders. The APR for home equity loans or lines of credit does…read more
What are the implications if I co-sign for a loan?
It is potentially a large financial burden, since a co-signer accepts the same legal responsibility to pay the loan back…read more
Is any loan interest tax deductible?
Some interests are deductible – some partially, and some fully. Education-related interest Business interest Investment interest Mortgage interest You may…read more
What is a reverse mortgage, and how does it work?
A reverse mortgage allows you to take advantage of a portion of the equity currently built up in your home….read more
What disclosures should I get from my lender?
The Truth in Lending Act obligates the lender to provide a written statement outlining all the costs of the loan…read more
What is a home equity line of credit?
A home equity line of credit allows the homeowner to borrow and use their home as collateral. A home equity…read more
Is it a good idea to refinance?
It depends. You’ll want to be sure the current market rate is at least 2 points lower than the rate…read more
Are there advantages to prepaying a mortgage?
Yes. Paying as much as possible each month will greatly reduce the total amount you pay, but there are certain…read more