Premier Coin Galleries The U.S. stock market is typically positive for midterm election years, though October can be notoriously volatile. By the time you read this article, we’ll have election results and more economic reports to guide us through the rest of the year. “We have to understand this will take time,” says Vanessa N.…
Tag: Dollars and Sense
Features, December 2020
Dollars and Sense: What Is the Maximum Loan Amount?
Melanie Sedam A maximum loan amount describes the total amount that an applicant is authorized to borrow. Maximum loan amounts are used for standard loans, credit cards, and line-of-credit accounts. Key Takeaways * A maximum loan amount describes the total sum that one is authorized to borrow on a line of credit, credit card, personal…
Features, November 2020
Dollars & Sense: VA Interest Rate Reduction Refinance Loan
Melanie Sedam If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments—or make your payments more stable—an Interest Rate Reduction Refinance loan (IRRRL) may be right for you. Refinancing lets you replace your current loan with a new one under different terms. Find out if you are eligible…
Features, October 2020
Dollars and Sense: Refinancing Your Home
The Paseo Financial Group If you are interested in borrowing against your home’s available equity, you have choices. One option would be to refinance and get cash out. Another option would be to take out a home equity line of credit (HELOC). Here are some of the key differences between a cash-out refinance and a…
Features, September 2020
Dollars and Sense: What is a Stated Income Loan?
In the past, stated income mortgages were home loans that did not require income verification or documentation. Lenders just needed a borrower’s stated income—hence the name “stated income” loans. Unfortunately, these risky loan types contributed to the 2008 housing market crash, and banks stopped issuing stated income loans as a result. They prevented banks from…
Features, August 2020
Dollars and Sense: How a Cash-Out Refinance for Home Improvement Works
Looking to make some major home improvements? Have you considered a cash-out refinance on your existing home? Refinancing is a low-interest way to get tax-free cash for remodeling your kitchen, building a pool in the backyard—or anything else you choose to do. Let us look at an example. Say you bought your home for $450,000,…
Features, July 2020
Dollars and Sense: Reverse Mortgage (Part 5)
The Paseo Financial Group Recently, the Consumer Finance Protection Bureau put together a report to examine the reverse mortgage industry. This report concluded that the following groups of seniors were most likely to benefit from obtaining a reverse mortgage: * Those looking to supplement a fixed income in retirement. * Those who need a home…
Features, June 2020
Dollars & Sense: Reverse Mortgages (Part Four)
The Paseo Financial Group There are three major fees that borrowers must pay. Most are similar to those paid on a forward mortgage. These are the upfront fees that you will need to pay: Origination fee paid to the lender. This is government regulated and ranges from a minimum of $2,500 to a maximum of $6,000,…
Features, May 2020
Dollars and Sense: Reverse Mortgages (Part Three)
The Paseo Financial Group The amount of your reverse mortgage is based on how old you are, how much your home is worth, and the interest rate that you are offered on the loan. Your borrowing power increases: * When you are older. An 80-year-old will be able to borrow more than a 62-year-old if…
Features, April 2020
Dollars and Sense: Reverse Mortgage (Part 2 in a series of 5-articles)
Melanie Sedam One of the strengths of the home equity conversion mortgage (HECM) loan program is that there are not overly restrictive requirements, making these loans easier to qualify for than other financial products such as a mortgage refinance, home equity loan, or home equity line of credit (HELOC). You are eligible for a reverse…