For the average American, buying a home will be the biggest purchase you ever make. The thought of owing that much money can be quite daunting, especially if you dont make a lot of money or live paycheck to paycheck. But even taking this into consideration, buying a home is the best investment of your money that you can make for you and your family’s future. In this day and age, most people are paying rent and all of the utilities anyway- so why not own your own home?
Should You Get A Mortgage Now?
Its never a good sign when your home loan company files for bankruptcy. Sadly, thats just whats happening to many sub-prime mortgage lenders these days. Mortgage rates are low right now (about 5.5% – 6% for a 15-year fixed interest loan at the time of this writing), but the lenders who managed to stay afloat are tightening their lending guidelines. Should you get a mortgage while the housing market is so volatile?
Mortgage Refinance Benefits
There are numerous reasons why people decide to refinance their mortgages with the most common reason for refinancing a mortgage is to save money. A refinance could save you thousands of dollars in interest, or save money on your outgoing monthly expenditures if you use the refinance to consolidate other debts. Here’s a look at some of the various advantages a mortgage refinance provides:
Another Way To Pay For School Loans
Most people aren’t concerned with the amount of money they borrow in order to go to college- at least, not while they’re still in college and avoiding payments by deferring them until after graduation. Students are taught to believe that going to college will result in higher paying jobs, and therefore- paying off the loans required to get that higher education will not only be easy to pay off, but well worth the investment, no matter how much that investment ends up being….