1. Refinancing Can Lower Your Interest Rate or Monthly Payments One of the most common reasons homeowners refinance is to lower their interest rate, which can reduce their monthly payments. How refinancing helps: A lower interest rate means less interest paid over time, saving you money. Lower monthly payments can free up extra cash each month for other […]
1. Build 20% Equity in Your Home The key to canceling PMI is hitting that magic number: 20% equity. That means your remaining loan balance is 80% or less of your home’s current value. There are two main ways to build equity: Regular monthly payments (which chip away at your principal) Making extra payments (even one extra payment a
1. A Balloon Mortgage Starts With Low Payments—Then Ends With One Big Lump Sum With a balloon loan, you typically get a low monthly payment for 5 to 7 years. But when that period ends, you owe the entire remaining loan balance all at once. That large final amount is called the “balloon payment” It’s due whether or not you’re ready Most