If you qualify for a lower mortgage rate than when you first took out your home loan, it’s time to consider refinancing. A refinance loan can significantly reduce your monthly payment, and it can also give you flexibility to change your payoff period or other loan terms.
For seniors who own their home, a reverse mortgage can be a convenient way to get extra cash. Available as a lump sum, in monthly payments or as a line of credit, money from a reverse mortgage can be used for any purpose. Pay down your debt, complete some home repairs or simply use the money to supplement your Social Security and live more comfortably. Reverse mortgages help many seniors live in their homes longer.
FHA mortgages are a popular choice for first-time homebuyers, but they can be a great choice for many other homebuyers or current homeowners. Insured by the Federal Housing Administration, these home loans can be obtained with a minimal downpayment.
A purchase mortgage gives you the necessary financing to buy a property. Interest rates for purchase mortgages can be either fixed or variable, and qualification requirements depend on the lender. Whether you’re approaching your first home purchase or have owned a home before, compare mortgage rates early in the process.