Last week’s economic reporting included readings on housing markets from the National Association of Home Builders, sales of previously-owned homes, and government reports on housing starts and building permits issued. Weekly readings on mortgage rates and jobless claims were also released. NAHB: Builder Confidence Slips Two Points in March The National Association of Home Builders reported that home builder confidence in housing market conditions slipped two points to an index reading of … [Read more...]
Make One Extra Mortgage Payment Every Year To Save Big
When you buy a home, you probably have a budget you will try to stick to. Many people choose a 30-year fixed mortgage, and by the time you pay off the home loan, you should own your home outright. At the same time, you might be thinking about paying off your mortgage more quickly to save money on interest. Even making one extra mortgage payment per year can provide a number of significant benefits. You Can Build Up Equity Faster One of the first benefits of making an extra mortgage payment every … [Read more...]
How Negative Closing Costs Work
If you want to save money on your home loan, you might be thinking about refinancing your mortgage. You might be able to replace your existing mortgage with a home loan that has a lower interest rate. Even a single point reduction in your interest rates could save you tens of thousands of dollars over the life of your loan. Before you refinance, be sure to ask about closing costs. Because you are replacing your existing home loan with a new one, you may incur some closing expenses. On the other … [Read more...]
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