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A Cashout refinance home loan is a mortgage that pays off your current loan by refinancing and provides the homeowner with funds at closing to pay off debt, complete home repairs or simply as cash in hand. Recently mortgage rates fell to the lowest they have been in 16 months. This may make it the right… Read more »
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Map of Average Mortgage Balances by State
In an article released by Business Insider analysts break down the average mortgage balances by state including the US average mortgage balance. Using statistical information provided by one of the main three credit bureau reporting agencies, Experian’s Decision Analytics, analysts created a heat map demonstrating the hot zones for high mortgage debt. Ranking in the top five for… Read more »
Michigan Vacation Home Mortgage | Second Home Mortgage Loan
Historically real estate has been one of the best investments you can put your money in with year over year positive appreciation and tax advantages. You may already have a place you call home but adding on an investment property may make financial sense. At Riverbank Finance, we offer second home loans and a vacation home mortgage… Read more »
Calculating MI Property Taxes
When shopping around for a home it is beneficial to check the cost of property taxes. Property Tax Overview: Property tax is a levy on property. It is required to be paid by the owner annually based on the fiscal year. They are collected on a county level and each county has its own system… Read more »
Am I eligible for a USDA Rural Development Mortgage?
A USDA Rural Development Mortgage is a no down payment mortgage that is offered to rural property purchasers. There are many benefits of this mortgage including no down payment needed, a minimum 580 credit score and low interest rates! This home loan options is growing in popularity among first time home buyers and repeat home… Read more »
Control Your Credit so it Doesn’t Control You!
All throughout school we are graded. After graduation we tend to have the mindset “YES! I passed! No more teachers, no more grades!” However, that is not the case – not at all. From childhood into the first few years of our adult lives we receive report cards stating how well we did on an… Read more »
Tips to Avoid Closing Delays when Buying a Home
Mortgage Closings are stressful. Let’s not add to it! Congratulations! You have found the home of your dreams! You have all of your documentations in order! You are ready to move in! All you have to do is close on your mortgage! But wait, did something go wrong that could potentially prolong your loan closing?… Read more »
Let’s Pay Our Mortgage, Then Our Credit Cards!
When you pay your bills, how do you prioritize? Credit cards, mortgage, other bills? Mortgage, credit cards, other bills? The normal payment hierarchy, which mortgage lenders expect, ranks mortgages as the top priority when paying bills. This hierarchy was not managed during The Great Recession – and as most of us personally know, still has… Read more »