by kramoltz@hotmail.com | Nov 1, 2021 | Mortgages + Lending
Home Equity Line of Credit. A HELOC is a new loan with a revolving line of credit feature. You borrow what you need within the loan limits. The flexibility of a HELOC can be useful for occasional cash needs when running a business. HELOCs have a withdrawal period –...
by kramoltz@hotmail.com | Oct 19, 2021 | Home Ownership, Mortgages + Lending
Mortgage holders of more than 500 Phoenix and Scottsdale properties are now able to cancel their flood insurance due to flood map changes that went into effect July 20, 2021. That is because the flood insurance rate maps for a portion of northwest Scottsdale and...
by kramoltz@hotmail.com | Sep 30, 2021 | Home Ownership, Mortgages + Lending
Although interest rates have inched up, they are still near historic lows. The mortgage pros say that generally a one percent drop in the interest rate of your loan makes it worth it. The lower payments will save money you can invest or use elsewhere. A cash out refi...
by kramoltz@hotmail.com | Dec 19, 2020 | Mortgages + Lending
Mortgage interest rates have hit another record low. The average for a fixed rate 30 year loan dropped to 2.81% – the lowest in about the 50 years records have been kept. There have been 10 record lows so far this year, with the previous lowest one being 2.86%. So...
by kramoltz@hotmail.com | Jul 16, 2020 | Home Ownership, Mortgages + Lending
Reverse mortgages are a way for homeowners 62 and older to convert the equity in their homes into cash. These loans create cash flow to pay financial obligations when the owner doesn’t want to sell the home. The amount of a reverse mortgage is based on the equity or...
by kramoltz@hotmail.com | May 9, 2020 | Home Ownership, Mortgages + Lending
If your home is foreclosed on and your home is worth less than the loan, Arizona law provides for protection from being sued for that deficiency. This prevents a lender from recovering a money judgment against you if your home is “upside down” if the loan was used to...
