From building equity to giving you a chance to settle down and plant roots, homeownership comes with potential benefits that renting simply doesn't offer. Among them are several tax advantages worth knowing about.
Refinancing can be an opportunity to lower your monthly payments, pay off your loan quicker, reduce your overall interest expense or even get cash out. But be sure to weigh the costs and benefits first.
Similar to when you first purchased your home, refinancing your mortgage comes with fees and closing costs that could add up to 1% or more of the new loan. Determining your break-even point—when your monthly savings will cover the cost of refinancing—can help you decide if it’s worth it. Find out more about your different loan options here.
For most of us, buying a first home is a dream come true. However, it can also be a lengthy process where potential — and sometimes very costly — pitfalls trap the unprepared buyer. This guide will help you get prepared.