A home equity loan (sometimes called a HEL) allows you to borrow money using the equity in your home as collateral. Equity is the amount your property is currently worth, minus the amount of any existing mortgage on your property. You receive the money from a home equity loan as a lump sum. A home equity loan usually has a fixed interest rate – one that will not change. If you cannot pay back the HEL, the lender could foreclose on your home.
Congratulations on closing your mortgage! You’ve completed one of the most significant financial transactions of your life. However, the journey doesn’t end at the closing table. Here’s what you can expect after closing on your mortgage: 1. Receiving Your Closing Documents After closing, you will receive a stack of important documents, including: Promissory Note: Your...
In the United States, the interest paid on a mortgage for a primary residence or a second home is generally tax-deductible. This is known as the mortgage interest deduction. Let’s explore the key points about this valuable tax benefit and how you can calculate your savings. In the United States, the interest paid on a...
When your loan officer informs you that your mortgage loan is “disclosed” and you need to sign it, the lender has prepared and provided you with the initial loan disclosure documents. These documents outline the terms, conditions, costs, and other crucial details of your mortgage loan. Signing these documents is a vital step in the...
