Stay on Top of your Home Loan Health

Home Buying

Prioritizing yourself is important. It’s also a good idea to keep up with your home loan health. Much like medical professionals may recommend getting an annual physical, mortgage professionals might support an annual homeownership review. What is that?

An annual homeownership review is typically a quick, bite-size analysis of your home’s value and potential equity. Equity can be approximated by comparing the original purchase price of your home against its current estimated value. Keep in mind that estimated value differs from appraised value, and an appraisal will determine the actual value of your home. Overall, this type of review is helpful in identifying prospective financing options to consider, and common ones are outlined below.

Tapping into your home equity

If the value of your home has increased and/or you’ve paid enough of your current loan down to have positive equity, you might be able to use refinancing as an opportunity to cash out some of that equity.

Many homeowners utilize a cash-out refinance to pay off other debts such as car loans, credit cards, and student loans. It can also be ideal for financing home improvement projects. Or, you could put the funds toward purchasing another property like an investment or second home. Always remember to consult your financial advisor on the consolidation of short-term debt into long-term debt.

Selling your current home and using its equity to upsize or downsize

Life is filled with change and sometimes that involves where you call home. If your current home isn’t meeting your needs anymore, you may want to consider making a move while taking advantage of any equity you’ve built. You could apply it towards the down payment, closing costs, or other moving expenses.

Refinancing to secure more favorable terms

Aside from capitalizing on equity, there are other possible benefits of refinancing. It might allow you to lower your interest rate and monthly payment. Or, reducing your loan term could allow you to save on interest over the life of your loan and pay off your home early.

If you’re interested in prioritizing your home loan health with an annual homeownership review, an Evergreen Home Loans™ loan officer can help.

Home Buying   /    February 26 2021
OWN it with our Security Plus program

At Evergreen Home Loans™, we understand the importance of having a strong offer. That’s why we developed our exclusive Security Plus program. Our program takes the hassle out of getting your offer accepted, and we’re so confident in it that we guarantee financing or we pay the seller $5,000*. Read on to learn more.

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Home Buying   /    January 29 2021
Homeownership Goals for the New Year

We’re officially in the much awaited New Year. If resolutions are your thing, a list of goals may currently hang front and center on your fridge. Wherever it’s located, is there anything homeownership-focused to check off? Here are five ideas to consider.

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