Mortgage and real estate news this week

With the cost of living and education continuing to skyrocket, many potential first-time home buyers are struggling to find a large down payment. However, the amount of money you need is less than you think. In other news, learn more about why you should use your home equity.

Average down payment for first-time home buyers

Saving for a down payment as a first-time home buyer can be tough, but the down payment requirements aren’t as high as you might think. You may qualify for a low or no down payment loan or first-time homebuyer assistance programs.

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Reasons to use home equity

The equity in your home can be a valuable resource if you need cash to cover expenses or meet your financial goals. Here are the best reasons to use it.

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Deciding if a 15-year mortgage is right for you

Whether you’re looking to buy a home or refinance, a 15-year loan has some advantages over a 30-year loan, including a lower interest rate. However, it is important to determine if you can afford higher monthly payments.

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The cost of refinancing your home

Refinancing your mortgage can be a smart move if you are able to lower your monthly payment. Refinancing isn’t free, however, so weigh carefully whether the closing costs outweigh the savings.

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Get a commercial real estate loan

If you are looking to buy property for business purposes rather than a personal residence, you will need a commercial real estate loan. The underwriting of these loans takes into account the business itself and the repayment period will be shorter compared to a residential loan. To get started, contact a lender specializing in this type of financing.

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