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Buying A House

Start by defining your goals. Consider where you want to live, the features you’re looking for, what you can afford, and a realistic date for having the money you’ll need. Then apply your knowledge to making this key decision. The actual amount you’ll spend to buy a home depends on the part of the country you live in and the …

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Refinancing Your Loans

Essentially, refinancing replaces an old loan with a new one with terms that are better for your situation. But there can be trade-offs associated with refinancing. While mortgage loans may be most commonly refinanced, you can also refinance auto, personal, and student loans. You can even “refinance” credit card debt by transferring the amount left to pay to another credit provider with …

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The Cost of a Mortgage

For example, if you borrow $200,000 for 30 years at 6% interest, your total repayment will be around $431,680, more than two times the original loan. What seems like minor differences in the interest rate can add up to a lot of money over 30 years. At 7%, the total repaid would be $479,160, about $47,480 more than at the …

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Reasons For Refinancing

You could refinance to shorten the term of your loan. Mortgages especially benefit from shorter terms. For example, the difference in total interest for a 15-year mortgage vs a 30-year mortgage is significant. This is because 30-year mortgages usually have higher interest rates and require you to make payments for twice as long, allowing more interest to rack up. Refinancing …