According to a study by the National Association of Realtors, more than 70 percent of non-cash, first-time home buyers – and 54 percent of all buyers – made down payments of less than 20 percent over the last five years.
In response to many high-profile data heists over the last decade, many people now choose to lock up access to their credit history with a PIN-controlled “credit report freeze.” Once widely considered the province of the paranoid, personal digital security is now the calling card of the credit savvy. After a 2017 breach at Equifax exposed the information of 500 million people, the federal government passed legislation requiring all three credit bureaus to allow people to freeze their credit reports quickly. Credit reporting agencies must respond to online or phoned-in freeze requests within one business day (they get three days for snail mail). A freeze effectively closes access to your credit report, and since new credit can’t be issued without a credit check, hackers theoretically can’t get it for their own nefarious purposes, either. This is a great new piece...Read more
Do you need money to pay off student loans, cover bills and expenses, or start a new business? With homes prices skyrocketing across the nation the last few years, maybe you are one of the many homeowners who could tap your increased home equity for a significant sum through a cash-out refinance. At Bay Equity Home Loans, our experienced loan officers can help you figure out if refinancing your current mortgage makes good financial sense. Home equity is the difference between a home’s fair market value and the outstanding balance of all liens on the property. It all comes down to how much your home is worth, your current mortgage balance and how much you want to borrow. Say you paid $200,000 for your house. You’ve been in the home for a while and have paid the principal down to...Read more