Savings Corner

DECEMBER 24, 2023

Check your credit score Your credit score will help you determine your financing options; lenders use it (among other factors) to set the terms and rates of your loan. Common real estate contingencies can hinge on financing, appraisal, home inspection and more. FAQs What is a good credit score to buy a house?

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Savings Corner

APRIL 4, 2024

Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. You can use the funds from a home equity loan for any purpose, but there’s a possible tax benefit if you use the money to improve your home. to 10 percent.

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Savings Corner

APRIL 4, 2024

You can take advantage of tax deductions: If you use the funds for home improvements, you could take advantage of the interest deduction. Don’t take out more cash than you need, and make sure you’re using it for a purpose that will improve your finances instead of worsening your situation. This can be a boon for your credit score.

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Savings Corner

APRIL 4, 2024

The refinancing process is similar to the purchase mortgage application process: The lender reviews your finances to assess your risk level and determine your eligibility. Step 5: Get your paperwork in order Gather recent pay stubs, federal tax returns, bank/brokerage statements and anything else your mortgage lender requests.

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