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Are you hoping to refinance, but nervous because your credit is not where it should be? Unlike what you may have heard, it's still possible to refinance your mortgage without great credit. Below, Michael Litzner, Broker of Century 21 American Homes provides us with several tips how.
Start with clear expectations. You may be hearing about great refinance rates. However, without great credit, these will probably not be available to you. "Although you won't be applicable for the best rates, you can still refinance." says Litzner. "Just be ready for higher interest rates."
How is your equity? "Your equity may be more important when refinancing than your credit," Litzner cautions. If you have a scant amount of equity, this could be your greatest challenge. "Try applying for an FHA-backed loan, as they're easier to secure."
A fixer upper can be very tempting when you are looking to buy a home. Whether you are a first-time homebuyer or real estate veteran, here are some
pros and cons to consider before purchasing a property that needs major renovating.
Pros:
1. A less than perfect house often allows buyers to own in a neighborhood they otherwise couldn't afford. A fixer upper located in a desirable neighborhood may often sell for less than the surrounding homes.
2. When redoing a home there is the opportunity to create a space all your own and make it exactly how you would like.
3. There are a lot of variables specific to each property, but often, there is a possibility for profit in resale once the property is renovated.
Cons:
1.
You may be overwhelmed with the amount of work, time...
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