Eppstone Capital

02/10/2022

There are a lot of mortgage terms that we have heard a lot, but we don't always 100% know what they mean. Today we'll explain what home equity really is and how you could use it.
To put it simply home equity is the amount of your house that you own. So for example if you have a mortgage loan balance of $100,000 and your home's value is $300,000 then you have $200,000 in home equity. You calculate home equity by subtracting your mortgage balance from the appraised value of the home.
Your home equity is an asset and you can use it for things like cash-out refinancing, home equity lines of credit (HELOC) perhaps if you have paid your mortgage off you can also get a reverse mortgage.
If your home value has increased in recent years and are looking to use your equity, use our 60 second analysis on our website to see your options.

02/03/2022

If you are considering refinancing before rates go up to pay off other debts like credit cards, here is a quick overview.
The average American has nearly $40,000 in debt not including home loans so today we ask if you consider a cash-out refinance to pay off other debts like credit card debt. Credit card interest rates are normally much higher than mortgage interest rates and if you are carrying high credit card debt while making minimum payments, there is an opportunity to save a lot in monthly credit card payments that are primarily going to pay high interest rates on the debt. First you will need enough equity in your home to get a cash-out refinance.
With real estate values rising many people have seen their home value rise so they may qualify for cash-out. You’ll still need to maintain equity in the home at 80-90% to avoid paying mortgage insurance and you will have to get an appraisal and pay closing costs which will be subtracted from the cash out amount.
Contact us to see if a cashing out to pay off your debt makes sense for you. And remember you’re not actually eliminating the debt you’re just saving on high interest payments so be careful not to start spending again on the credit cards and getting caught in a debt cycle loop.

01/28/2022

If you’re looking for a new house, many realtors want a pre-approval in advance. Plus its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of an unexpected last minute surprise!

1. Proof of Income
This is usually W-2 statements but also includes any other sources of income like bonuses or alimony.
2. Proof of Assets
This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them.
3. Credit Score
Your credit score will be an important factor on the down payment and interest rate on the loan.
4. Employment Verification
Lenders may call your employer to verify employment, or if you are self-employed you may need to supply additional paperwork.
5. You Verification
You may need to supply a copy of your drivers license and social security number as well.

Now that you know the basics, check with us to get pre-approved and see how much you can get approved for!

02/04/2021

"Starry-eyed first-time home buyers are getting a rude awakening to the realities of today's high-stakes home-buying market."

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First-time buyers are facing a supercharged housing market, with record-high prices, low mortgage rates, and a historic inventory shortage.

01/29/2021

"Existing home sales resumed an upward trajectory in December. After drifting lower by 2.5 percent in November, breaking a five-month streak of gains..."

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Existing home sales resumed an upward trajectory in December. After drifting lower by 2.5 percent in November, breaking a five-month streak of gains , the National Association of Realtors® (NAR) said sales in the last month of the year rose 0.7 percent...

01/26/2021

"Zillow’s 2021 housing forecast echoes the projections of other industry experts for an acceleration of home sales and home value appreciation..."

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01/20/2021

"The forecasted growth is significantly more than the revised numbers for 2020, which Fannie Mae projects will end up as a 2.7% contraction..."

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Fannie Mae forecasted that economic growth will hit 5.3% in 2021, up 0.8 percentage points from what the company projected last month.

01/12/2021

"Understanding what expenses are required at closing to buy a house will help you budget and save more effectively..."

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To buy a house, you need to save more than a down payment. You also need to save for closing costs, which can equal up to 4% of the home's value.

01/07/2021

"This week’s mortgage rate broke the previous record set on Dec. 24."

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The average U.S. mortgage rate for a 30-year fixed loan fell two basis points this week to 2.65% – the lowest rate in the survey’s near 50-year history.

01/05/2021

"An unbelievable year for home borrowers has ended with mortgage rates lingering just a notch above their latest all-time low..."

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Rates are more than a full percentage point lower than they were at the start of 2020.