Design & Real Estate

Cottage Loans

For many homeowners, choosing an option to leverage the equity in your home comes down to a few simple issues: cost, time and repayment terms. We’ve taken some of the guesswork out of the process by highlighting a few points to make sure you’re making sound financial choices.
Text by Felix Ruiz and Sandy Fernandez | May 7, 2018 | Design & Real Estate

Option 1: Home Equity Line Of Credit. Due to increased bank regulations, loans will have strict underwriting guidelines and credit score requirements. In general, equity lines have no closing costs and flexible repayments terms, such as interest-only payments. However equity lines traditionally have variable rates so your could find yourself with a higher than usual payment should rates rise. A benefit of an equity line is payments are only based on your use of the line and its outstanding balance.

Option 2: Refinance. A refinance is simply when you place a new mortgage on your home to replace the old one. When you refinance to access to the cash in your home, it’s otherwise know as a “cash-out refi.” Although a traditional refinance does require closing costs be paid, they can oftentimes be paid from the proceeds of your loan, therefore eliminating any out-of-pocket expenses. Additionally, because a refinance can be obtained with different lenders, you have more flexibility with underwriting guidelines and lower credit score requirements. A benefit to the refinance is the that your monthly payment due will never change, as it’s calculated on the new loan amount and new rate – Felix Ruiz

Looking to join thousands of other Miamians in a potential home renovation? We have some quick tips to make your redecorating an (almost) enjoyable experience.

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