Page 22 - Real Estate Now Sept-Oct 2022

Like a HELOC or home equity loan, this money can be used for large expenses, such as to invest, fund a home project,
or pay off debt.

Whenever you plan to take advantage of your home’s equity—or make any other changes to your mortgage—there’s
a number of factors to consider.

If you intend to move in the near future, inquire if your mortgage is portable, which will allow you to take your
existing mortgage along with its current rate and terms from your old property to your new one.
You may also want to ask if there are specific areas of your agreement you can negotiate with your lender, including
your mortgage rate. In the initial and renewal stages of a mortgage, it doesn’t hurt to shop around between different
companies to find the best rate. In some cases, a mortgage broker will be able to provide added savings to your
mortgage—some companies buy down interest rates, which allows them to give up part of their commission from
the lender in order to lower their client’s rate. Your mortgage professional will be able to help answer any of these
questions.
Whether you opt to use a HELOC, home equity loan, or choose to remortgage, it’s important to understand why and
how you plan to use home loans and determine which option works best for you. When talking about loan options
with his clients, Weintraub says he determines what their financial needs and goals are and how different products
can align with those objectives.

“You have to look at where they are today, what their goals are and then what they have on the table,” said
Weintraub. ■

The information discussed in this article should not be taken as financial or legal advice. This article is for informational purposes only..

22 | REAL ESTATE NOW | LB@LoraleeBurns.com