Appraisal waivers are a program offered by Fannie Mae and Freddie Mac that allows lenders to bypass the traditional home appraisal process for certain eligible loans and properties. They are also known as “Property Inspection Waivers” (PIWs) or “Value Acceptance,” allow lenders to forgo the requirement of a full in-person appraisal conducted by a licensed appraiser. Instead, the property’s value is estimated using automated valuation models (AVMs) and data analytics based on previous appraisals, recent sales data, and property characteristics. How Do Appraisal Waivers Work? When a lender submi ..read more

If you’re a homeowner, then you’ve probably heard of home equity before — at least in some form or fashion. Whether your neighbor recently did a cash-out refinance or you’ve been told you can “take money out of your house” for renovations or expenses, it all comes down to home equity — and how much of it you have. Want help de-mystifying this often confusing homeownership term? Want to know what you can do with the home equity you’ve built up in your property? Let’s dive in. What Is Equity in a Home? Put simply, home equity is your stake in the home — the portion you own and will get back when ..read more

Interest rates are still at historic lows, leaving many people considering refinancing their home loans. However, refinancing is not necessarily the right choice for everyone. With that in mind, we’ve brought you five questions to help you figure out whether or not it makes sense to refinance your mortgage in the near future. Keep reading to learn more. Before you refinance your mortgage: What to ask yourself 1. What is my goal? Before beginning to refinance your mortgage, it’s important to have a firm goal in mind for this process. Generally, when people decide that they want to refinance a h ..read more

Many homeowners wonder, “How often can you refinance your mortgage?” If you’ve refinanced before, you may be one of them. The good news is you can absolutely refinance your mortgage more than once. However, there are some considerations before you do it. With that in mind, below is a guide to this process. Read it over so that you have a better understanding of whether or not refinancing more than once is right for you. What does it mean to refinance? Put simply, when you refinance a mortgage, you take out a new loan and use it to pay off your old mortgage. This can be a good way to get a lowe ..read more

Veterans Day serves as a special reminder to express gratitude to all military personnel, past and present. There are over 16 million veterans who have served in at least one war. These are grandparents, parents, children, friends, and neighbors who have served in the armed forces for and made many sacrifices that contribute to the freedom and well-being of our country. At Embrace Home Loans® we salute your bravery and dedication. https://www.nar.realtor/veterans-affairs Now, so our Veterans can keep up-to-date and informed, we’d like to introduce you to three types of VA refinance loans avail ..read more

What is the Meaning of Refinance? A home mortgage refinance is a move that essentially replaces your current mortgage loan with a new one. If interest rates have dropped below your current rate, you want to pay off your loan sooner or tap the equity in your home to help pay for renovations, medical bills, college tuition, or high credit card debt. As with your current mortgage loan, you have lots of options when it comes to refinancing, and each one comes with its own pros and cons. Make sure you fully evaluate all your options — as well as the costs and long-term implications they come with ..read more

You’ve probably heard the term “cash-out refinance” before. Maybe your neighbor used one to pay for their new deck or your sister took one out to cover your nephew’s first year of college tuition. Whatever the reason, you know that cash-out refinances exist — and that they can help pay for things like home renovations, education costs, existing debt, and other unexpected expenses that might crop up. How do they work, though? And are you eligible to use one yourself? Those questions you may be less clear on — and we’re here to help. Cash-out Refinance Basics At its simplest, a cash-out refinanc ..read more

The current real estate market conditions not only affect buying and selling, but it can even be a challenge for non-sellers. And here’s why. The non-sellers we’re talking about are homeowners who took advantage of a low interest rate environment and soaring home values to secure a home equity loan. But fast-forward to today and interest rates on the rise and sales slowing, and there’s a real possibility of a temporary downturn in home values. With the waters getting choppy, the market conditions may be right to convert your home equity loans into a first mortgage. Let History Be Your Guide H ..read more

These days, interest rates are historically low and homeowners are thinking of refinancing their mortgages. However, a big question on people’s minds as they look to refinance is “does refinancing hurt your credit?”. To that end, we’ve set out to answer that question below. Keep reading to learn how refinancing works, what impact it may have on your credit score, and what you can do to keep your credit healthy during and after this process. What is refinancing? At its core, refinancing involves taking out a new loan in order to pay off your old one. Typically, the new loan will have better ter ..read more

Believe it or not, refinancing is not always a smart financial decision. In order to help you get a better idea of whether or not refinancing makes sense for you, we’ve laid out some scenarios for you below. Keep reading to learn about three times when refinancing doesn’t make sense and three times when it does. Armed with this knowledge, you should have a much better idea of whether or not it makes sense to talk to a lender about your refinancing options. 3 times when refinancing doesn’t make sense 1. You won’t get a low enough interest rate. Whenever interest rates go down, many homeowners t ..read more