Get In Touch
Licensed in NE and IA
Our Blog
Refinancing your mortgage is more than just a way to lower your interest rate—it’s a versatile financial strategy that can open doors to new opportunities. Whether you're looking to build long-term financial security, create a safety net for unexpected expenses, or achieve a specific life goal, refinancing offers numerous possibilities. Here are some unique ways refinancing can help you take control of your financial future. Build Equity Faster For homeowners who want to pay off their mortgage sooner, refinancing into a shorter loan term, such as moving from a 30-year to a 15-year mortgage, can be a game changer. While this approach may increase your monthly payments, it can significantly reduce the total interest paid over the life of the loan and help you build equity in your home more quickly. Faster equity growth also provides added financial security, giving you more options for future borrowing or home sales. Stabilize Your Monthly Payments If you currently have an adjustable-rate mortgage (ARM), refinancing into a fixed-rate mortgage can provide stability in your monthly payments. Fixed-rate mortgages protect you from interest rate fluctuations, offering predictability in your budget—especially valuable in an uncertain economic climate. This switch can help you plan better for the long term without worrying about rising rates. Tap Into Your Home’s Value with a Cash-Out Refinance A cash-out refinance allows you to access the equity in your home for a lump sum of cash. This option is ideal for homeowners looking to fund significant expenses like starting a business, paying for college tuition, or even creating an emergency fund. While it does increase your mortgage balance, it often comes with lower interest rates compared to personal loans or credit cards, making it a cost-effective way to finance large expenses. Plan for Retirement As you approach retirement, refinancing can be a strategic move to align your mortgage with your future financial needs. For instance, if you’re looking to reduce monthly expenses, refinancing to a lower interest rate or extending your loan term could free up cash for other retirement goals. Alternatively, a cash-out refinance could provide funds for investments or healthcare costs, ensuring you’re financially prepared for this new chapter of life. Is Refinancing Right for You? Every homeowner’s situation is unique, and refinancing isn’t a one-size-fits-all solution. It’s essential to consider your financial goals, current mortgage terms, and the costs associated with refinancing. Working with an experienced mortgage professional can help you weigh the pros and cons to make the most informed decision. Why Choose Eagle Mortgage Inc.? At Eagle Mortgage Inc., we understand that refinancing is more than just a transaction—it’s an opportunity to improve your financial outlook. Our team of experts is here to guide you through every step of the process, helping you tailor a refinancing solution that aligns with your goals. Whether you’re looking to save on interest, fund life’s milestones, or simply take charge of your finances, we’re here to help. Contact us today to explore refinancing options designed to meet your needs and maximize the potential of your home.
Navigating the world of home financing can feel overwhelming, especially with the intricate details hidden within mortgage agreements. To safeguard your financial future, it's essential to ask the right questions before committing to a lender. At Eagle Mortgage, we believe informed borrowers make the best decisions, so we’ve compiled the top questions you should ask your mortgage lender before signing any agreement. 1. What Types of Loans Do You Offer? Understanding your options is key to choosing the best mortgage for your needs. Lenders typically offer a variety of loans, such as fixed-rate, adjustable-rate mortgages (ARMs), FHA loans, and VA loans. Each type comes with different terms, interest rates, and benefits. Ask your lender to explain the pros and cons of each option to determine which suits your financial situation best. 2. What Is the Interest Rate and Is It Fixed or Adjustable? The interest rate directly affects your monthly payments and the total cost of your mortgage. Fixed-rate mortgages maintain the same interest rate throughout the life of the loan, offering stability in budgeting. Adjustable-rate mortgages, on the other hand, may start with a lower initial rate that changes periodically based on market conditions. Clarify the details, such as how often the rate can change and by how much, if considering an ARM. 3. What Are the Closing Costs? Closing costs can include loan origination fees, appraisal fees, title insurance, and more, potentially amounting to 2-5% of the loan principal. Ask for a detailed breakdown of these costs early in the process to avoid surprises at closing. Inquire whether any part of these expenses is negotiable or if assistance programs are available to help cover them. 4. Are There Any Prepayment Penalties? If you plan to pay off your mortgage early or make extra payments to reduce the principal, ensure that your lender doesn’t charge prepayment penalties. This clause can prevent you from saving on interest if you wish to pay down your debt faster. Confirm the terms so you don’t face unexpected fees if your financial situation allows for early repayment. 5. What Is the Minimum Down Payment Requirement? Down payments vary, often between 3% and 20% of the home's price. A higher down payment can mean lower monthly payments and potentially better loan terms. Ask about the minimum requirement for your chosen loan type and whether private mortgage insurance (PMI) is necessary if your down payment is less than 20%. PMI adds to your monthly expenses, so understanding when it can be removed is crucial. 6. Can You Estimate the Monthly Payment and Total Loan Cost? Knowing the total cost of your loan, including principal, interest, taxes, and insurance (PITI), helps you budget effectively. Request an itemized estimate of your monthly payments, including any PMI or HOA fees if applicable. This insight ensures you won’t overextend your budget once the mortgage is finalized. 7. How Long Does the Loan Process Take? Understanding the timeline for processing your loan is vital, especially if you’re in a competitive market. Ask your lender about the average time for loan approval and funding. This helps set realistic expectations and allows you to plan for contingencies if there are any delays. 8. What Happens If My Financial Situation Changes? Life is unpredictable, and your finances can change. Inquire whether the lender offers any flexible solutions, like payment deferments or restructuring options, in case of job loss or unexpected financial difficulties. Knowing your lender’s policies ahead of time can provide peace of mind. 9. Can I Lock in the Interest Rate? Interest rates can fluctuate frequently. Ask if the lender offers rate-lock options and for how long. This feature can protect you from market changes during the loan processing period, ensuring you benefit from the rate quoted when you applied. 10. Are There Any Additional Fees or Fine Print I Should Know About? Always ask for clarity on potential hidden fees or charges that could arise. These can include application fees, document preparation costs, or maintenance charges. Getting a clear understanding helps avoid unexpected financial obligations post-signing. Taking the time to ask these questions can help ensure that you choose a mortgage lender and plan that align with your financial goals. For personalized mortgage guidance or any questions, contact Eagle Mortgage today. We’re here to support you every step of the way in making your homeownership journey as smooth as possible.
Mortgages have become a cornerstone of homeownership in America, but how much do we really know about them? Whether you’re a seasoned homeowner or someone just stepping into the world of real estate, it’s always fun to uncover some surprising facts and statistics about mortgages. Here at Eagle Mortgage, we love helping people navigate the mortgage process, but we also enjoy diving into the numbers and history behind it all. Let’s explore some intriguing tidbits and figures about mortgages that might just surprise you. Fun Facts About Mortgages 1. The Origin of the Word “Mortgage” Did you know that the word "mortgage" is derived from the Old French word “morgage” or "mort gaige," which translates to “dead pledge”? It sounds ominous, but the meaning behind it is quite simple. The “pledge” dies either when the debt is fully paid off or when the borrower defaults on the loan. This medieval term stuck around and became synonymous with the loans used to buy homes. 2. The American Mortgage Has Evolved Today, a 30-year fixed-rate mortgage is the most common option, but this wasn’t always the case. Before the Great Depression, mortgages were much shorter in term, often requiring high down payments, and were typically renegotiated annually. Modern long-term, fixed-rate mortgages only became popular post-Depression, giving homeowners much more financial stability. 3. Painting the Door Red In Scotland, it’s a tradition to paint your front door red once you’ve paid off your mortgage. Imagine the sense of pride that comes with a bright red door symbolizing your debt-free homeownership! Perhaps it’s a tradition worth adopting here in the U.S. Eye-Opening Mortgage Statistics 1. America’s Mortgage Debt Americans owe a staggering $12.14 trillion on 84 million mortgages. This averages out to $144,593 per person with a mortgage on their credit report. Mortgages account for an impressive 70.2% of consumer debt in the U.S., showing just how significant home loans are to the economy. 2. Interest Rates in 2023 If you’ve been house-hunting or refinancing recently, you’ve likely noticed the fluctuating interest rates. The average interest rate for a 30-year fixed mortgage in 2023 was 6.79%, with rates ranging from 6.09% to a high of 7.79% throughout the year. Although rates have risen compared to historic lows, they are still manageable, especially compared to the 20% rates seen in the 1980s! 3. Home Equity Lines of Credit (HELOCs) In addition to mortgages, Americans also owe $349 billion on 13.1 million HELOCs, averaging $26,702 per account. While this represents only 2.0% of U.S. consumer debt, it’s a popular way for homeowners to access their home’s equity for renovations, debt consolidation, or major expenses. 4. Mortgage Delinquency and Foreclosures Although most mortgages are in good standing, 1.2% of mortgages were seriously delinquent or in foreclosure as of August 2023. This translates to homeowners being 90 days or more past due. While foreclosure rates have dropped significantly in recent years, there were still 144,880 new foreclosures reported in the 12 months leading up to September 2023. 5. Mortgage Debt Across States The size of mortgages varies widely across the U.S. The average home purchase mortgage through the LendingTree platform in 2023 was $224,398. However, this number is much higher in states like Hawaii, where the average loan size is $464,994, compared to West Virginia, where it’s only $150,245. Final Thoughts Mortgages are more than just a financial tool—they come with rich history and surprising facts that many of us may overlook. Whether you’re just learning about mortgage basics or you're an experienced homeowner, these statistics offer a deeper understanding of the mortgage world. For more fun facts, mortgage tips, and industry insights, don’t forget to follow Eagle Mortgage on social media. Stay updated on the latest trends and financial tips to help you on your homeownership journey! Follow and Like Our Social Media Accounts for More Mortgage Insights!
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
If you're looking to consolidate debt, fund home improvements, or lower your interest rates, refinancing your mortgage can be a powerful financial tool. At Eagle Mortgage Inc., we specialize in helping homeowners navigate the refinancing process to achieve their financial goals. Here’s why refinancing might be the right choice for you. Lower Interest Rates One of the primary reasons homeowners choose to refinance is to take advantage of lower interest rates. Mortgage rates are often significantly lower than those for credit cards or home equity loans. By refinancing your mortgage, you can secure a lower interest rate, potentially saving thousands of dollars over the life of your loan. This reduction in interest payments can free up more of your monthly budget, allowing you to pay down other debts or invest in your future. Debt Consolidation Refinancing can also be an effective way to consolidate debt. If you have high-interest credit card debt or personal loans, refinancing your mortgage can help you consolidate these debts into a single, manageable payment with a lower interest rate. This can simplify your finances, reduce your monthly payments, and help you get out of debt faster. By moving your high-interest debt to a lower-interest mortgage, you can significantly reduce the amount of interest you pay, improving your overall financial health. Home Improvement Funding Another common reason for refinancing is to fund home improvements. Whether you're planning a major renovation or just some minor updates, refinancing can provide the funds you need at a lower interest rate. Investing in home improvements can increase the value of your property, making it a smart financial move. Plus, with today’s low mortgage rates, it’s more affordable than ever to finance these projects through a refinance. Contact Eagle Mortgage Inc. At Eagle Mortgage Inc., we’re dedicated to helping you find the best refinancing options to suit your needs. Our team of experts will work with you to understand your financial situation and goals, ensuring you get the most favorable terms possible. Don’t miss out on the opportunity to save money and improve your financial stability. Ready to take the next step? Contact Eagle Mortgage Inc. today to learn more about refinancing options that can help you achieve your financial goals. Let us help you turn your dreams into reality with the right refinancing solution.
The real estate market in Nebraska and Iowa has shown dynamic changes in the past year. Whether you’re a real estate agent, a prospective homebuyer, or looking to refinance, staying informed is key. Here’s a breakdown of the latest trends and statistics in a listicle format to keep you up-to-date. Nebraska Housing Market Overview 1. Rising Home Prices In April 2024, Nebraska saw a 3.1% increase in home prices compared to the previous year. The median price now stands at $286,000. 2. Increased Home Sales The number of homes sold rose by 12.7% year-over-year, with 1,689 homes sold in April 2024, up from 1,499 the previous year. 3. Homes for Sale The number of homes for sale increased by 3.0% year-over-year, reaching 4,658 in March 2024. 4. New Listings There were 2,180 newly listed homes in March 2024, up by 3.4% compared to the previous year. 5. Days on Market Homes in Nebraska are staying on the market a bit longer, with the median days on the market at 19, up by 2 days from the previous year. 6. Competitive Market About 29.4% of homes sold above list price in March 2024, although this is down by 5.3 points from last year. 7. Price Drops The percentage of homes with price drops increased to 23.4% in March 2024, up from 13.0% last year. 8. Sale-to-List Price Ratio The sale-to-list price ratio slightly decreased to 99.0%, down by 0.38 points year-over-year. Nebraska Key Takeaways Typical Home Values: $260,603 1-Year Value Change: +5.0% Median Sale Price: $251,250 (March 2024) Median List Price: $278,333 (April 2024) Percent of Sales Over List Price: 23.1% (March 2024) Percent of Sales Under List Price: 53.8% (March 2024) Iowa Housing Market Overview 1. Rising Home Prices Home prices in Iowa increased by 4.3% year-over-year in March 2024, with a median price of $226,300. 2. Decreased Home Sales The number of homes sold fell by 6.0%, with 2,708 homes sold in March 2024, down from 2,877 the previous year. 3. Homes for Sale Iowa saw a significant rise in homes for sale, up 12.6% year-over-year, totaling 10,874 in April 2024. 4. New Listings There were 4,164 newly listed homes in April 2024, an increase of 10.7% from the previous year. 5. Days on Market Homes are taking longer to sell, with the median days on the market rising to 45, up by 6 days year-over-year. 6. Competitive Market In March 2024, 22.9% of homes sold above list price, a decrease of 2.5 points from the previous year. 7. Price Drops The percentage of homes with price drops increased to 24.6%, up from 19.0% last year. 8. Sale-to-List Price Ratio The sale-to-list price ratio slightly decreased to 97.9%, down by 0.38 points year-over-year. Iowa Key Takeaways Typical Home Values: $217,641 1-Year Value Change: +4.6% Median Sale Price: $197,583 (March 2024) Median List Price: $239,467 (April 2024) Percent of Sales Over List Price: 17.6% (March 2024) Percent of Sales Under List Price: 65.0% (March 2024) Median Days to Pending: 14 (April 2024) Both Nebraska and Iowa have seen notable changes in their housing markets, with Nebraska showing an increase in home sales and Iowa seeing a rise in home prices. Whether you’re buying, selling, or refinancing, it’s crucial to stay informed about these trends. Stay updated with the latest real estate trends by following Eagle Mortgage Company on social media. Like and follow our accounts for more insightful updates and information.
Contact Us
Our Commitment
We prioritizes your dream of homeownership, offering personalized guidance and unwavering support to make it a reality.
Disclaimers
Products
Resources
Company NMLS: 2376 |
www.nmlsconsumeraccess.org |
Privacy Policy |
Terms of Use
| Powered by
Levitate