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10 Hidden Costs of Buying a House
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How To Buy Land To Build a Home: How Much Land Costs, and More
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What Realtors Say To Expect From the Housing Market for the Rest of 2021
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Home equity loans are proving popular during the pandemic. Now, with interest rates low, it could be time to refinance into a lower loan payment. (iStock)
Many American homeowners are turning to home equity loans during the pandemic to improve the value of their properties. With interest rates still low, the temptation now is to leverage historically low rates and refinance those home improvement loans into lower monthly payments.
“A home equity loan is a second mortgage that is tied to the equity in your home,” said Jason Gelios, a realtor with Michigan-based Community Choice Realty. “A home equity loan differs from a first lien mortgage because it can be processed faster and provide cash for projects and/or high-interest debt consolidation.”
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Owning a home is a lifelong dream for many Americans. But in many parts of the country, the dream can seem hazy and all too distant these days. Prices have zoomed to new heights over the past year as hordes of buyers flocked to the market right at the same time that sellers spooked by the pandemic pulled their listings. Today, it’s hard enough finding a home for sale due to that historic inventory shortage, let alone one at a reasonable price.
However, there are still deals to be found
if you know where to look. That’s why our data team scoured the nation to find the metropolitan areas with the most homes for sale at just $100,000 or less. That’s quite a bargain considering the national median list price was more than three times higher, at $340,000 in December, according to realtor.com® data.