Merry Christmas from Bankrate! As we close out 2021, here are the key mortgage and real estate stories from this week.
1. A mortgage rate reprieve
This holiday season is the perfect time to give yourself the gift of a mortgage refi. Rates dipped slightly despite the ongoing upward trend, so the window continues to slowly close on potential savings.
2. Real estate tech for the new year
It seems like just about everything we do these days can be done online, but buying a house and taking out a mortgage still usually requires a mountain of in-person paperwork. That may be changing, albeit not very quickly. Here are some of the developments to look out for in 2022.
3. What a cash-out refi means for your taxes
Taxes are complicated, though being a homeowner can get you some benefit when your annual bill comes from the IRS. It gets even more confusing when you take cash out of your home equity through a refinance. How you use the money and how much you take will influence how much of your new mortgage is eligible for deductions.
4. Mortgage refi basics
We’ve talked a lot this year about how it’s a great time to refinance, but maybe you’re not sure what benefits can come from doing so. Whether it’s saving money or tapping your home equity, there’s a lot to be gained by overhauling your mortgage.
5. Maximizing your home appraisal
If you are refinancing, or preparing to sell your home, it’s a good idea to get familiar with the home appraisal process. A lender will evaluate your home’s worth to figure out how much mortgage they’re willing to extend to you or your buyer. A low appraisal can seriously mess with your plans, so it’s important to be prepared and show your home in the best possible light.