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Understanding Home Equity

One of the great benefits of owning a home is that as you pay off your mortgage loan you build up equity. What exactly is home equity? Simply put, home…

How Escrow Accounts Work

When you purchase a home with the help of a lender, the lender will likely set up an escrow account for you as well. The lender collects the money from…

Using Home Equity for a Major Purchase

When making a major purchase, using a home equity loan or line of credit is an alternative to financing offers often provided by a seller or manufacturer. In such cases,…

How Home Construction Loans Work

Home construction loans provide families and individuals with the ability to finance new home construction projects. The loan term is usually short, typically lasting one year or less in most…

Paying Off a Home Equity Loan or Line of Credit

The length of time it will take to pay off a home equity loan or line of credit is largely driven by the interest rate being paid on the outstanding…

5 Keys to Borrowing to Build Your Dream Home

When it comes to building your home, the right financing is the real foundation that everything else will be built upon. First Federal Lakewood can help you with this all-important…

Refinancing Your Mortgage

Ready to test your knowledge? You’ll have ten multiple choice questions to answer. Click on each question to reveal the question and multiple choice answers. After you’ve completed answering all…