Are you thinking about buying a new house or condo? If so, you've likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home. Below we'll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment. Make A Large Down Payment On Your Home The easiest way to reduce your monthly payment is to invest as much as possible in your down payment. The less you have to borrow, the less you'll be … [Read more...]
Have You Had Trouble Getting a Mortgage? Three Tips for Sprucing Up Your Credit Before Reapplying
If you've had some trouble getting approved for a mortgage recently, you're not alone. Many individuals face mortgage challenges due to past blemishes on their credit reports or a personal financial crisis that resulted in bills not being paid on time. In this post we'll share three quick tips for sprucing up your personal credit before reapplying for a mortgage. With a bit of luck and hard work you can be on your way to purchasing that new dream home. Pay Off Your Credit Cards And Lines Of … [Read more...]
A Step-by-Step Guide to Preparing Your Finances for the Mortgage Pre-Approval Process
Being pre-approved for a mortgage isn't just a way to get a step ahead, in many cases it's a necessity to buying a home. Many sellers don't want to go through the negotiation process of selling their home only to have the buyer drop out when they can't get approval for the mortgage they were relying on. The Difference Between Pre-Qualification And Pre-Approval Pre-qualification is a faster process than pre-approval and is usually a best estimate based on how the borrower answers certain … [Read more...]
Speeding Up the Close: Five Tips on How to Close Your Mortgage Loan Faster So You Can Start Moving In
When a seller accepts an offer from a buyer, the process of obtaining the property has just begun. The buyer now has to conduct an inspection, get approval from an attorney and obtain a mortgage - all of which can be time consuming. Here are a few ways that you can speed up the mortgage process and close the deal sooner. Make Sure That You Have Money For Closing Costs Do you have the money needed for a down payment and to pay other closing and prepaid costs? If not, you won't be able to close … [Read more...]
How Do Mortgage Lenders Decide How Much You Can Borrow?
When you visit your lender to get a mortgage for your home, they will tell you the maximum amount that you are allowed to borrow. But how do they reach this total and what factors do they take into consideration? How do they determine that one borrower can take on a bigger mortgage than the next? This decision is made by mortgage companies by considering a wide range of factors, including your credit information, your salary and much more. Here Are Some Of The Common Ways That Lenders Determine … [Read more...]
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