If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash … [Read more...]
Suffering from Credit Problems? Understanding Mortgage Lenders and How They Assess Your Credit
One of the most significant factors a mortgage lender will review when you apply for a new mortgage loan is your credit history and rating. While some people have stellar credit, others have a troubled credit history with lower scores. If you fall into the latter scenario, you may be wondering how lenders will assess your credit situation when you apply for a mortgage in the near future. Reviewing Your Credit Scores Initially, lenders will review your credit report to determine your credit … [Read more...]
The Mortgage Pre-approval Letter: Why It’s Important and How to Get One
If you are thinking about buying a new home in the near future, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before … [Read more...]
Three Tips For Reducing Your Closing Costs If You’re Looking Forward To Buying A Home In The Spring
Spring is aproaching fast and it is usually the busiest time of the year for home buying. After a long and cold winter, many people are ready to enjoy the nicer weather and begin to shop for a new home. Spring is also the perfect time for home buying for families with children because it allows them to move during the summer without interrupting school. Home buying has costs associated with it other than the mortgage itself. Known as closing costs, these fees are a part of the home buying … [Read more...]
Variable-Rate VS. Fixed-Rate Mortgages – Which Is Better For Your Financial Situation?
When applying for a new home mortgage, many loan applicants initially consider applying for a 30-year fixed rate mortgage. This is perhaps the most common and traditional type of mortgage available. It allows you to enjoy the opportunity to pay for your home over the course of 30 years with equal payments every month. While this is one option, there are actually multiple choices available. For some applications, a variable rate mortgage may be more advantageous. If you are comparing the options … [Read more...]
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