Mortgage

29 Nov 2019

How Much Of A Down Payment Should I Make On My Home?

Mortgage

There are a lot of steps that people need to take when buying a home. One of the most common issues that people discuss is the down payment. Most banks will require a down payment so that they aren't the only ones taking on the risk of buying a home. The common question people have is how much of a down payment they should apply. The Rule Of Thumb Most people have heard about placing 20 percent down on a house as a solid rule of thumb. This number has been passed down from prior generations who purchased houses with similar down payments. On the other hand, the price of housing…

27 Nov 2019

By Mortgage Blog Content

3 Crucial Questions To Ask Before You Co-Sign A Mortgage

Mortgage

A mortgage is a significant responsibility. For this reason, many people have someone co-sign with them on their mortgage. Before agreeing to co-sign on any mortgage, it is important to ask the right questions. There are several crucial questions that everyone should ask before they co-sign on someone else's mortgage. What Does It Mean To Co-Sign On A Mortgage? Before signing that piece of paper, it is important to understand the responsibilities involved. Co-signing on a mortgage is a little bit different than co-signing for a credit card. The person who is buying the home, the primary signer, lives in the property in question. The co-signer, typically, does not. On the…

26 Nov 2019

By Mortgage Blog Content

3 Signs You’re Not Ready To Buy A Home

Mortgage

Those who are looking at buying a home need to think about whether or not they are truly ready for this responsibility. When someone takes out a mortgage, this is frequently the largest loan someone will ever apply for in their life. Furthermore, owning a home also means homeowners insurance, real estate taxes, home maintenance, and home repairs. There are a few signs that signal someone is not ready to buy a home. Identifying and rectifying these situations ahead of time will ensure that someone is the right position to take on the responsibility of homeownership. Too Much Debt One of the biggest signs that someone is not ready is own…

06 Nov 2019

By Mortgage Blog Content

3 Positive Reasons To Get A 15-Year Mortgage

Mortgage

Most people can't pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag. People who have a stable career and the income to afford larger payments, or who are nearing retirement, may want to take out a 15-year mortgage. Here are some reasons to consider one. Save Money Over The Life Of The Loan The total interest paid on a 30-year loan can be nearly as much as the principal. While it can be difficult to see the bigger picture when facing a mortgage payment that will be a good bit higher, consider this:…

05 Nov 2019

By Mortgage Blog Content

How Does My Existing Debt Affect Getting A New Mortgage?

Mortgage

Carrying debt is a common problem that people have. Some of the most common types of debt include student loans, credit cards, and motor vehicles. When you are interested in buying a new home, you often think about whether or not your debt is going to hurt your chances of qualifying for a new mortgage. Fortunately, you may still get a new home with that debt. There are several factors that may determine whether or not you qualify. Your Debt to Income Ratio The debt to income ratio is a major factor that the mortgage lender is going to consider when deciding whether or not you will qualify for a new…

30 Oct 2019

By Mortgage Blog Content

What is Owner Financing When Buying A Home?

Mortgage

There are many options when it comes to taking out a loan on a new home. One of the options that people might have heard about is called owner financing. In general, the property owner takes the place of a traditional lender. Instead of someone taking out of a loan from a bank or a credit union, they take out a loan from the owner of the property. Similar to a traditional loan, the buyer will make payments to the seller over a period of time with a certain interest rate. The Structure Of Owner Financing If someone elects to go with owner financing, there are several terms that will specify…