There are many reasons why refinancing your home loan makes sense - opportunity to obtain a lower interest rate; chance to shorten the term of your mortgage; desire to convert from an adjustable rate mortgage to a fixed-rate mortgage or vice versa; opportunity to tap into your home's equity in [...]
Rates are creeping higher, but they're still near record lows. Consider these tips if you’re a potential homebuyer. Save for a down payment Although a 20% down payment on a mortgage is ideal, it's not mandatory. Many lenders expect buyers to put down at least 3%, aside from the Federal [...]
Unfamiliar vocabulary can make interpreting mortgage forms difficult. Here you will find most of the terms mortgage lenders use. You can refer back to this glossary whenever you need help determining the meaning of mortgage terminology. 1. Adjustable-rate mortgage, or ARM -- A home loan in which the interest rate [...]
Here are some practical things to consider when getting a home loan. Say NO to “easy money.” Beware if someone claims that your “credit problems won’t affect the interest rate.” If an offer is really appealing, get it in writing and then seek a second opinion. Shop around. Always talk [...]
Investing and borrowing can be risky business, as anyone would tell you. Some people feel safer with banks, and do not trust alternative lenders. But is it really safer to borrow from banks, as many believe? In today’s world, with all the recent of online security breaches, it does not [...]
Everyone seems to say having a good credit score is important. But why? Does it really make a difference what your credit score is? Here are a few reasons why a good credit score matters to your financial life. When applying for a loan (from a student loan to a [...]
Whether you are a first time buyer or experienced in real estate, when considering buying a home you should always be prepared. A checklist of necessary tasks could prove invaluable to you. Consider these things before purchasing your first (or next) home! Price Is it reasonably within your price range? [...]
Getting approved for a loan and purchasing a home can be a difficult ordeal for anyone, but this is especially true for people who are self-employed. Although it can seem impossible, preparation can make all the difference. Can You Verify Your Income? You will need some documentation to verify your [...]
When you're nearing the time to buy a home, you probably have a lot of questions. The housing marketing is steadily improving, and this signals a great time to buy. If you're not sure if it's the right time, ask yourself the following questions: Where Are You Now? Many things [...]
Financing is defined as borrowing money to partially or completely pay for a property. In exchange for borrowing money, the lender gets an ownership stake in the property. This process is called a mortgage. But at some point, you may find your mortgage isn’t right for you anymore. You may [...]