Finance Globe

U.S. financial and economic topics from several finance writers.

What Homeowners Should Know About Using Home Equity

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As a homeowner, you've likely heard the phrase “home equity” thrown around and you may even be considering using the equity that's accumulated in your own home. Using the equity in your home can be a great financial move for a variety of reasons. This is especially true as there are few limitations as to what it can be used for.  The most important factors of home equity are understanding what it is, how to acquire...
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Important Mortgage Loan Questions to Ask

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There are a lot of questions to ask and answer as you search for a new home. While the act of finding a property can be downright exciting, the same cannot always be said for securing a mortgage. From local lenders to those that do business all over the country, you will be faced with many options along the way. How you make a final decision is up to you, however, there are steps you can...
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Wanderer
In considering your mortgage costs will be the effect of your credit scores. As the scores improve lenders are inclined to offer y... Read More
Saturday, 14 November 2020 15:55
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Don’t Do These Things After Receiving a Mortgage Pre-approval

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Are you shopping for a new home? Are you ready to get serious about the process? If so, it won’t be long before you find yourself seeking a pre-approval from a bank. Once you have this in hand, it’s much easier to understand what you can afford, how much a particular home will cost each month, and much more. Unfortunately, many buyers make mistakes after receiving a pre-approval for a mortgage. As a result, it can...
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Frank
When I received my pre-approval, they specifically told me to not go out and incur any additional debt or lines of credit. They sa... Read More
Monday, 25 September 2017 17:38
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Don’t Bite Off More Mortgage Than You Can Chew

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Have you ever heard the old saying “don’t bite off more than you can chew?” In short, this means don’t take on more than you can comfortably handle. Unfortunately, many people make this mistake when buying a home. While your intentions are good, it’s easy to become so overwhelmed with the process that you end up overspending. If you’re concerned about going down this path, here are three steps you can take: Know your absolute maximum...
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Frank
It's all about % of total income. General rule is no more than 30% of your income, but I would advise no more than 20%
Wednesday, 20 December 2017 17:20
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What to do if Your Mortgage Application is Denied

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While there is nothing more exciting than shopping for a home, your good time can turn sour if you’re unable to secure a mortgage for your purchase. If your mortgage application is denied, there are a few key steps you must take: •    Find out why: This is your top priority, as you can’t make things right until you find out what went wrong. The lender is supposed to provide the reason or reasons for your...
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Why Was My Mortgage Application Denied?

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Once you decide to purchase a home, you’re faced with a variety of questions, tasks, and responsibilities. One of the most important steps is applying for a mortgage. While you hope that everything works out, there may be a major concern on your mind: a denial. There are things you can do to tilt the scales in your favor, such as saving up a down payment of at least 20 percent. Unfortunately, there is no guarantee...
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Frank
Usually you can call and get a "phone" approval/rejection based on high level information. This is not binding, but can give you g... Read More
Tuesday, 28 May 2019 11:42
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Is Your Mortgage Broker Trying to Scam You?

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As you search for your dream home, you’ll soon find yourself facing a variety of important questions. While most your attention is focused on finding the right property, it won’t be long before you begin your search for the perfect mortgage. Many people turn to the service of a mortgage broker, as doing so is one of the best ways to secure a competitive rate from a reputable lender. Unfortunately, this process is easier said than...
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Frank
I tried to use one when we bought our first home, but had a terrible experience. Not worth it and I would not recommend it.
Sunday, 28 April 2019 19:34
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Find a Mortgage Broker Who Can Answer These Questions

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For most people, buying a home means securing a mortgage. Even if you have an idea of the lender you want to use, it’s critical to shop your options to ensure yourself of getting the best deal. Generally speaking, there are two ways to search for a mortgage: •    Directly through multiple lenders•    Through a mortgage broker The primary benefit of a broker is the ability to compare rates from multiple lenders, without having to do...
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How do you Know When it’s a Good Time to Purchase a House?

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A home purchase is a huge decision. There is a lot to factor in, and it may end up being the biggest financial purchase you make in your life. Below are a few indications that would let you know you might be ready to buy a home. 20% in Savings: Many people/websites have different opinions on this, but I recommend having at least 20% of your home purchase in savings you can use as a down...
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Why Was Your Mortgage Loan Application Denied?

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Shopping for a home can be one of the most exciting times of your life. Unfortunately, if you receive one mortgage loan application denial after the next, this joy can soon turn to pain. With this in mind, it’s important to understand the most common reasons for a denial. This information can help you adjust your approach, thus increasing your chance of an approval in the future. Here are five common reasons for a mortgage loan...
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Frank
My friends were recently denied a mortgage because he has his own business and he started it 2 years ago. The banks have determine... Read More
Monday, 30 April 2018 16:44
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