Finance Globe

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

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...
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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...
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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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6 Tips You Need to Know When Buying Your First House

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Buying a house is a huge financial decision. It may even be the biggest financial decision of your life. You may think you are ready to be a home owner, but you have to do your homework before making a purchase of this magnitude. Home buying can also be a very confusing and daunting task. Below are several tips to better help you understand the home buying process and find a home that's the perfect fit...
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Three Benefits of Refinancing Your Mortgage

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​If you are still paying off a fixed mortgage and haven't considered refinancing then you are losing out. Lenders have been offering new and greatly decreased rates for refinanced mortgages at any term. If you are only a couple years into your mortgage you may not believe that you can benefit as well, but the truth is that almost anybody can benefit from refinancing a mortgage in today's market. There is a reason that people have been doing...
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5 Reasons to Buy Less House Than You Can Afford

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Many people max out their housing budget, purchasing as much house as the bank will allow. There may be a benefit to buying a home that’s priced under what you can actually afford, even if it means buying a slightly smaller house than you initially intended. You’ll have a lower down payment. Mortgage down payments can be up to 20% of the home purchase price. Buying less house than you can afford means you don’t have...
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Frank
You should never buy a home for investment purposes. You may end up making money, but most people just break even.
Wednesday, 20 December 2017 17:41
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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...
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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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