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...
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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...
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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...
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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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Can You Trust a Mortgage Broker?

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When buying a home, there are few things more important than securing a solid interest rate from a reputable lender. There are many ways to go about doing so, such as contacting a variety of lenders on your own time. With this approach, you control the process from start to finish. Another common strategy is to rely on the services of a mortgage broker. With this approach, a broker takes on the process of shopping...
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Can Forbearance Save You From Loan Default?

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Major life events can affect your finances and your ability to pay your bills. Job loss, disability, death of a family member, or relocation can create temporary hardship and make it difficult to stay on top of all your expenses. One option for affording your bills during short-term financial hardship is forbearance. Under forbearance, the lender agrees to lower or suspend your monthly payments for a specific period of time; six months or a year,...
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Frank
I have worked with a few couples where forbearance saved them from bankruptcy. Its not a perfect solution, but it can help you for... Read More
Wednesday, 26 July 2017 13:38
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4 Signs You Aren't Ready for a Mortgage

4 Signs You Aren't Ready for a Mortgage
Purchasing a home has long been considered an essential part of the American Dream. That dream can turn into a nightmare in a matter of weeks if you purchase a home before you’re ready. Wondering whether you’re ready for a mortgage? Here are some signs you’re not. Your credit isn’t in great shape . Not only does your credit score influence whether you can get approved for a mortgage, it also plays a big role...
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Frank
Could not agree with you more. I have a friend who purchased a house that is in terrible credit card debt. I tried to talk him out... Read More
Friday, 30 June 2017 15:32
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Want a Mortgage Loan Modification? Do These Things

Want a Mortgage Loan Modification? Do These Things
Are you facing challenges when it comes to making your mortgage payment in full and on time every month? Are you ready to make a change for the better? If you’re interested in remaining in your home, it may be time to discuss a mortgage loan modification with your lender. This may sound like a long shot, but remember this: your lender doesn’t want you to face financial struggles. Instead, they would much rather you...
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Frank
My family had to go through this. I would recommend to be very patient, this process takes a long time. I know you may want an ans... Read More
Tuesday, 24 January 2017 17:26
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Ask a Mortgage Broker These Questions

Ask a Mortgage Broker These Questions
When shopping for a home, there will soon come a time when you turn your attention to the mortgage process. In other words, you’ll need to answer this question: which lender can provide you with the best loan product? Rather than beat yourself up, rather than worry that you’ll never make the right decision, it’s best to use a mortgage broker. In short, this person is staffed with the responsibility of shopping around on your...
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Frank
If you are going to use a mortgage broker, I highly recommend to speaking and interviewing atleast 3. These are usually very sales... Read More
Monday, 21 November 2016 18:20
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What is Mortgage Protection Insurance?

What is Mortgage Protection Insurance?
There is no denying the fact that your home is one of the biggest investments you will ever make. For this reason, you want to ensure that it is kept safe in the event of your death. This is why so many people opt to purchase mortgage protection insurance. With this policy in place, your family is guaranteed a tax-free payout if you pass on. This money can then be used to make mortgage payments....
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Frank
Not many people think of this, but I think it is a great idea, especially for people who have families.
Wednesday, 22 June 2016 18:56
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A Mortgage Broker can Answer Many Questions

A Mortgage Broker can Answer Many Questions
As you search the market for your next home, don’t forget to spend an equal amount of time on the process of securing a mortgage . Without this, you may find it impossible to move forward with a purchase. Generally speaking, there are two ways to secure a mortgage: •    Work with a broker. •    Search and compare lenders and loan products on your own. There are pros and cons of both, but for the...
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Frank
Chris, any recommendations on where to look to find a reliable mortgage broker?
Friday, 17 June 2016 13:04
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