There’s a good chance that your mortgage is your most costly expense. For that reason, there could come a day when you realize that you can’t make your next payment. As scary as it may be, it’s important to take a step back and consider your options. Below are some steps you can take to address this difficult situation. Assess your financial situation Before taking any steps, evaluate your current financial situation. Look at...
Are you considering the thought of refinancing your mortgage? Before you make a decision, take a strong look at the potential advantages of doing so. There are times when this makes good sense, and times when you would be better off sticking with your current loan. The decision is up to you, however, you have to know how your finances will be impacted regardless of the decision you make. Lower your Interest Rate Let’s face it:...
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...
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...
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...
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...
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...
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...
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...
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...
