Finance Globe

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

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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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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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 around...
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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, for...
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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 in the...
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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 make...
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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 behalf....
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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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