You are ready to buy a home – congratulations! Before you do, you’ll need to get yourself approved for a mortgage. This step is one of the most important steps you’ll take in this process, as it will determine how much the home actually costs you in the end. Looking for Current Mortgage Interest Rates? […]
How Much Cash Reserves Should You have for a Mortgage?
Applying for a mortgage means more than getting approved for the loan and closing on it. You have to have money to close it and not always money for the closing costs. Sometimes you’ll need what a lender calls cash reserves. This is money in some type of liquid account that you could access should […]
Is it Better to Payoff Mortgage or Invest?
You have a little bit of extra money and you don’t know what to do with it. Should you pay off your mortgage or invest the money? Looking for Current Mortgage Interest Rates? Click Here. There is no cut and dry answer. It’s not a one-size-fits-all approach. Instead, you have to weigh both sides of […]
How Much do First Time Home Buyers Have to Put Down?
The largest struggle first-time homebuyers often have is coming up with a down payment. Because they don’t have the benefit of equity in an existing home, they have to come up with cold-hard cash. Years ago, it used to be that without 20% down on a home, you couldn’t get a mortgage. Luckily, today that’s […]
How is the Interest on a ARM Loan Determined?
ARM interest rates, otherwise known as adjustable interest rates are rates that adjust at periodic and predetermined intervals. Many borrowers take the ARM loan because of its attractive introductory rate. These rates are often lower than fixed interest rates, providing an attractive alternative. Looking for Current Mortgage Interest Rates? Click Here. The reasons borrowers take […]
Buying Your First Home? Do These Things Starting Now
If you’ve made plans to buy a home in the next year, there are some things you must do now to prepare. The more prepared you are, the better financing terms you’ll get and the more purchase power you will have. Looking for Current Mortgage Interest Rates? Click Here. Pull Your Credit You have to […]
What are the Conventional Loan Heating Requirements?
When you buy a home with financing, you have to abide by the loan program’s rules. Not all of those rules apply to the borrower, though. Many rules pertain to the property itself. It makes sense since the property is the collateral the lender holds onto in case you foreclose on the property. Looking for […]
Top Alternatives to Reverse Mortgages for Older Adults
Older adults often think their best option to tap into their home’s equity is to take a reverse mortgage. While the idea sounds great, there are many downsides to the program. Sure, you could take money out of your home and not owe a penny until you move or die, but there are many fees […]
How to Explain Cash Deposits When Applying for a Mortgage
When you apply for a mortgage, lenders look at all aspects of your financial life, including the deposits you make in your bank account. Why would lenders care about your deposits? Money is money, right? Looking for Current Mortgage Interest Rates? Click Here. Unfortunately, that’s not the case. Lenders care about every penny you put […]
How do You Refinance a Seller-Financed Mortgage?
Did you get a seller-financed mortgage when you bought your home? Maybe you weren’t eligible for standard bank financing or you didn’t have a large enough down payment to make bank financing possible. Whatever the case may be, there will come a time that you will want to or maybe even have to refinance. Looking […]