5 Mistakes 1st Time Homebuyers Commonly Make
With the amount of objects and services available to us for consumption at any given moment, it’s no big surprise that we make some poor purchasing choices. An ill-fitting shirt, a useless electronic device, anything from an infomercial. Most of the time, the consequences for making such regrettable choices are relatively innocuous. However, when it comes to buying a house, an error can have repercussions of mammoth proportions. You could literally be paying for your mistake for years to come. Luckily, there are plenty of ways to rationally determine when to buy a house and what kind of house is right for you. Here are some of the basic mistakes first time home buyers tend to make. Read more...
Mortgage Prequalification: Why Do I Need This?
One simple letter from a mortgage lender can give you a huge boost towards owning a home. A buyer in the market for a house should make an appointment with a reputable mortgage lender. The lender will ask the buyer about their income, spending, debt, and credit history. The answers the buyer gives the lender allows the lender to render a sort of “quote,” which tells the buyer how much they can spend. The pre-qualification letter does not bind the buyer or the lender to each other, but it will give the seller of the house a reason to take any offer you make seriously. Read more...
5 Ways A Mortgage Refinance Can Save You Money
Mortgage refinance, or debt restructuring, is a big decision, and one that should always be made with the help of a qualified financial counselor. While it may not be the right choice for everyone, a mortgage refinance can potentially save you money in a number of ways.
1. Lower Mortgage Rate
A drop in rates often creates a surge of refinancing. Refinancing your home can mean getting a better interest rate on your mortgage. Lowering your interest rate will, in turn, lower your monthly payments. It will also lower the amount of money you will pay during the remainder of the loan’s life. This is a particularly reasonable choice for those planning on staying in their home for several more years. You don’t necessarily need to wait for the market to drop rates, either. If your credit score has improved, you could also get a lower mortgage rate. Read the next 4...
Home Loan 101: Get Your Free Education
Home Loan
Taking out a new home loan can be a very daunting process, filled with complex vocabulary and an assortment of sometimes convoluted steps. Education is essential to taking out the mortgage that is right for you. A naive mortgage applicant will be susceptible to any number of problems. A few keywords to stay especially attuned to: refinance rates, home loans, and personal loans. Read more...