Home Ownership, Personal Credit, Personal Finance
As mortgage rates and home prices remain low, now may be a good time to explore purchasing a new home.
In the last few years more obstacles have emerged to getting a mortgage, including higher credit score standards and closer reviews of applications. To better prepare you for the mortgage process, we are pleased to offer these tips.
Review your finances. A detailed analysis of your financial situation is central to the decision to buy. Calculate all of your monthly expenses, in addition to your potential mortgage payment, homeowner’s insurance, taxes and condo fees. Factor in Continue Reading »
Home Ownership
As home prices and mortgage rates remain low, you may be considering the opportunity of becoming a first-time homebuyer. If so, don’t be discouraged by a perceived need to come up with a hefty down payment.
While it’s true the free-money days of the housing boom — when virtually anyone could get a mortgage with little or no money down — are long gone, there are still ways that qualified borrowers can get a mortgage with a small down payment. And qualifying may not be as difficult as you think. Here’s a look at some options. (Note that these Continue Reading »
Home Ownership
Mortgage rates remain low, offering qualified home owners an ideal opportunity to refinance their current mortgage. However, if you’re considering a refinance, be sure to avoid these typical mistakes:
Overestimate the value of the home. Despite the fact home values continue to drop, homeowners still tend to over-value their home. As a result, they receive higher-than-expected loan offers. Track home prices in your area using various online tools so you’ll have a better idea how much your house is worth.
Hesitate to lock in low rates. Borrowers are waiting for rates to drop even further, thus missing out on Continue Reading »
Home Ownership
If your eyes start to glaze over when you think about the expense involved in refinancing your current mortgage, then you could benefit from these tips for keeping your mortgage refi closing costs low.
Dig into the closing costs line by line with your loan officer. As required by law, refinancing home owners are quoted a mortgage interest rate and then receive a Good Faith Estimate of closing costs. Unfortunately, most borrowers only look at the bottom line and do not ask questions about specific charges. If you’re unsure about a specific cost, have your loan officer explain it Continue Reading »
Home Ownership
As mortgage rates remain low and consumers consider if they want to buy a new home or refinancing an existing mortgage, keep some of these basic mortgage principles in mind:
A good income does not automatically mean good loan terms. Any self-employed individual who has tried to get a mortgage loan knows that it’s far from easy to get a good loan rate, no matter your income. A 1099 tax form isn’t as encouraging as a straightforward W-2, and those who are self-employed take care to use as many tax deductions as legally possible — and that can skew the Continue Reading »
Home Ownership
With interest rates still low, you may be wondering if now is the right time to refinance your existing mortgage. And if it is, who can you talk with and what can you expect as you go through the refinancing process?
Start by understanding your current situation. Determine how many years you have left on your existing mortgage and the current interest rate you are paying. Review your credit report, and fix any errors you come across. You also should know your credit score.
After you have a clear picture of your current mortgage situation, ask yourself what Continue Reading »
