When you apply for a home loan, the mortgage lenders scrutinize your finances to see if you are eligible or not. They spend a lot of time to review your bank statements to make sure that you are financially strong to pay the down payment, monthly installments, and other expenses related to buying the home. If you are looking for buying a home, you should know how to sort the bank documents and records to increase the chance of getting approved. Read More →
Category Archives: Mortgages
When you take a mortgage to buy a home, along comes an interest rate that you have to keep up with. The APR or annual percentage rate refers to the total amount that you have to pay in interest and other fees on that mortgage. It’s different than the mortgage interest rate in the sense that it counts all the costs associated with the loan. Read More →
Many people have planned to buy a home in the New Year. Many renters have aimed to change their status to homeowners. But, the reality is harder than dreaming and making plans. Buying a home means you have to pay the down payment, which is difficult for the younger generation (considering up to the millennial generation). It’s difficult to save up for the down payment when you are struggling to keep up with all the expenses – rents, student loans, and other incidentals. Read More →
A housing market with rising interest rates is difficult for the buyers and tricky for the sellers. Or, it is what everyone knows. Is it really bad news for the real estate market? Well, an escalating interest rate is nothing to be panicked of. It does have an impact on all the aspects of home buying, but you can avoid the bad effects if you are smart. Let’s see how it affects the housing market. Read More →
The home equity refers to the difference between the real value of the property and the amount you, as the homeowner, owe your mortgage lender. A home equity line of credit (HELOC) determines how much you can borrow against the equity of your house. You can use that money either to pay the debt or make unconditional purchases. Read More →
When you seek for a loan to mortgage bankers or auto dealerships, the lenders give the approval after calculating the risk of lending money to you. Your credit score is the metric that helps them to determine the risk. Based on the credit rating, they will determine how financially responsible you are and how much they will lend you at what interest rate. Read More →
Refinancing is one effective way if you want to pay off your mortgage early. However, like every method, it has its perks and drawbacks. If you have decided to refinance your mortgage, you should know what you are signing up for.
Refinancing gives the homeowners an opportunity to restructure their finances. But, you have to consider some factors to figure out whether or not a mortgage refinance right for you. Peruse these few considerations before applying for a home refinance: Read More →
An obligation to a financial commitment is stressful. Even if you are financially solvent and have no problem in paying your loans and mortgages, every homeowner is familiar about the mental strain the monthly mortgage payment can inflict on them.
The mortgage term is fixed and it can be short-term or as long as 30 years. The term is usually fixed during the approval of the loan, but you can still speed up the process to see yourself mortgage-free before the due time. Read More →