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Are you thinking about buying a new home? If you are going to make use of mortgage financing, you may be wondering about some of the costs attached. As you may have heard, all mortgages have a number of fees and other costs that are assessed at the "close," or when you finalize the loan. Let's take a look at a few expert tips that will help you to keep your closing costs to a minimum when you take out your next mortgage.
Aim For Zero-Closing-Cost Options If Possible
One question that you will want to ask your potential mortgage lender is whether or not they offer a low-cost or zero-cost option. What this means is that rather than you paying the closing costs, the lender pays them on your … [Read More...]
Buying a home for the first time? If you plan on taking out a mortgage, you will likely want to know just how you can get pre-approved for enough financing to get the home of your dreams. In today's post, we will share four tips that will help you to boost your chances of a successful pre-approval when you apply for a mortgage.
Polish Up Your Credit Score
It should come as no surprise that your credit score is one area every mortgage lender is going to inspect. Order a copy of your credit report and be sure to go over any outstanding items in detail. Are there any old or retired debts on there that need to be removed? Or do you have any outstanding black marks that will need to be … [Read More...]
Are you thinking about buying a new home using a mortgage loan? If you've just graduated from college, you're probably wondering how your student loans will impact a mortgage and what your options are. In today's post we'll share three things that you need to know about mortgages if you're still working on paying off your student loan debt.
#1: Yes, Your Student Loan Will Affect Your Application
You might as well embrace the fact that your outstanding student loan is going to cause some questions to be asked during the mortgage application process. Mortgage lenders have a responsibility to understand the risk involved in lending a significant amount of money to you. And because of this, … [Read More...]
Are you thinking about buying a new house? Whether you're a first-time or experienced buyer, if your credit score isn't looking too hot it can affect how much mortgage financing you receive – or whether you're approved at all! But don't fret. It's still possible to get a mortgage approved, even with credit issues. Below we'll share a few ways that you can get a mortgage loan even if your credit is less than perfect.
Consider An FHA-Guaranteed Mortgage
For many individuals with credit issues, the Federal Housing Administration's guaranteed loan programs are a good choice. In essence, the FHA guarantees your mortgage with select lenders, which allows them to worry less about the risk … [Read More...]
If you are approaching your golden years and seeking a bit of financial flexibility, you might want to look at a reverse mortgage. This unique financial product is only open to individuals over 62 years of age. It allows you to convert some of your home's equity into cash which you can use as needed in your retirement.
Of course, a reverse mortgage isn't without its costs. Let's explore the fees that you will encounter when you take out a reverse mortgage loan.
Upfront And Pre-Closing Costs
The first step in getting a reverse mortgage (also known as a Home Equity Conversion Mortgage or "HECM") is to visit with a third-party HECM advisor. These advisors are approved by the Department of … [Read More...]
Are you shopping around for a new house or apartment? One of the key considerations you will need to make is figuring out how much you want to invest in your new home. Below you'll find our quick and easy guide to determining just how much "house" you can afford. Let's get started!
Start By Making A Proper Budget
The first thing you'll want to do is sit down and get a full budget put together. The easiest way to get the process started is to begin with two lists: income and expenses. For the income list, write down the amount of money your family brings in each month after taxes. If you have side income sources or extra income that tends to fluctuate over time, use the average amount for … [Read More...]
