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Benefits to Mortgage Debt

In order to buy a house, most Americans take on a mortgage loan. While debt is usually to be avoided if possible, when it comes to a mortgage there may actually be some financial benefits for borrowers. Liquidity If you dump all your extra funds into paying off your mortgage, you may be in a tight spot if you face a financial emergency. Family deaths, divorce and health traumas are just a few things that can quickly rack up enormous debts. If you do not have a sizable emergency save up and you have been sinking all disposable cash into your home, you may end up selling your home to pay f...

June 5th, 2019 | Debt, Credit, Mortgage, Benefits to Mortgage Debt

What is Mortgage Amortization?

If you have a fixed-rate home mortgage, you pay the exact same amount each month. But did you know that the amount of principal you pay toward the balance of your loan changes from month to month? This is called amortization and it is a method of distributing the interest and principal over the course of a loan so that it is completely paid off by the end of the loan term. Understanding how it works could help save you plenty of interest on your mortgage. How does it work? When you agree to buy a house at a certain price, in reality, you will end up paying way more than that price to you...

May 8th, 2019 | Credit, Interest Rates, What is Mortgage Amortization?

Can I Qualify for Down Payment Assistance?

One of the biggest obstacles to homeownership is coming up with enough cash for a down payment. When your own savings are not adding up quickly enough and you don’t have a rich uncle to tap for an early inheritance, you may find some help in a down payment assistant programs. Down Payment Assistance Programs Many state and local governments as well as local lending institutions and non-profit organizations have created down payment assistance programs because of their vested interest in helping residents and fellow community members become homeowners. Those who own homes are likely...

April 10th, 2019 | Purchasing a Home, First-time Homebuyers, Can I Qualify for Down Payment Assistance?

5 Things to Do After Your Mortgage Closes

After sitting down at the mortgage closing table to sign all the paperwork, you get the keys and can breathe a sigh of relief. But before you tuck all those mortgage papers away for good, there are at least 5 things you still need to do after closing to make sure everything is on track. 1. Figure Out the Start Date of the First Payment Your lender or title company should have let you know this important fact before or at closing, but with so many papers and numbers being thrown at you, it might get missed. Your escrow account often requires enough money from you at closing to cover ...

March 13th, 2019 | First-time Homebuyers, Purchasing a Home, Refinancing a Home, 5 Things to Do After Your Mortgage Closes

IF YOU ARE LOOKING FOR A MORTGAGE SOON THEN READ THIS

Before you get a new mortgage read the following! Since Dodd Frank was passed in 2011 there are only 2 ways to get a mortgage: 1) Borrower Paid and 2) Lender Paid. Borrower Paid means the Borrower will pay the commissions (which are negotiable) to their Mortgage Broker. Ancillary fees CAN be added such as processing or application fees so beware. A lower rate can be obtained IF the Borrower thinks it best to pay these fees. Lender Paid means the Lender will pay the Mortage Broker and the commissions paid are built into the rate the Borrower gets.With Lender Paid, no ancillary fees...

February 14th, 2019 | OBTAINING A MORTGAGE SOON-READ THIS FIRST!, IF YOU ARE LOOKING FOR A MORTGAGE SOON THEN READ THIS

What is the Right Mortgage for Buying a Fixer-Upper?

You have found your dream house but it will take significant work to make it a home. You do not have cash in savings to pay for both a down payment and the repair costs. Not to worry - this is not a hopeless situation. Fortunately, there are two types of mortgage loans available for just this scenario:  The Federal Housing Administration (FHA) 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage. FHA 203(k) Mortgage The Federal Housing administration has provided a home loan that allows buyers to borrow enough money to cover the price of the home plus the estimated...

February 13th, 2019 | FHA Loans, Purchasing a Home, What is the Right Mortgage for Buying a Fixer-Upper?

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