If you're like most first-time home buyers, you probably need a mortgage loan in order to complete your purchase. The things you do in the months before you begin your home search can make a big difference in whether you are approved for a mortgage, as well as in the interest rate you are offered. If you plan on buying your first home soon, avoid these common mistakes: Not Checking Your Credit Report
1 September 2016
If you would like to purchase your own home in the future, you will need to take action now in order to give yourself the best chance at being qualified for a home loan. To better your odds of approval, you will want to take a couple of minutes to review the following advice. Improve Your Debt-to-Income Ratio Even if you think that you can afford a home mortgage with the current income and bills that you have, you will want to do your best to improve your situation a little more.
10 August 2016
As the result of the recession that recently impacted the United States and that is still affecting many Americans, there are a lot of abandoned homes that could be purchased for very reasonable prices in some areas. As an investor, it is possible to make a tidy profit on those properties, but many of them will need structural or cosmetic work in order to be appealing to your target market. Alternatively, you may also be considering a rehab loan, also known as a remodeling or home improvement loan, to make necessary changes to your current home.
8 July 2016
Military members and veterans are offered several benefits as a result of their military service. VA Home Loans allow military veterans to obtain a mortgage loan with little to no down payment, and lower loan origination fees (2.15% with no down payment, 1.25% with a 10% down payment on a first-time VA Home Loan) than a conventional home loan. A VA Home Loan comes with many benefits that aren't offered with conventional home loans.
14 June 2016
When you are comparing mortgages, one of the first questions you will find yourself asking is whether you want a fixed-rate loan or an adjustable-rate loan. Fixed-rate loans have a fixed APR throughout the life of the loan. This APR tends to be higher than the initial APR offered for many adjustable-rate loans. However, after an initial period, the adjustable-rate loan's APR may increase, giving you a higher APR than the fixed-rate loan initially offered.
11 May 2016
Whether you are a first-time home buyer or have purchased a home previously, understanding why interest rates vary can seem confusing. But how much you pay in interest definitely affects how much your mortgage payment will be each month. Therefore, it helps to know what goes into a mortgage rate and why they vary. Why Rates Vary by Borrower There is no set mortgage rate for every borrower who applies for a mortgage loan.
30 March 2016
If you've taken out a loan, the infusion of cash into your life can be very welcome. But that also means that now you've got these monthly payments to make. Even if the payments are easy for you to afford, seeing the extra cash flow out of your account every month can be tiresome, leading you to try to pay the loan off early. However, sometimes paying the loan back early isn't the best thing to do.
15 February 2016