Buying a new home is an exciting – though sometimes a little overwhelming – process. For a first time home buyer, the transaction is likely to be even more emotionally charged. Owning a home represents a big part of the American dream, and has the potential to provide homeowners with a stable path to financial independence.
Despite the emotional weight of buying a new home, it’s important that you also approach the process with a businesslike demeanor. This means conducting appropriate due diligence into the home to make sure that it’s everything it looks to be. Perhaps the most significant... Articles Tagged ‘borrowing advice’
The Importance of Doing a Home Inspection Before You Buy
Buying a new home is an exciting – though sometimes a little overwhelming – process. For a first time home buyer, the transaction is likely to be even more emotionally charged. Owning a home represents a big part of the American dream, and has the potential to provide homeowners with a stable path to financial independence.
Despite the emotional weight of buying a new home, it’s important that you also approach the process with a businesslike demeanor. This means conducting appropriate due diligence into the home to make sure that it’s everything it looks to be. Perhaps the most significant...
Tuesday, February 28th, 2012
Buying a new home is an exciting – though sometimes a little overwhelming – process. For a first time home buyer, the transaction is likely to be even more emotionally charged. Owning a home represents a big part of the American dream, and has the potential to provide homeowners with a stable path to financial independence.
Despite the emotional weight of buying a new home, it’s important that you also approach the process with a businesslike demeanor. This means conducting appropriate due diligence into the home to make sure that it’s everything it looks to be. Perhaps the most significant... How Does A Mortgage Rate Lock-In Work?
There are many different steps to getting a mortgage. Even after you find a lender you feel comfortable working with, you’ll have to decide what type of mortgage product best fits your needs. The two most important aspects of your mortgage will be the term of your loan and its interest rate.
But interest rates on home mortgage products are always changing, and it can sometimes take several months or more from the time when you find the home and when you actually close on the transaction. Many borrowers find this degree of uncertainty to be unsatisfactory. If the rates...
Tuesday, January 31st, 2012
There are many different steps to getting a mortgage. Even after you find a lender you feel comfortable working with, you’ll have to decide what type of mortgage product best fits your needs. The two most important aspects of your mortgage will be the term of your loan and its interest rate.
But interest rates on home mortgage products are always changing, and it can sometimes take several months or more from the time when you find the home and when you actually close on the transaction. Many borrowers find this degree of uncertainty to be unsatisfactory. If the rates... Understanding Amortization and How Mortgages are Paid Down
The process of buying a house or a condominium is different than buying just about anything else. It’s possible to save up and pay cash for new home appliances, a new car or just about anything else, but it’s usually not possible to buy a home with cash. Instead, home buyers generally need to take out a mortgage.
Unfortunately, the process by which a home mortgage gets paid down may not be entirely clear to first-time buyers (or even to those who have purchased a home before). While there are a variety of home mortgage types, a common element of...
Thursday, January 12th, 2012
The process of buying a house or a condominium is different than buying just about anything else. It’s possible to save up and pay cash for new home appliances, a new car or just about anything else, but it’s usually not possible to buy a home with cash. Instead, home buyers generally need to take out a mortgage.
Unfortunately, the process by which a home mortgage gets paid down may not be entirely clear to first-time buyers (or even to those who have purchased a home before). While there are a variety of home mortgage types, a common element of... Advice on How to Get a Jumbo Mortgage
There’s a good chance that you probably already know a little bit about the process of obtaining a mortgage loan to purchase a home. Perhaps you’ve even gone through it a few times yourself, so you know about what to expect with regard to down payments, fees and other closing costs.
But so-called “jumbo” mortgages are somewhat different. Jumbo mortgages are mortgages that exceed the maximum value set by Fannie Mae and Freddie Mac for so-called “conforming” loans. For homes in most parts of the United States, the current threshold is $417,000, although the number is higher in more...
Thursday, January 5th, 2012
There’s a good chance that you probably already know a little bit about the process of obtaining a mortgage loan to purchase a home. Perhaps you’ve even gone through it a few times yourself, so you know about what to expect with regard to down payments, fees and other closing costs.
But so-called “jumbo” mortgages are somewhat different. Jumbo mortgages are mortgages that exceed the maximum value set by Fannie Mae and Freddie Mac for so-called “conforming” loans. For homes in most parts of the United States, the current threshold is $417,000, although the number is higher in more... Advice on How to Shop for a Mortgage Online
In years past, the getting a mortgage to buy a new home would involve going to your local bank and meeting with a loan officer who, chances are, you might have already known personally. Today, there are many other options for getting a home loan, and it’s actually possible to apply for a mortgage online without ever having to visit a bank or meet with a loan officer.
Even though the mortgage application process can occur online, the structure of the transaction, and the documentation that you’ll need to provide, is fairly similar to the traditional process. The differences arise...
Friday, December 16th, 2011
In years past, the getting a mortgage to buy a new home would involve going to your local bank and meeting with a loan officer who, chances are, you might have already known personally. Today, there are many other options for getting a home loan, and it’s actually possible to apply for a mortgage online without ever having to visit a bank or meet with a loan officer.
Even though the mortgage application process can occur online, the structure of the transaction, and the documentation that you’ll need to provide, is fairly similar to the traditional process. The differences arise... Borrowing Advice Money Saving Strategies for 2012
Monday, December 12th, 2011
While achieving your financial goals won’t always correspond to precise dates on a calendar, it’s common to use the beginning of each new year as an opportunity to plan major actions relating to your finances and your budget. One big financial step that many people will be taking in 2012 is borrowing money.
You might be considering borrowing money in 2012 for any number of reasons; perhaps to purchase a new home (or refinance your mortgage), to buy a new car, for significant home improvement expenses or perhaps to finance or expand your businesses.
Below are some borrowing advice strategies you...
Borrowing Mistakes to Avoid
Most of us do everything we can to avoid getting sick. We wash our hands regularly, make sure our food is adequately cooked and do all of the other little things so that we don’t come down with a cold or the flu.
Unfortunately, we don’t always pay as much attention to our financial health. In many cases, any financial difficulties we find ourselves in are a direct result of our own actions or in-actions. Just as we try to avoid getting sick, we should avoid the bad decisions that could damage our financial well-being.
Here is some information and...
Friday, November 18th, 2011
Most of us do everything we can to avoid getting sick. We wash our hands regularly, make sure our food is adequately cooked and do all of the other little things so that we don’t come down with a cold or the flu.
Unfortunately, we don’t always pay as much attention to our financial health. In many cases, any financial difficulties we find ourselves in are a direct result of our own actions or in-actions. Just as we try to avoid getting sick, we should avoid the bad decisions that could damage our financial well-being.
Here is some information and... Second Mortgage Myths and Facts
There’s been a lot of activity in the residential real estate and real estate lending markets over the past few decades. Home prices have spiked and fallen in many parts of the country, while foreclosures and similar proceedings are at or near record levels. Another significant development has been the rapid decline in interest rates, sending mortgage loan rates to all-time lows.
There is also a fair amount of misinformation surrounding many of the financing vehicles and programs available for residential real estate. Second mortgages in particular are a common source of confusion.
Here is some information and advice on...
Tuesday, October 4th, 2011
There’s been a lot of activity in the residential real estate and real estate lending markets over the past few decades. Home prices have spiked and fallen in many parts of the country, while foreclosures and similar proceedings are at or near record levels. Another significant development has been the rapid decline in interest rates, sending mortgage loan rates to all-time lows.
There is also a fair amount of misinformation surrounding many of the financing vehicles and programs available for residential real estate. Second mortgages in particular are a common source of confusion.
Here is some information and advice on... Why Should You Have a Home Equity Line of Credit?
For homeowners, tapping into their home equity has long been a popular way to get the money they need. Proceeds from home equity loans are often used to consolidate bills, make repairs, take care of emergency expenses or help pay for a child’s college education. The only catch is that the loan is secured by your home, so if you fail to repay it, the bank can foreclose.
But many homeowners do not realize that there’s another option for accessing their equity: the home equity line of credit, or HELOC for short. A HELOC offers all of the benefits of...
Wednesday, September 7th, 2011
For homeowners, tapping into their home equity has long been a popular way to get the money they need. Proceeds from home equity loans are often used to consolidate bills, make repairs, take care of emergency expenses or help pay for a child’s college education. The only catch is that the loan is secured by your home, so if you fail to repay it, the bank can foreclose.
But many homeowners do not realize that there’s another option for accessing their equity: the home equity line of credit, or HELOC for short. A HELOC offers all of the benefits of... Filing for Bankruptcy
Bankruptcy is something that we all hope we never have to go through. But for all too many consumers, unforeseen financial difficulties make bankruptcy one of the few options to get one’s credit and good name back. Before you file for bankruptcy, try to work out deals with your creditors, go through credit counseling, or see if a lawyer can help you find a workable solution.
If your finances have been derailed, however, bankruptcy may be your only hope for getting your debts behind you and making a fresh start. While it’s certainly not the ideal solution, it might be...
Monday, June 27th, 2011
Bankruptcy is something that we all hope we never have to go through. But for all too many consumers, unforeseen financial difficulties make bankruptcy one of the few options to get one’s credit and good name back. Before you file for bankruptcy, try to work out deals with your creditors, go through credit counseling, or see if a lawyer can help you find a workable solution.
If your finances have been derailed, however, bankruptcy may be your only hope for getting your debts behind you and making a fresh start. While it’s certainly not the ideal solution, it might be... 
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