Advice on How to Shop for a Mortgage Online
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...
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Tags: borrowing advice, mortgage advice, mortgage rates, online mortgage
Posted in Mortgage | No Comments »
Borrowing Mistakes to Avoid
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...
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Tags: borrowing advice, borrowing mistakes, mortgage advice
Posted in Basics | No Comments »
The Economics of Renting Versus Buying
Monday, May 30th, 2011
Buying a home is part of the so-called American Dream. It gives homeowners a sense of pride, as well as the freedom to do as the please (within reason and within the law) with their property. But there’s a lot to be said for renting, too. It doesn’t tie you down to a specific location like buying does, and it gives you definite advantages when it comes to property maintenance.
Whether it’s better to rent or buy is a matter of your specific economic and life situations. It’s important to take these into account when you make a decision.
Here...
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Tags: borrowing advice, mortgage advice, own home, rent versus buy
Posted in Basics | No Comments »
Shopping for a Mortgage
Saturday, May 21st, 2011
Owning a home is a goal that many of us share. But it’s not as simple as choosing a house and laying down the money. Unless you have plenty of money saved up, you’ll have to get a mortgage first.
Many prospective homeowners will qualify for a mortgage. But comparatively few get the best possible deal on one. Most simply go to the nearest lender, fill out an application, and proceed with whatever kind of deal they’re offered. But if you shop around, you’ll find that different lenders offer vastly different terms that could make a huge difference in how...
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Tags: borrowing advice, Mortgage, mortgage advice, mortgage rates
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Should You Downsize Your Mortgage?
Monday, May 9th, 2011
When interest rates drop, homeowners tend to flock to mortgage lenders hoping to refinance. In good economic times, they are usually looking to not only take advantage of lower interest rates, but tap into their home equity for some extra cash. But in the face of dropping home prices, many are simply hoping to lower their monthly payments or pay down their mortgages more quickly.
Sometimes refinancing is a good idea. But surprisingly, getting that lower interest rate can sometimes cost you more than staying with your current mortgage.
Here is advice on some things to consider before you refinance...
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Tags: borrowing advice, downsize mortgage, Mortgage, mortgage advice, mortgage refinance
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Best Reasons to Refinance a Mortgage
Monday, February 14th, 2011
There are a number of reasons that people may want to review their current mortgages and consider moving to refinance. Understanding the cost versus the benefits can be the best step in moving in the best direction for each individual need.
Some of the questions to consider are have interest rates fallen? Do you expect them to go up? Has your credit score changed so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?
How you answer these questions will influence your decision to refinance your mortgage. But...
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Tags: borrowing advice, mortgage advice, mortgage refinance, refinance
Posted in Mortgage | 2 Comments »
Tactics To Delay A Mortgage Foreclosure
Monday, September 20th, 2010
Each month we read about more and more homeowners facing the prospect of a mortgage foreclosure. Many cannot afford to pay rent and are terrified of the prospect of moving out to nowhere. If you are finding yourself in this situation, there are ways to delay the foreclosure of your home, sometimes even for a year or more. By living rent and mortgage-free for that time, you could be able to get back on your feet, save up a rent deposit and get moved on your own terms.
Even without using any delay strategies, you will have a few months...
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Tags: borrowing advice, delay mortagage foreclosure, mortgage advice, mortgage foreclosure
Posted in Mortgage | 1 Comment »
Get Aid If You Are Underwater With Your Mortgage
Wednesday, May 12th, 2010
Housing prices continue to be on average down 20% from the height of the housing bubble several years ago. These lower prices have caused many homeowners to have a negative equity in their homes. They are faced with the difficult decision of walking away from their home and suffering the consequences of a bank foreclosure. Here is some advice on what to do if you are faced with that decision.
Foreclosing your home will have a severe impact on your credit score and your ability to access credit, either for a new home or any other type of loan. Over...
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Tags: borrowing advice, mortgage advice, mortgage underwater
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FHA Mortgages
Friday, March 5th, 2010
An FHA mortgage is one of the most popular ways to purchase a home. And if you’re looking to purchase a home, it’s important to understand what FHA mortgages are so you can evaluate your options.
The FHA stands for Federal Housing Administration and it was developed after the great depression when the banking system was restructured. The purpose was to regulate the mortgage industry, including the terms and interest rates people are charged. In general, they make it easier for people to obtain a home loan.
An FHA loan or mortgage is a loan that’s insured against default by...
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Tags: borrowing advice, fha mortgage, mortgage advice
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