Everyone wants to save more money, but with all the things we have competing for our attention, it can be difficult to figure out how to get started. Particularly if you’ve already spent a lot of time focusing on how to increase your savings, you may think that you’re currently implementing just about every strategy you know of.
But it’s quite likely you could be doing more, because saving money can come in many different forms. Adding funds to build up your savings and investment accounts is what we usually think of as “saving,” but you can also save money... Articles Tagged ‘Mortgage’
Borrowing Money Strategies for 2016
Everyone wants to save more money, but with all the things we have competing for our attention, it can be difficult to figure out how to get started. Particularly if you’ve already spent a lot of time focusing on how to increase your savings, you may think that you’re currently implementing just about every strategy you know of.
But it’s quite likely you could be doing more, because saving money can come in many different forms. Adding funds to build up your savings and investment accounts is what we usually think of as “saving,” but you can also save money...
Saturday, January 2nd, 2016
Everyone wants to save more money, but with all the things we have competing for our attention, it can be difficult to figure out how to get started. Particularly if you’ve already spent a lot of time focusing on how to increase your savings, you may think that you’re currently implementing just about every strategy you know of.
But it’s quite likely you could be doing more, because saving money can come in many different forms. Adding funds to build up your savings and investment accounts is what we usually think of as “saving,” but you can also save money... How Should You Organize Your Finances Once You’ve Bought a House?
Buying a home is one of the most significant financial decisions you’ll ever make in your life. In order to come up with a large enough down payment (and to cover the closing costs on the transaction), you’ll have to get a good handle on your finances and map out a plan for saving up the amount you need.
But owning a home also requires you to organize your finances in order to pay for the maintenance and upkeep of your new house on an ongoing basis. Home ownership has an entirely different set of financial responsibilities as compared to...
Monday, March 12th, 2012
Buying a home is one of the most significant financial decisions you’ll ever make in your life. In order to come up with a large enough down payment (and to cover the closing costs on the transaction), you’ll have to get a good handle on your finances and map out a plan for saving up the amount you need.
But owning a home also requires you to organize your finances in order to pay for the maintenance and upkeep of your new house on an ongoing basis. Home ownership has an entirely different set of financial responsibilities as compared to... 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... Shopping for a Mortgage
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...
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... Should You Downsize Your Mortgage?
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...
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... Mortgage Basics
With mortgage rates dropping these days due to the variety of stimulus programs you need to know about the different types of mortgages that are available. Here is a quick summary of mortgage types.
1. Fixed rate mortgage - This is a mortgage where monthly payments remain the same throughout the entire term of the loan.
Note that there are many types of fixed rate mortgages: ten year, fifteen year and thirty year. Generally the longer term that the mortgage is i.e. thirty years, the lower the monthly payment will be. Fifteen year mortgages, on the other hand, help...
Friday, March 27th, 2009
With mortgage rates dropping these days due to the variety of stimulus programs you need to know about the different types of mortgages that are available. Here is a quick summary of mortgage types.
1. Fixed rate mortgage - This is a mortgage where monthly payments remain the same throughout the entire term of the loan.
Note that there are many types of fixed rate mortgages: ten year, fifteen year and thirty year. Generally the longer term that the mortgage is i.e. thirty years, the lower the monthly payment will be. Fifteen year mortgages, on the other hand, help... Watch Out for Reverse Mortgages
With the recession in full swing and unemployment rising, unscrupulous predatory lenders are taking advantage of seniors. One of the areas in which they are particularly insidious is selling reverse mortgages.
There are a host of reverse mortgage scams that are plaguing our senior citizens and steps are being taken to stop it.
According to HUD, deceptive practices and allegations of high-pressure sales tactics are being directed at senior citizens under the guise of a helpful and legitimate reverse mortgage. Borrowers also run the risk of being steered into inappropriate loans and annuities by sales agents and...
Thursday, February 12th, 2009
With the recession in full swing and unemployment rising, unscrupulous predatory lenders are taking advantage of seniors. One of the areas in which they are particularly insidious is selling reverse mortgages.
There are a host of reverse mortgage scams that are plaguing our senior citizens and steps are being taken to stop it.
According to HUD, deceptive practices and allegations of high-pressure sales tactics are being directed at senior citizens under the guise of a helpful and legitimate reverse mortgage. Borrowers also run the risk of being steered into inappropriate loans and annuities by sales agents and... 
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