The struggle to achieve the American homeownership dream often feels like it happens in a vacuum. Everyday people work hard, save money and polish up their credit to get a low mortgage rate. But there are powerful forces at work that are far beyond each person's control. And until recently, the gap between American wage growth and rising home prices was widening. According to data coming out of the U.S. Department of Labor, unemployment recently hit a 49-year low and wages are enjoying the … [Read more...]
Best Things To Do Now To Get Your Finances Mortgage Ready
You probably already know that qualifying for a mortgage can be the biggest hurdle -- aside from actually finding that dream property -- along the path to home ownership. Rather than agonizing about it, however, there are some positive actions you can take in advance to help you realize your dream. Take A Close Look At Your Budget If you don't currently operate with a comprehensive household budget, get started now to analyze your income and monitor your spending habits. There's no better way to … [Read more...]
Is A Reverse Mortgage Right For You?
Imagine the bank depositing monthly premiums into your account instead of you writing a mortgage check. That's basically how a reverse mortgage works. Traditional mortgages involve people paying down the interest and principal on a home loan. The goal is generally to pay off the property and cruise through retirement without that monthly installment eating at your budget. With your home paid off, those previously allotted finances can be used to relax and enjoy your retirement to the … [Read more...]
What To Ask About How Loan Application Data Is Kept Private
After hackers breached Equifax and stole vital financial records of 145 million Americans, people have a right to be afraid of disclosing personal information. That's why it's imperative that lending institutions to do everything in their power to protect your privacy. When a prospective home buyer submits a loan application, defining information such as date of birth, home address, social security number, credit cards, bank accounts, and pay stubs are included. Basically, everything a hacker … [Read more...]
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