Buying a home comes with numerous financial planning obligations. It's far from a turn-key operation and one of the significant challenges involves developing a working knowledge about things often outside your area of expertise. For example, working as an educator, police officer, investment banker or office staffer does not necessarily make you an expert about home repairs or insurance coverage. Yet, the average homeowner is tasked with carrying a certain level of homeowners insurance coverage … [Read more...]
An Overview Of A Wrap-Around Mortgage: What To Know
Are you having a difficult time qualifying for a traditional mortgage in the current market? If so, there are other options available, and a lack of financing can frustrate not only the buyer but the seller as well. For example, one option that you may have heard about is called a wrap-around mortgage. The entire goal of this mortgage is to help the buyer get financing to purchase the house while making sure the seller still turns a profit. What do you need to know about a wrap-around … [Read more...]
Mortgage Interest Rate Versus APR: What To Know
When you go through the process of applying for a mortgage, you need to make sure you understand all of the terms on the page. Two of the most common numbers you will come across include the mortgage rate and the APR. Many people associate both of these numbers with interest rates, but you will probably notice that they are not quite the same. What are the differences between these two numbers, and how are they going to impact your mortgage loan? The Mortgage Interest Rate The first number you … [Read more...]
Navigating A Market With Higher Interest Rate
Even though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful. Put More Money Down The easiest way to combat a high interest rate is to reduce the amount of money you borrow. That means that you might need to put more money down. Of … [Read more...]
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