Whether you've been thinking about ways that you can draw on your home equity to fund a renovation project or you want to take advantage of low interest rates before they rise again, refinancing your mortgage is an excellent option. In today's blog post we'll introduce mortgage refinancing and discuss a few of the ways that you can use this tool to help accomplish your financial goals. Cash-In and Cash-Out Refinancing Many homeowners refinance their mortgage in order to take some of the home … [Read more...]
5 Uncommon Mortgage Terms You Need to Know
When it comes to finding a new home, there are lots of complex ratios, terms, and contracts that you'll encounter - and at times, it'll feel like you're trying to navigate a minefield. Here are five mortgage terms you may not encounter regularly that you'll need to know when buying a home. Escrow: Money Held In Trust To Pay Taxes An escrow account is a bank account that your lender maintains on your behalf. When you close your mortgage, you'll need to deposit a certain percent of your annual … [Read more...]
Struggling to Get Approved Because of Your Income? 5 Reasons to Consider a FHA Loan
Buying a home isn't cheap. But if you're determined to become a homeowner, the FHA home loan program can help. This loan program, ideal for first-time buyers with low incomes, can help you to build your credit and make home ownership a reality. So why should you consider an FHA loan? Here are just a few ways you'll benefit from these government-backed mortgages. You Can Get Approved With Just 3.5% Down Traditional mortgage lenders typically require you to pay 20% down on your mortgage, or 5% if … [Read more...]
What Financial Preparations Should I Make Before Applying For A Mortgage?
Getting a mortgage isn't an easy thing to do. Before a lender will put down tens of hundreds of thousands of dollars, it wants to know that the borrower can handle the loan so that it will get paid back. to this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process. Managing Debts For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong credit usually isn't … [Read more...]
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