With a high volume of millennials set to enter the real estate market this year, it may seem like all the available options out there were created to snag new home buyers. However, there are products available on the market that cater to those who are in their golden years too. If you're older than 62 and are currently weighing the options with your mortgage, here are the basics on reverse mortgages and why they might positively benefit you. The Scoop On Reverse Mortgages It may seem like this … [Read more...]
Understanding Mortgage Amortizations and Why Longer Periods Can Cost More
Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it. About Mortgage Amortization Generally speaking, a 25-year mortgage amortization period can be typical, but there are many loan … [Read more...]
Understanding the Differences Between ‘Prequalified’ And ‘Preapproved’ For a Mortgage
Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range? Let's take a quick look at the difference between being 'prequalified' and 'preapproved' for mortgage financing. The Process Starts With Prequalification The first step in obtaining … [Read more...]
How to Run a Quick Financial Health Check Before You Apply for a Mortgage
Are you planning on using a mortgage to help cover the cost of a new home? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let's take a look at how to run a quick financial health check to ensure you are ready to apply for a mortgage. Update (Or Start) Your Monthly Budget First, it is essential to get the basics out of the way. If you haven't already, it's time to start a monthly budget to keep track of your income and … [Read more...]
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