List/Grid Tag Archives: mortgages

Considerations Before You Refinance

Theoretically it is a great time to refinance your home mortgage if you have a high mortgage interest rate. Theoretically, got that? Back in the day there was a prevailing myth that real estate prices always go up. Even Will Rogers said, “Buy Land, They ain’t making any more of the stuff”. And that is true, they ain’t making any more of the stuff (land, that is…still building a few houses, at least in my area) but unfortunately for many people they have learned the hard lesson that real estate prices don’t always go up and when ...
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Tips to Secure the Lowest Possible Home Loan Rate

There’s likely no greater financial commitment you will make then signing a mortgage for your home.  With soaring home prices, many home loans are typically for $200,000 or more.  Your monthly mortgage payment is likely to be your biggest expense each month. Why pay more than you have to? With some research beforehand as well as some negotiating during the home loan process, you can secure the lowest interest rate possible.  The difference between even a 5% versus a 4% interest rate can make the difference between tens of thousands of dollars ...
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The Crazy Credit Catch-22

Remember Catch-22 and that “damned if you do, damned if you don’t” mentality? Well that is exactly how credit works these days. If you are responsible, pay off all your debts on time and live a relatively debt-free, all cash life, you can be penalized by mortgage companies when you want to purchase a home. or penalized by credit card companies if you want to get a credit card. This happens even if you are financially responsible and living completely within your means. Side note: If you are looking to increase your credit score, you can ...
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What Type Of Mortgage Should You Get For A New Home?

Very few people are able to pay cash upfront for one of the largest purchases they will ever make. Some don’t even want to pay in cash because sometimes your interest rate on your mortgage can be very low, and if you are strategic with your financing then this may work out in your favor. Anyway, most people will need to get a mortgage in order to purchase a home and that is one good reason why good credit can be so important. Homes are expensive and this is known. What types of mortgages are out there? There are three categories of mortgages ...
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Learn Everything About Mortgages Before Shopping For A House

The largest purchase that many of us will ever make is the purchase of a newly built home or a new-to-us home. And even though it is possible to pay cash for a home, most of us do not have that much cash available and therefore we must get a mortgage in order to buy a home. A mortgage is a security interest on real property; therefore a mortgage loan is secured by the property you are buying. The mortgage note certifies the existence of the underlying loan along with the encumbrance on the real estate. The mortgage note and the deed to the property ...
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4 Ways to Improve Your Credit Score Before You Enter the Housing Market

If you’ve been putting off entering the housing market, now is the perfect time to jump in, if you’re financially ready.  The market is beginning to rebound, and as a result, there are more houses for sale than in the last few years.  Even better, the interest rates are still amazingly low, especially if you have excellent credit. However, before you go to a bank for home loan pre-approval, make sure to take steps to improve your credit score first.  The stronger your credit score, the lower your interest rate will likely be and the ...
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Homeownership Myths For 2010

Times have changed on the homeowner’s front. The myths of homeownership that were probably always around to at least an extent are now something you should really take into consideration. Myth #1-A home will always appreciate. “Buy land. They ain’t making any more of the stuff” Will RogersCan’t argue with Will’s logic there but as we all know by now the price of homes will not continuously go up. And sometimes the prices come down, dramatically, as we have seen in recent times. Your home may or may not be a good investment but the fact ...
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How Does Mortgage Delinquency Affect Your Credit Score?

Many people, many more than usual and many more than in past years, have recently experienced the trauma of not being able to make the house payment, not being able to catch up after delinquencies and the horror of foreclosure, not to mention the people who never really missed a payment but were completely unable to sell the home for as much as they owed when they needed to move, thereby resulting in a “short sale” on their credit report. And all of these problems affect your credit scores and your credit reports. The question is how much? And ...
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