Buying a new home is one of the biggest steps that a person can take. Prior to taking out a home loan, you want to ensure that you get the best interest rate for your mortgage. In today’s blog post we’ll share three key tips that will help you get the best possible mortgage rate.
By understanding how pre-qualification works, youâll be able to find the right mortgage for you – at the best possible rate. So what is mortgage pre-qualification, and what isn’t it? Here are three common pre-qualification myths that you may have heard.
Understanding what an adjustable rate mortgage, or ARM, is in comparison to a fixed rate mortgage can help applicants make a more informed decision about their mortgage plans.
Mortgages are expensive, and closing costs only add to the financial burden that homebuyers face. But with a little knowledge, you can pinpoint places to save on your mortgage closing costs and keep more money in your pocket. When youâre negotiating your next mortgage, use these tips to reduce required closing costs and keep more of your hard-earned money.
If you’re like most homeowners, you probably believe that one missed mortgage payment won’t have a noticeable impact on your FICO score. People get behind now and then, and besides, you’ve been faithfully making payments on time for years. How bad could it be?
If youâre looking for a new home, youâve probably heard lots of advice about down payments. About how itâs okay to just have a five percent down payment â youâll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. Here are just four reasons why you should make the largest down payment possible.
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more.
As the 2009 recession fades into the sunset, the home buying market is showing signs of improvement in areas all over the United States. With more home buyers now entering the market, this becomes a good time to discuss one popular type of mortgage called the “Adjustable Rate Mortgage” or ARM.
The United States government established the HARP program, otherwise known as the Home Affordable Refinance Program, to assist homeowners who are struggling with their mortgage payments. However, the program will be ending soon, and homeowners who have not yet taken advantage of the program and who intend to do so may need to act quickly.
Completing a loan application is among the first steps mortgage applicants take when applying for a loan, and it is easy to overlook the importance of providing accurate information at this stage in the process. It is best to take time complete the loan application as accurately as possible as it is a legal requirement and because of the other negative consequences.
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