Taking time to set up your home mortgage is one of the best steps that you can take to promote financial health and security. If you want to ensure that you get the best deal on your mortgage, focus on these key tips.
Taking time to set up your home mortgage is one of the best steps that you can take to promote financial health and security. If you want to ensure that you get the best deal on your mortgage, focus on these key tips.
A home mortgage payment can be a large or even the largest expense in a person’s budget, and not having this payment any longer can be a life changing experience.
When you apply for a new mortgage, your lender may ask if you want to set up monthly payments or bi-weekly payments. Before you decide which is best for you, consider a few factors.
If you are like many other homeowners, your home mortgage payment is the single largest expense in your monthly budget. This is a fixed expense that you will typically be responsible for until your loan is paid in full or until you sell your home, and you may have a 15, 20 or even 30 year term on your mortgage.
If you are skipping multiple mortgage payments, you should be concerned about your financial situation. There are several important reasons why you may want to take action to improve your situation or to work out a payment arrangement with your mortgage company.
Periodically, many homeowners will receive a rather sizable amount of extra cash. This may be from a bonus from your employer, a refund on your tax return, a financial gift from a relative or something else altogether. Before you make your decision about how to spend your money, consider what impact your lump sum payment will have on your mortgage.
Typically, a mortgage lender will include a request for least the last two to three years of your income tax returns with this documentation. There are several reasons why a lender may need to review your tax returns and why you should provide requested documentation as soon it is requested.
While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for that perfect house or condo.
While there may be numerous benefits associated with the purchase of your second home, you may be concerned about how affordable it will be for you to manage the additional expense of a second mortgage payment.
If your personal budget is similar to many other people’s budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early.
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