Demand for real estate is prevalent is many markets across the country, one of the challenges that inevitably follows suit, is a particularly competitive real estate climate. All cash offers, offers going for thousands over list price, and a continual squeezing between affordability and prices in a given area, only adds to the frustrations many…
Buying a primary home? The 20% down rule is yesterday’s news. More down payment options exist, including both government and private sector alternatives, allowing more flexible choices. Don’t be fooled however, as most of the programs that allow for less than 20% down include PMI, an added premium built into the mortgage payment. If you…
While credit standard have somewhat loosened up in home lending, make no mistake, getting a mortgage these days, is still an unraveling of your complete financial picture, with strong significance given to your current credit and liabilities. Following are the five most common credit mistakes would be borrowers should know that may affect their loan…
The next time you’re in the market for a car, do not plan on seeing a disclosure or a word of caution from the salesman about how buying that car with financing could adversely affect your chances for making a higher ticket purchase, like a house. Unfortunately, an auto loan will affect your ability to…
Do you own rental property? If yes, and you’re looking to borrow money with a new mortgage, your gain or loss identified by your tax returns may help or hinder your chances of procuring favorable credit. Lenders can use up to 75% of the rents generated, however, if there is a history of rental losses,…
The credit and financial choices you make today shape your future chances of procuring credit. If have a tarnished credit history, while you still may be able to qualify, it will be a document heavy process. Little lending nuances that may arise if you have credit inconsistencies… Your Credit History Matters Importance of credit is…
This topic comes up frequently. Most lenders will not set up a biweekly mortgage payment Making a biweekly mortgage payment is incredibly beneficial when considering the longer term interest costs over the life of a loan. It’s not uncommon to be able to shave many years off the payoff time by simply making a biweekly…
Other factors beyond the rate can drive up a your projected new monthly mortgage payment. Such adjustments include private mortgage insurance (PMI for short) and the term of the loan sought. A lower rate loan adjusting for mortgage insurance and a shorter term debt structure will make for a higher payment. What to be aware…