mortgage: Things to Avoid After Applying for a Mortgage
- 09/17/19 04:47 AM
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the
opportunity to decorate your new home, but before you make any large purchases, move your money around, or make
any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will
impact your home loan.
Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.
1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be … (0 comments)
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mortgage: Do You Need Life Insurance?
- 03/17/17 04:52 AM
Life insurance is a policy that some should absolutely consider while others may be able to forego, according to many financial advisers.
The primary earner in the family can benefit from taking out a term life insurance policy to cover the years he or she expects to work. This policy can act as income replacement for family members if the primary earner dies young or unexpectedly.
The parent of a special-needs child can take out a permanent life insurance policy that provides a payout no matter when the parent dies. This will ensure that the child has financial support for the future.
A homeowner … (1 comments)
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mortgage: Think you can’t afford to buy a home? Think again
- 01/11/15 09:25 PM
Did you have a bad credit event in recent years? Do you have less than two years in the same career field? Is your monthly income less than three times your proposed payment? Fear not, when your financial picture doesn't fit neatly into the box, you may still qualify with some lenders. Here's how. When you apply for a mortgage, lenders use four pillars to measure your finances and put together a loan suited to your purpose. Your credit, debt, income and assets play integral equalroles in lenders' eyes. Let's break down the nuts and bolts of what lenders want to … (0 comments)
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mortgage: The 3 Most Important Things to Remember When Buying a Home
- 12/07/14 08:48 PM
If you are in the market for a home, especially your first one, the process can seem a bit overwhelming. Fortunately, the Fool is here to help. We asked three of our analysts what prospective homebuyers need to keep in mind, and here is what they had to say.
One very important thing to do when you buy a house is to shop for a mortgage. This sounds easy enough, but you'd be surprised how many people think all banks offer the same rates, or that shopping around for a mortgage will be devastating to their credit score. … (0 comments)
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mortgage: 10 Reasons Why Homeowners Have an Edge on Renters
- 04/23/14 10:04 PM
Homebuying has earned a bad rap in recent years: The subprime mortgage crisis and ensuing economic meltdown left many homeowners underwater, unable to pay their mortgage and even facing foreclosure. Homeownership rates fell throughout the recession and got down to about 65 percent, compared with almost 70 percent before the recession, according to the Census Bureau. While record low interest rates helped entice homebuyers, the bureau reports that the homeownership rate remains relatively low, at 65.2 percent in the fourth quarter of 2013.
If you're among those struggling to decide whether to buy versus rent, consider these 10 reasons to take the … (0 comments)
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mortgage: Ways to save on your mortgage before the end of the year
- 12/01/13 08:04 PM
With the Year 2013 in its final stages, the time is right to consider ways you can get the most out of your mortgage.
With the Year 2013 in its final stages, the time is right to consider ways you can get the most out of your mortgage.
Anyone who is thinking about purchasing a home or refinancing one might want to take a look at the calendar. The year 2014 is almost upon us, which means there probably is no better time than the present to take action.
"Be proactive before you get into the New Year," says Aaron … (0 comments)
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mortgage: Understanding a Mortgage Lock-In
- 10/31/13 10:35 PM
When seeking a mortgage or refinancing, it's wise to shop around for the best rate. But do you fully understand just how great an impact that can have on how much you ultimately pay for your home?
With some preparation and research, you can save big if you get the right mortgage rate. For example, on a 30-year mortgage for a $300,000 house, a homeowner would pay approximately $1,520 each month at a 4.5 percent rate (principal and interest). If the homeowner settled at a higher rate of 5.1 percent, it would increase the monthly mortgage payments to $1,633, which … (0 comments)
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mortgage: 3 Financial Figures You Need to Know
- 10/31/13 10:18 PM
It's easy to get lost in the multitude of numbers that can help you gauge your financial success, but the following three may be the most important.
Your credit score. This may be the most important number ever attached to your name. Your credit score impacts many facets of your life including qualifying for a loan, credit card offers and interest rates. Also, some employers review an applicant's score during the hiring process as a way to assess reliability. Because a poor credit score can have such a negative impact on your life, it's important that you frequently check your credit score. … (0 comments)
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mortgage: How Fast Can You Buy a Home?
- 08/02/13 09:59 PM
In hot markets across the country, homes are selling fast. And that means if you hope to buy a home, you have to be prepared to move quickly.
"I've seen all cash offers close in three days," says Realtor.com's Consumer Housing Specialist Leslie Piper. "And I've seen loans get approved and close within 21-25 days."
Forty-seven percent of all homes sold in June 2013 were on the market for less than a month, according to the National Association of Realtors. It also reports that the median time on market for all homes was 37 days in June. Short sales were … (0 comments)
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mortgage: 5 Tips for Buyers Who Want a Million-Dollar Home
- 05/02/13 06:57 AM
Called the "Queen of Real Estate" and even "Jaws" for her aggressively successful tactics, super broker Dolly Lenz (pictured in the inset above) has sold over $8.5 billion dollars in high-end properties, catering to clients like Barbra Streisand, Billy Joel and P. Diddy. Now she's revealing five tips to buying a million-dollar home.
In a Buyer's Market: Be Aggressive
In a buyer's market, sellers have fewer options. Buyers are scarce and, therefore, they have the upper hand in that they are better able to dictate terms. In this instance, buyers can be aggressive in their bidding and are free to probe how motivated … (0 comments)
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mortgage: RealtyPin.com's Best Home Buying Tips of 2013
- 03/14/13 09:54 PM
We're a couple months into the New Year, which means that the real estate experts at Realtypin.com have had some time to examine the housing trends. So, if you're planning on buying a home during the traditionally-busy spring home buying season, what will make things easier for you?
1. Buy with the intention of sticking around
A home is more than just a place to live; it's also an investment. Home values are slowly starting to go back up, but you're really not going to see much from your investment if you buy now and go to sell in the next … (0 comments)
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mortgage: The First Thing to Do Before Buying a Home
- 03/12/13 09:29 AM
Home prices in most parts of the country are just about as affordable as they are likely to get, and mortgage rates remain super low. Together, those factors mean that many people are thinking about buying a home. Some will be first-time homebuyers, while others will be “boomerang” buyers who lost their homes in the housing meltdown but are now hoping to get back in. Still others may see this as the best time to upgrade to a larger home, downsize to a smaller one, or to move to the retirement locale of their dreams.
Whatever your motivation for buying … (0 comments)
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mortgage: What To Do Before You Begin Your Home Search
- 03/08/13 08:37 AM
Buying a home is one of the most important transactions you will ever make. And in today’s competitive home-buying environment, you need to be ready to act immediately once you find that perfect home. That’s why it’s crucial to be prepared and organized, even before you begin your search. This will not only help you find the home of your dreams; it will also make the house hunting process much easier and more enjoyable. Here are some things to keep in mind before you start looking for houses.
What are the ‘must haves’ on your home wish list? © Szasz-Fabian … (1 comments)
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mortgage: Home Prices Expected to Rise at least 3.3 % Annually through 2017
- 03/07/13 08:19 PM
The housing recovery is expected to grow at an annualized rate of 0.6 percent through the third quarter of this year, then gain momentum and prices are projected to grow 3.7 percent between the third quarters of 2013 and 2014 until settling down to 3.3 percent annual increases over the next three years according to Fiserv, a financial services technology provider using data from the Federal Housing Finance Agency (FHFA).
Both home prices and home sales volumes increased steadily last year, making 2012 the first positive year for both prices and sales since the housing market crash, excluding gains … (0 comments)
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mortgage: Mortgage Tips for First-Time Home Buyers
- 03/06/13 08:15 PM
First-time home buyers are entering into an exciting contract.
Your first home is a significant financial commitment, with your mortgage playing a huge part. For example, you can get a traditional mortgage or you may qualify for a loan backed by the Veterans Administration or the Federal Housing Administration. Since you'll be paying on your mortgage for around 20 to 30 years to come, you'll want to know as much as possible about your options.
Budgeting You must prepare an accurate budget so you know how much you can afford to spend on your monthly mortgage payment. … (1 comments)
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mortgage: Time to Reality Check the Real Estate Market
- 03/04/13 05:42 AM
Rarely does a day go by that I don’t get asked if this is a good time to buy and/or sell a home. Some people might think that my response is always an emphatic “YES!” because I work in real estate. But in truth, there is no right or wrong answer. Every person’s circumstances are unique, so in some cases the answer might be yes, but for others it might make more sense to wait. Allow me to explain.
The good news is that we’re finally coming out of the housing slump of the past five-plus years. Housing is a major … (0 comments)
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mortgage: Three tips for first-time homebuyers
- 12/10/12 09:16 PM
Julia Thomson hasn’t won the lottery. She hasn’t been reunited with a long lost, fabulously wealthy, and remarkably generous uncle. And she hasn’t discovered oil in her backyard. All of which is surprising, considering this declaration: “We paid off our mortgage in four and a half years.” When Thomson and her husband were approved for their first mortgage, they didn’t have any assets, but they did have a desire to be mortgage-free as soon as possible. According to her, as well as experts from banks and consumer agencies, first-time homebuyers can take a few steps to ensure that their mortgage … (0 comments)
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mortgage: Mortgage rates still hovering around record lows
- 03/06/12 12:21 AM
Mortgage rates eased this week, remaining at or near record lows as the spring homebuying season approaches, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
While low rates boost affordability, many would-be buyers are still unable -- or unwilling -- to finance a home purchase.
"Fixed mortgage rates bottomed out in January and February of this year, which is helping spur the housing market," said Frank Nothaft, Freddie Mac chief economist, in a statement. Pending sales of existing home rose in January to the strongest pace since April 2010, and sales figures for December … (0 comments)
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mortgage: Mortgages Likely to Change Hands
- 02/11/12 02:21 AM
“Who owns my mortgage?”
It’s a frequently asked question, and the reason is always the same: A change is needed. Someone is trying to refinance the mortgage, or is trying to save a house from foreclosure, among possible scenarios.
Finding the answer to this question has become extremely important to many homeowners, but especially those in financial trouble. The many programs designed to stem the record tide of foreclosures have different requirements, depending on where your mortgage ended up after you signed that huge stack of papers at settlement.
For example, if your mortgage is guaranteed … (0 comments)
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mortgage: Housing is economy's elephant in the room
- 02/08/12 03:07 AM
In a double surprise, the job market may at last have begun to revive, but the double-the-forecast, 243,000-job surge in January has done little harm to mortgages. We are still near 4 percent; with 10-year Treasury notes up from 1.82 percent but holding nicely at 1.95 percent.
Ordinarily a payroll jump like this would have killed us, especially in combination with strong results in the two Institute for Supply Management surveys for January: manufacturing to 54.1 from 53.1 in December, and the service sector way up to 56.8 from 52.6 last month.
Some of the calm reaction in markets … (1 comments)
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Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the
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