home financing: Nearing Retirement? 3 Reasons Why You Might Consider a 'Reverse Mortgage' - 08/13/14 06:49 AM
 
If you are nearing retirement, a reverse mortgage might be right for you. This type of mortgage essentially allows you to turn your home equity into cash. If you find yourself with little money, a reverse mortgage could be the perfect solution, and here's why.
No Worries About Monthly Payments:
After taking on a mortgage, there are many costs that you have to worry about. One of these problems is mortgage insurance premiums. Add interest and fees from lender service providers to the mix, and you've got yourself many costs.
All of these fees can create tremendous headaches, as a … (0 comments)

home financing: How To Improve Your Credit Score For Better Financing Terms - 07/10/13 04:56 AM
Imagine that you've found the perfect home and are ready to apply for financing. Your home loan approval amount comes back lower than you would have expected and at an interest rate significantly above what you have heard is available on the market.
This could be because you have an average to poor credit score.
Mortgage lenders base interest rates on many things, but your credit score plays a large part. Anything between 720 and 850 will typically qualify for better interest rates. A mediocre score is usually between 660 and 719, and a low score is 659 and under.
If … (0 comments)

home financing: Three Tips To Get The Best Financing On Your Second Home Purchase - 07/02/13 05:50 AM
Are you buying a property as your second home? Perhaps you are looking for a small cottage or apartment where you can escape to for your vacations, or maybe you want to have another home closer to your relatives?
Maybe you want to rent out your second property and make a steady income from your investment. Whatever the reason, a second piece of real estate can be a fantastic investment. However, sometimes getting a mortgage on your second home can present a challenge.
Generally, a mortgage lender will have tougher standards for vacation home -- or second home -- loans than … (0 comments)

home financing: Why Buying Real Estate Can Be A Smart Financial Move - 02/15/13 04:24 AM
Buying Minneapolis real estate doesn't just give you a place to live; it can also be a very smart financial move. This is because owning a home can be like having a forced savings account, which you are committed to for the long term.
Consistent Saving On Autopilot:
Sometimes saving money on our own each month is difficult. It takes a lot of discipline to maintain a consistent savings plan.
However, paying your mortgage every month means that you are paying down the principal and working toward eventually owning the property outright.
In the early years of the mortgage, the payments … (0 comments)

home financing: When Can You Buy Real Estate After Foreclosure? - 02/12/13 05:31 AM
If you lost your Minneapolis home due to foreclosure, you probably haven't given up on the dream of owning a new home. The good news is that a number of guidelines have changed which may allow you an opportunity to buy that new home sooner than you think.
There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information may help you qualify again for a mortgage.
Foreclosure With Extenuating Circumstances
Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Minnesota real estate.
Was … (2 comments)