home mortgage tips: Should You Finance The Sale Of Your Home By Yourself? - 07/28/14 06:51 AM
You've decided to put your home up for sale. Now, how are you going to make the most money selling it and get it sold the fastest? Perhaps you should consider providing owner financing, also known as seller financing. 
Why Isn't The Buyer Getting Bank Financing?
Usually a buyer gets bank financing when buying a home. If the buyer approaches you with a deal that involves you doing the financing, you'll want to ask why. 
It could be that they can't afford a big down payment, and can't be approved for a loan without it. Or, they may not be able … (0 comments)

home mortgage tips: Here's How You Can Leverage Your Home To Reduce Your Tax Burden For Next Year - 05/28/14 03:00 AM
Each year around April, we can find ourselves becoming a little more tense at the thought of what is about to occur: tax time.
Instead of falling into the trap of procrastinating your taxes, however, it's much more beneficial to face tax time head-on and do your research on your applicable deductions well in advance.
Your home is good for many things, but using your home to reduce your tax burden may be one benefit you haven't thought of. Here are some tax benefits that can be leveraged with your home, and some ways to lower your tax bill in 2014.
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home mortgage tips: Don't Make These Common Mortgage Mistakes. - 05/16/14 04:46 AM
 
Are you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of your life.
Many people go into this decision without understanding all of the essential mortgage information they need to know, which means that they are likely to make poor choices that will result in paying much more than they need to.
If you want to save yourself from throwing away your hard earned money, here are a few common mistakes to avoid:
Trying To Bottom Out the Market:
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home mortgage tips: The Happenings In A Reverse Mortgage - 04/15/14 10:14 AM
When you're looking for ways to supplement your retirement income, there are a number of different options to consider. A reverse mortgage is becoming a more popular and more common way to provide income when your retirement savings don't leave enough to live on.
But with all the information out there, how do you know what happens in a reverse mortgage and whether it's a good option for you?
What Is A Reverse Mortgage?
A reverse mortgage essentially reverses the typical actions of a mortgage. Instead of making payments on your home, you receive payments against your home's equity. The amount … (0 comments)

home mortgage tips: 4 Of The Best Questions To Ask Before Refinancing Your Mortgage - 04/15/14 10:04 AM
1) Do I Have Enough Equity To Get A Mortgage?
To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment.
2) How's My Credit?
Most lenders will look at your credit score as a part of determining whether or not to make you a loan. With conventional lenders, your rate … (0 comments)

home mortgage tips: Are Interest Rates On The Rise - What's The Next Move? - 04/02/14 08:06 AM
As the federal reserve continues to taper quantitative easing measures, financial experts project mortgage interest rates will climb in the next two years. Could this be the much awaited ray of light at the end of the proverbial tunnel for builders and investors or will it drive hesitant home buyers to dig in and shelter in place?
Homeowners who are vacillating between refinancing for a lower interest rate and staying the course may find the time has come to make a decision.
Shrinking unemployment numbers and rising retail sales figures signal that the economy is improving. Even if no one is … (0 comments)

home mortgage tips: BUSTED: 4 Myths About Buying Your Home That Just Aren't True! - 03/28/14 03:37 AM
It can be pretty intimidating to dip your toes into the realm of home ownership, especially if you're a first-time homebuyer. To make things worse, there are a number of myths floating around out there surrounding the home buying process.
Such misconceptions have many kept many would-be homeowners from realizing the personal and financial rewards of owning a property. To clear things up, here are 4 myths about buying your first home that simply aren't true.
Myth #1 - "It's Cheaper To Rent Instead Of Own":
If you buy a property that is within your budget and your mortgage terms allow you … (0 comments)

home mortgage tips: 4 Important Questions To Ask Before Refinancing Your Mortgage. - 03/20/14 07:03 AM

So you are thinking of refinancing? Well you are in luck because I have 4 quick and important questions you should ask yourself before doing so.
1) Do I Have Enough Equity To Get A Mortgage?
To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan.
If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment.
2) How's My … (1 comments)

home mortgage tips: Understanding Why You Don't Need To Pay Off Your Mortgage Early. - 03/20/14 06:52 AM
For those of us who have a mortgage, we know very well how stressful it can sometimes be to make the monthly payment on time. And then for some of us, late payments are inevitable.
In fact, in 2013, from October to December, a whopping 3.85 percent of homeowners were behind on their mortgage payments. And while this percentage may seem a bit high, it's actually quite lower than it was earlier in the year of 2013, when more than five percent of homeowners were failing to make mortgage payments on time.
As odd as it may seem, while some people … (0 comments)

home mortgage tips: Financial Preparations You Should Make Before Applying For A Mortgage? - 03/19/14 04:51 AM
Getting a mortgage isn't an easy thing to do. Before a lender will put down tens of hundreds of thousands of dollars, it wants to know that the borrower can handle the loan so that it will get paid back. to this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process.
Managing Debts:
For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong credit usually isn't something that can be done overnight, paying bills on time, all of the time can … (0 comments)

home mortgage tips: Don't Make These Mistakes When You Want To Get A Home Loan! - 03/12/14 06:16 AM
Getting a home loan can be a challenging process, and a finicky one. Qualifying can be challenging and once a buyer gets approved, it can be surprisingly easy to derail the process. Here are some mistakes to be avoided:
Not Pre-Checking Credit:
Once a borrower makes his application for a mortgage, his fate is largely sealed. One way to increase the chance of qualifying for a home loan is for a borrower to check his credit before applying. That way, he can address any issues before they become problems for the lender.
Changing Jobs:
Lenders judge borrowers on their ability to … (0 comments)

home mortgage tips: What Is A Mortgage Pre-Qualification? - 03/12/14 05:51 AM
A mortgage pre-qualification is an initial estimate of what type of mortgage a borrower could get. It is limited, though, because it's only based on what the borrower tells the lender, which might not be the same as what the lender finds out when it goes through a full process of analyzing the borrower and his credit.
Steps Of A Pre-Qualification:
To get pre-qualified, a borrower starts by finding a lender. Typically, he will give the lender basic information on his ability to borrow. This includes his income, how much money he has in the bank, his current payments and an … (0 comments)

home mortgage tips: How Can I Get A Cash-Out Refinance Using An FHA Loan? - 03/12/14 04:41 AM
While homeowners typically equate the FHA loan program with low-down payment mortgages, FHA refinances are also available.
In addition to easy-to-source rate-and-term and streamline refinances that replace an existing FHA mortgage with a better one, the FHA even offers cash-out refinance loans.
A cash-out FHA loan refinance allows the borrower to take out up to 85 percent of the value of his property. In today's market, the ability to pull out 85 percent of a home's equity is attractive, but not as generous as a 96.5 percent FHA purchase mortgage.
Nevertheless, while the borrower doesn't get the high leverage of a … (0 comments)

home mortgage tips: What Are The Requirements To Sell A Home Using An FHA Loan? - 02/24/14 06:55 AM
Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA's standards. FHA won't insure loans on just any property.
While their standards aren't as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.
Location And Lot:
To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit.
The access also has to be paved with a surface that will work all year … (0 comments)

home mortgage tips: Can I Have A Co-Signer For My Mortgage Loan? - 02/12/14 04:32 AM
Like credit cards or car loans, some mortgages allow borrowers to have co-signers on the loan with them, enhancing their loan application.
However, a co-signer on a mortgage loan doesn't have the same impact that it might on another loan. Furthermore, it poses serious drawbacks for the co-signer.
What Is A Mortgage Co-Signer?
A mortgage co-signer is a person that isn't an owner-occupant of the house. However, the co-signer is on the hook for the loan.
Typically, a co-signer is a family member or close friend that wants to help the primary borrower qualify for a mortgage.
To that end, he … (0 comments)

home mortgage tips: 3 Important Credit Considerations Before You Apply For A Mortgage - 02/12/14 04:20 AM
Before applying for a mortgage, borrowers need to build a plan for how they are going to manage their credit both going into the mortgage process and as they navigate through it.
Lenders like to know that borrowers have a strong likelihood of repaying the loans they take out and, as such, look carefully at an applicant's credit.
Here are three must-dos that can help an applicant turn into a home owner.
Pre-Checking Credit Reports:
Before even starting the home loan application process, borrowers are well served to check their own credit reports and see what appears. If everything is correct, … (0 comments)

home mortgage tips: Pros And Cons Of Adjustable Rate Mortgages! - 01/23/14 07:36 AM
When you are in the market for a new home, you may be faced with numerous options for financing your home. One of the choices you will have to make is whether to apply for a fixed or adjustable rate mortgage.
In some cases, an adjustable rate mortgage may be your best option, but keep in mind, they are not the answer for everyone. Adjustable rate mortgages can be risky for some borrowers and it's important to understand both the pros and cons.
When To Consider An Adjustable Rate Mortgage:
Perhaps one of the best things about ARMs is they typically … (0 comments)

home mortgage tips: Face The Numbers, A Mortgage That Works For You - 01/13/14 10:14 AM
Before taking out a mortgage to buy a home, it's time to take a realistic survey of your finances so that you can determine your price range and what size of home you can comfortably afford.
Buying a home that suits your finances will mean that your mortgage payments will be easily within your budget and won't cause you financial stress.
Stay In Your Price Range:
Many people, when offered a large mortgage by the bank, are tempted to buy homes that are outside of their price range.
It's easy to see why a larger property or a more luxurious home … (1 comments)

home mortgage tips: Get The Lowdown On Private Mortgage Insurance - 10/17/13 08:11 AM
You may have heard the term Private Mortgage Insurance when looking to finance real estate. What is PMI, and how do you know when you need to purchase it?
The answer can be hard to find among all the real estate jargon you're hearing lately. Below is the short version of what you need to know.
What Is Private Mortgage Insurance?
PMI is an extra insurance required by some lenders to offset their risk of you defaulting on your home loan. When you put down less than 20 percent of the real estate's value, your lender may tell you that you … (0 comments)

home mortgage tips: When Is It A Good Idea To Use A Home Equity Loan? - 10/11/13 05:31 AM
A home equity loan is a type of loan that allows you to use the equity of your home as collateral. It is an option that home owners have available to them and that some people use to pay for major expenses such as home renovations, college education or medical bills.
These types of loans became popular in 1996 because they provided a way for consumers to circumvent their tax charges for that year, which eliminated the deductions on the interest for most consumer purchases.
It is a good idea to leverage your shelter for cash? What is a legitimate reason … (0 comments)

 
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David Kosmecki

Osseo, MN

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