mortgage financing: How Much Mortgage You Can Afford? - 10/20/14 08:14 AM
Whether you're buying a home for the first time or you've decided it's about time that you upgraded to a larger, more expansive house, if you're making a real estate purchase you'll need to be aware of how much you can reasonably afford to borrow in a mortgage. In today's post we'll take a look at a few ways that you can analyze your financial situation to help decide how much mortgage you can truly afford.
Prepare An Honest Monthly Budget:
The first step in understanding how much of a monthly payment you can afford is to create an honest monthly … (3 comments)

mortgage financing: What to Do if You are Declined? - How to Get an Second Opinion. - 10/16/14 07:31 AM
If you have been declined for a mortgage, you may think that buying that new home is out of reach. However, there are ways to turn a rejection into an approval and to find a more accessible loan. Here are just a few steps you can take to learn about your loan options and get the mortgage that works for you.
Find Out Why The Mortgage Application Was Denied:
The first step to getting a second opinion is to find out why your mortgage application was denied. Banks commonly deny mortgages for reasons like a low credit score, a high debt-to-income … (0 comments)

mortgage financing: FHA Home Loans: How to Pre-apply & Get Pre-Approved Before Buying! - 10/09/14 05:24 AM
If you're in the market for your first mortgage, the Federal Housing Administration may be able to help you. Thanks to the FHA home loan program, you can apply for loan approval before you've found a home that you want to buy - which means you know what you can afford before you start your house hunt. Here's what you need to know about FHA home loans and how they can help you find the perfect house.
Pre-Approval: Assessment Includes Employment History and a Credit Check:
The pre-approval process can be done over the phone or online in a matter of … (0 comments)

mortgage financing: Applying for a Mortgage? 3 Questions Your Lender Will Ask You. - 10/09/14 03:10 AM
Before approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage.
Here's how you can prepare to answer these questions in a way that will increase your likelihood of approval.
How Stable Is Your Income?
Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be … (2 comments)

mortgage financing: Refi or Wait? - 10/09/14 02:49 AM
Refinancing your existing mortgage may provide you with the opportunity to lower your interest rate, reduce your mortgage payment and adjust your loan term. For those homeowners who have lived in their home for more than a few years, pulling equity out of the property for everything from a luxurious vacation to making home improvements is a tempting potential benefit.
However, with property values and interest rates adjusting frequently, you may wonder if now is the best time to refinance your mortgage.
Using Equity From Your Refinance:
One factor to consider when debating between refinancing now and waiting relates to pulling … (3 comments)

mortgage financing: How to Deal with a Joint Mortgage Loan in the Event of a Divorce? - 10/06/14 07:33 AM
During the course of a marriage, it is common for the couple to acquire property together. This is what is referred to as joint or community property.
When a couple divorces, it is up to the parties involved to determine what happens to this joint property or let a judge use applicable law to determine how property is to be split.
What Happens To The House?
A couple of options are available when deciding what to do with a house where both partners are listed on the mortgage. First, the couple may decide to simply sell the home and split the … (0 comments)

mortgage financing: 5 Tips for Managing Your Monthly Budget to Ensure Your Mortgage is Paid On-Time. - 09/18/14 05:34 AM
Homeowners who are struggling to make their monthly mortgage payments can make it easier on themselves by cutting costs in other areas. Learning how to budget effectively will likely enable homeowners to pay their mortgage payments on-time, every time. Here are five of the best budget tips:
Conserve Energy:
It is advisable to be mindful of energy use in order to keep utility bills down to a minimum. Lights, televisions and other devices requiring electrical power are best to leave off in unoccupied rooms. It is also a good idea to make sure that windows and doors are properly sealed so … (1 comments)

mortgage financing: Can One Missed Mortgage Payment Affect Your Credit Rating? Yes! - 09/10/14 05:42 AM
Most people don't know whether or not a single missed mortgage payment can have serious consequences for their credit score.
The good news is that there are things that can be done to mitigate the damage and help anyone who has missed a payment repair their credit. What are some options to help homeowners get back in the good graces of their creditors?
Own Up To The Mistake:
The best thing to do is to admit that the payment was missed and immediately make amends for it. For the most part, mortgage lenders are sympathetic to the fact that people miss … (0 comments)

mortgage financing: 3 Ways That Your Credit Score Affects Your Mortgage (and Your Chance of Obtaining One!) - 08/13/14 07:14 AM
If you're thinking of buying a home, you've probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application.
Your Credit Score Affects Your Ability To Get A Mortgage:
The first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you have a very low credit score, you may not … (0 comments)

mortgage financing: Starting to Shop for a Mortgage? - 07/30/14 06:00 AM
Those who are looking to buy a home may want to start by shopping for a loan first. Having financing ahead of time may make it easier to get sellers to take a buyer seriously and help move along the closing process. For those who are looking to get a mortgage, the most important factor for having a mortgage application approved is the debt-to-income ratio of the borrower.
What Is a Debt-to-Income Ratio? A debt-to-income ratio is simply the percentage of debt compared to the amount of income that a person brings in. If a person brought home $1,000 a month … (0 comments)

mortgage financing: Liberate Yourself From Your Mortgage With This Simple Plan - 07/10/13 05:06 AM
What if you could accelerate the mortgage payment on your home so that you own your property several years earlier than your 15 or 30 year term?
Making your final mortgage payment and owning your house is an incredibly good feeling and there is a simple way that you can bring about that rewarding day much sooner.
By making one extra mortgage payment every year, you will be able to pay off your mortgage years earlier without putting a lot of stress on your present day finances. Although it might not seem like a lot, just one extra payment per year … (0 comments)

 
David Kosmecki (American Pacific Mortgage)

David Kosmecki

Ramsey, MN

More about me…

American Pacific Mortgage

Address: 20965 South Diamond Lake Rd, Rogers, MN, 55374

Office: (763) 519-1100

Mobile: (763) 519-1100

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