buying a home: What Makes Up A PITI Mortgage Payment?
- 03/18/19 08:07 AM
Many mortgage payments are made up of four parts, called PITI. PITI is an acronym that stands for principal, interest, tax, and insurance. It's important to understand PITI because it is the real number you need to use in order to find out how much mortgage you can afford to pay each month. One of the biggest mistakes first-time homebuyers make is using only the principal plus interest figure to calculate how much they'll be paying every month for their mortgage. Then, when the lender comes back and denies them, the prospective buyer is confused. Knowing and understanding PITI will put you … (2 comments)
buying a home: Manage These 3 Items Before Applying For A Mortgage
- 04/10/18 08:09 AM
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting. Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer. To this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process. Manage Debt And Credit Levels For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong … (4 comments)
buying a home: 5 Tips For Prospective Buyers To Submit A Winning Offer
- 04/02/18 11:30 AM
In a hot real estate market, agents often tell buyers they must expect to make multiple offers before one is accepted. Disappointment may be the new normal rather than an exception. The stress of repeated rejections isn't easy, so be prepared. Significant numbers of first-time buyers find the process difficult, and recent research indicates that about 60 percent of Millennials choose to rent rather than own, delaying other important life decisions, including marriage and family. There are, however, at least 5 ways to strengthen your buyer profile and give yourself an advantage: Check Your Credit Take advantage of the free credit checks offered by the three credit … (3 comments)
buying a home: Speed Your Mortgage Approval by Following This Checklist
- 01/30/18 09:30 AM
Have you finally found your dream home after months of searching, only to discover that the seller has received other offers? Few circumstances can raise your stress level as much as finding yourself in a bidding war against another buyer. However, being unprepared by not having your finances in order can make the situation even worse. Let's take a quick look at a few ways that you can speed up your mortgage approval if you are in a hurry to buy your next home. Pull Your Credit Report ASAP The first step you will want to do is check your credit report … (4 comments)
buying a home: Don't Make These Mistakes When Shopping for a Mortgage
- 01/24/18 12:30 PM
Are you ready to dive into the real estate market for the first time? Buying a new house, condo or apartment is an exciting experience that sets you on the path to building your net worth. However, if you are planning to take out a mortgage, you should be aware that there are some potential pitfalls to avoid. Let's explore a few of the key mistakes that first-time homebuyers make when they are shopping around for a mortgage. Mistake #1: Trying To Rush The Process The first mistake that you will want to avoid making is trying to rush the mortgage process … (4 comments)
buying a home: New Construction vs. Existing Home: Why New Might Be Better
- 01/24/18 12:19 PM
Are you in the market for a new house? Whether you are a first-time home buyer or are upgrading to get more space, you will need to choose between buying an existing home or building a brand new one. As you might imagine, there are pros and cons to each kind of home. But if it is in your budget, you may want to lean towards a newer home over an older one. Let's explore three reasons why new construction homes are better than existing homes. Customize Every Aspect To Your Tastes Ask anyone living in a custom-built home and they are … (3 comments)
buying a home: 3 Great Reasons to Use an Experienced Mortgage Pro for Your Next Mortgage
- 01/24/18 12:15 PM
Are you thinking about buying a new home in 2018? Whether you are a first-time home buyer or you're downsizing now that the kids have moved out, you are likely considering whether or not you will need a mortgage. Even if you can afford to buy a home in cash, taking out a mortgage can help you maintain your liquidity for other spending purposes. No matter what the case, you will want to work with someone who can help you understand your options and what the right decision might be. Let's explore three excellent reasons why you should work with an experienced … (1 comments)
buying a home: The Pros and Cons of a Large Down Payment When Buying a Home
- 12/13/17 02:38 PM
If you are in the market for a new home, one of the considerations you will need to make is how much to invest in your down payment. A Large Down Payment Has Its Benefits If you have the funds available, you may find a bit of an advantage in a large down payment. The following are a few potential benefits that you may realize. You Can Afford More 'House' - if you are aiming for a large, luxurious home a significant down payment can help you get there. As long as your credit is in line with your needs, a large down … (4 comments)
buying a home: Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful Sources
- 12/08/17 03:47 PM
Are you in the market for a new house or condo in 2018? With the new year just around the corner, now is the time to get all of your financial details in order. As you may know, buying a home is a significant financial transaction. But it all starts with your down payment, which is the lump sum that you invest in order to purchase the home. In today's blog post we will share a few sources of funds that you can tap into for help saving up your down payment. Peer Into Your Financial Future A helpful first step is to … (3 comments)
buying a home: Make 2018 the Year You Escape the 'Rental Trap'
- 12/01/17 09:18 AM
Are you growing tired of paying rent each month and not building your net worth? Being stuck in the 'rental trap' isn't much fun, but if you are determined, you can break out. Let's explore some of the steps that you can take to make 2018 the year that you become a homeowner. Rent Money Is Lost Money First – why homeownership? As you may already understand, money spent on rent is 'lost' money. Each month you pay your rent, but you do not build any equity, own any property or get any other benefits in return. When you own a house, the … (1 comments)
buying a home: 3 Things To Consider Before Buying A Fixer-Upper Home
- 09/29/16 03:09 AM
What Will It Cost? If you're going into a home expecting a few renovation costs, a minor detail here or there may not add up to much. However, if you're not interested in spending the big bucks on making changes, you'll want to estimate the cost of renovations you can't live without. By including all the necessary labor and materials, you'll be able to determine if the price-point of your offer will be worth it. If there are any serious issues with the house, it may not be worth your time to consider the purchase at all. Will Renovations Increase The Value? … (3 comments)
buying a home: Buying a New Home Grows Your Wealth Faster Than Renting
- 01/06/16 08:48 AM
There can be many downsides to both renting and buying, depending on what side of the coin you are on. But if you're leaning towards purchasing a home, the added benefits for your bank account are a plus. While renting can certainly alleviate many of the costs that go along with property ownership, here's why purchasing a home can have positive monetary effects in the long run.
The Good Impacts of Inflation While inflation is often seen as a dirty word, a real estate purchase can see the positive side of inflation with how your home purchase investment will grow over the years. … (0 comments)
buying a home: Moving Tips For Finding A Family Friendly Neighborhood
- 10/22/14 02:52 AM
If you're moving to a new city with children, one of your likely considerations is finding a family-friendly community where you can settle in and call home. Here are a handful of tips that you may find helpful.
Check Out The Quality Of Local Schools Schools are one of the cornerstones of a community and high-quality schools are a sign that a community is suitable for your family. When you've made your short list of areas that you are considering, take some time to research the local elementary or high schools to see how they stack up against other schools in … (0 comments)
buying a home: New Home or Pre-Owned: Pros and Cons
- 10/10/14 02:29 AM
Are you thinking about buying a new home? Congratulations! Buying a house, condo or townhouse is an exciting and rewarding time which tends to be a lot of fun. However, along the way you'll need to make a number of decisions – including whether you want to buy a pre-owned home or one that has been built recently and is brand new. Let's take a quick look at some of the pros and cons of buying a new home versus buying pre-owned.
New Homes Tend To Have Fewer Problems One of the major upsides of buying new is that newly-built … (2 comments)
buying a home: Six Tips For Buying A Vacation Home
- 09/18/14 01:32 AM
If you've just returned from the vacation of a lifetime, you probably wish that wonderful time never had to end. When you buy a vacation home or condo, you can guarantee that you have an escape that will provide you with years of enjoyment. Before you take the plunge, take advantage of these six helpful tips.
Choose Someplace Versatile When buying a vacation home, it's all about getting the most out of your investment. Consider choosing a place that you can enjoy throughout the year. Your ideal vacation home will be a haven in the summer, a beauty in the … (1 comments)
buying a home: Home Buying Tips: Three Items To Watch Out For In A Purchase Agreement Contract
- 08/22/14 02:14 AM
The purchase agreement is a vitally important document that outlines the provisions, terms and conditions for the transfer of property. It should be read carefully and any ambiguities should be clarified prior to signing. It is a legally binding contract between the buyer and seller. The purchase agreement may vary depending on the location. Most real estate agents use a form that has been approved by a state realtors association. The seller may have a different version that was drawn up by an attorney. It should not be assumed that they are all the same. Typically, the purchase agreement will include … (2 comments)
NMLS ID: 247026
Colorado Mortgage License: 100019059
Benchmark Mortgage, Ark-La-Tex Financial Services, LLC NMLS ID 2143. Equal Housing Opportunity. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Colorado Mortgage Company Registrant – Regulated by The Division of Real Estate #2143
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