Having an excellent credit score is very useful. The following are some tips on how to maintain a superb credit score. Open Credit Accounts When You Do Not Need Them If you don't have any credit accounts, you will have a low score. The best time to open them is when you do not need them. Keep a small balance on them and pay it all off at the end of each month to avoid paying interest. Charge Up To Half The Credit Limit Then Pay It All Back Within A Few Months If you must use a credit line, only use half of it … (2 comments)
The real estate market and all the things involved in selling a home can seem complicated, and it can be very hard to know which tips to trust. While there's plenty of great advice to go around from many knowledgeable sources, here are some of the best tips from home sellers who have made a successful sale. Research Your Local Agents When considering an agent that will meet your home-selling needs, it can be tempting to go with someone familiar or recommended through a friend who seems like a safe bet. However, it's important to do some of your own research. Create a … (5 comments)
money: 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)
money: 4 Ways To Put Your Home's Equity To Work For You
- 07/09/18 10:36 AM
Homeowners who have equity built up in their homes can tap into that equity using a home equity line of credit, or HELOC. This financial tool can be a great way to accomplish a number of financial goals. Here are four excellent uses of a HELOC for homeowners to consider. Consolidating Costly Debts Credit card debt and other types of consumer loans are costly, unless a debtor is lucky enough to have a no-interest card. Borrowers can consolidate that debt into a HELOC, which is much more affordable because it is a secured debt. This advantage only works if the borrower stops adding to … (1 comments)
money: Look Beyond The Interest Rate: What Else Matters When Choosing A Mortgage Lender?
- 06/29/18 10:56 AM
Most consumers securing a mortgage plan to remain in that loan for 30 years. During that time, the borrower maintains a relationship with the loan servicer or lender. Most often, home buyers do not think twice about who the mortgage lender is, but rather focus on the interest rates offered. Look beyond this information. Borrowers need to take into consideration much more before they sign on the dotted line. Here's what to look for specifically: Choosing a Specialized Lender Can Help Home buyers interested in special loan programs must select a lender approved to provide those loans. FHA, USDA and VA loans, in … (1 comments)
money: How to Run a Quick Financial Health Check Before You Apply for a Mortgage
- 12/21/17 02:15 PM
Are you planning on using a mortgage to help cover the cost of a new home? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let's take a look at how to run a quick financial health check to ensure you are ready to apply for a mortgage. Update (Or Start) Your Monthly Budget First, it is essential to get the basics out of the way. If you haven't already, it's time to start a monthly budget to keep track of your income and expenses. Once you have a mortgage, … (2 comments)
money: 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)
money: 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)
money: 3 Budgeting Tips For Home Buying With One Income
- 04/11/17 08:52 AM
Are you thinking about buying that perfect new home? Whether you're buying for yourself or for a family, there will be many costs involved. Let's take a look at 3 budgeting tips that will help make home ownership on a single income easier. Get A Full Picture Of Home Ownership Costs Buying a home is never as simple as paying a mortgage payment each month. As with most budgets, the first place to start is a full consideration of everything involved. On top of your mortgage, what other monthly costs will come up? Consider utilities like electricity, phone, cable, water and others. … (2 comments)
money: How To Boost Your Credit Score Before Applying for a Mortgage
- 02/20/17 02:25 PM
There are a variety of factors that are involved in getting your mortgage approved, but few things will have more impact than your FICO score and the credit history that goes along with it. Instead of leaving your score up to chance when submitting your application, here are a few ways that you can boost your financial well-being. Put More On Your Card It's important to put purchases on your credit card that you can afford to pay off consistently. But many people are not aware that how much debt you owe can actually contribute in a positive way to your credit … (1 comments)
money: How Much Mortgage You Can Afford? Here's How To Calculate
- 02/17/17 07:22 AM
You're probably aware of the financial commitment that is involved when investing in a home, but what that amounts to is different for every person. From what you can afford to what a lender will allow, there are plenty of details involved in determining the right home for you. If you're not quite sure what the right price is, here's how to approach home ownership and determine your debt-to-income. Calculating Your Debt-To-Income Ratio You may not know what your DTI ratio is, but it has a lot to with how much home you can afford. In order to calculate this amount, add together … (4 comments)
money: How to 'Stress Test' Your Finances For Peace of Mind
- 02/10/17 04:48 PM
When it comes to real estate, there are always going to be upswings in the market that will have an impact on your mortgage payment and overall financial health. However, with a fluctuating market here to stay, you may be wondering how you can guard your biggest investment and your finances against rate increases. If you're concerned about rates on the rise, here are a few tips to test out you're fiscal well-being. Calculate Your Debt-To-Income Ratio It's beneficial to determine your DTI ratio prior to purchasing a home. But since debt and housing costs are always fluctuating, calculating this number again … (3 comments)
money: What's Ahead For Mortgage Rates This Week - January 23, 2017
- 01/23/17 09:42 AM
Economic news was impacted by the Martin Luther King holiday on Monday and the Presidential Inauguration on Friday. Readings released included reports on inflation, the National Association of Home Builders Housing Market Index and Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were released as scheduled. Home Builder Confidence Dips as Inflation Ticks Upward The National Association of Home Builders Housing Market Index dipped from December's reading of 69 to 67. Ongoing challenges including a short supply of lots for development and inability to hire skilled labor were cited, but builders … (2 comments)
money: Pay Your Mortgage Faster With 5 Simple Money Saving Strategies
- 01/19/17 11:53 AM
The monthly mortgage payment can be burdensome, but it's possible to pay it down more quickly. Without getting a new job or working overtime, here are some tips you can use on a daily basis to save additional funds and pay off your mortgage at a swifter rate. Make Your Lunch The five or ten dollars spent on lunch might not seem like a lot, but over time this amount adds up to a lot of savings. Instead of hitting the cafe, pick one or two nights each week to prepare a lunch for yourself so you can skip the daily expense. Take … (4 comments)
money: 5 Ways Your Mortgage Can Benefit Your Financial Future
- 12/08/16 01:13 PM
Investing in a house is one of the most important purchases you will make in your lifetime. However, there are many financial benefits associated with your purchase. If you're currently perusing the market for opportunities, here are some reasons to consider investing a little sooner. Get Away From Inflation If you have an adjustable-rate mortgage, your interest rates will certainly fluctuate from time to time, but owning a home actually allows you to guard against the reality of inflation, which can be a significant burden as a renter. While the price of housing and apartment rentals can rise considerably with inflation, your … (0 comments)
money: Mortgage 101: Three Easy Ways To Reduce Your Stress
- 11/15/16 05:18 AM
There are more than enough details involved in getting a mortgage and moving into your own home that you'll want to know how to make the process as seamless as possible. However, there's a chance you might not be aware of the things you can do to make it a little easier on yourself. If you're currently looking for a home, here are some things to do before applying to minimize mortgage-related stress. Get Electronic Documentation In order to get approved for your mortgage application, you'll need to provide documentation that will likely include bank statements, federal tax returns and recent pay … (0 comments)
money: Credit 101: Improving Your Score
- 09/28/16 02:51 AM
If you're worried about your bad credit, you'll want to do everything in your power to improve your rating as quickly as possible - especially if you are looking to purchase a home in the near future. Furthermore, improving your credit rating can give you access to better interest rates on mortgages or even help you get that job you're after. IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted mortgage lender before taking any action regarding your credit! So how can you boost your FICO score quickly and easily? Here's what you need to know. Get Your … (9 comments)
money: Why Your 'Debt-to-Income Ratio' Number Matters When Obtaining a Mortgage
- 08/25/16 10:57 PM
If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by buyers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. What is a Debt-to-Income Ratio? A debt-to-income ratio is the percentage of monthly debt payments compared to the amount of gross income that a person earns each month. … (5 comments)
money: 3 Mortgage Mistakes That Could Be Costing You Money
- 08/11/16 09:38 AM
Purchasing a home is one of the most exciting and stabilizing investments of your life. But because of the expense, there are many ways you may be spending more money than you should. If you're wondering about the financial soundness of your home investment, here are some things to consider. Investing In Too Much Home Many homebuyers are so gung-ho about having their own home that they forget a mortgage takes many years to pay off. There's a lot of living to do in the interim. While you may be looking at the monthly cost of your mortgage as something to get through, … (0 comments)
money: 3 Tips for Planning Your Monthly Mortgage Payment
- 06/22/16 04:58 AM
Once you've purchased a home and decided on a move in date, it may seem like a lot of the hard stuff is over, but you still have one of the most important things relating to such a large purchase to think about: the payments! If you're looking for a few tips on ways to approach your monthly payment, the following will steer you in the right direction so you can broach your mortgage schedule successfully. Set Up A Payment Schedule Many people have been in the situation of neglecting their phone or credit cards by forgetting about the payment due dates, … (1 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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