Have you finally found a home, had an offer accepted, and applied for your mortgage? If so, you don't want to do anything that could cause your mortgage to fall through and prevent you from buying the home. Make sure that you don't do any of these 3 things so that the mortgage approval goes smoothly. Don't Make Big Purchases It's very important that you do not make any changes to your spending behavior while the mortgage approval process is happening. [Read More]
What Factors Determine If You Qualify For A Mortgage Loan?
After years of renting an apartment, you have decided to take a leap, apply for a mortgage loan to own your home. Unfortunately, not everyone who applies for mortgage loans qualifies. So, what factors determine if you qualify? Consistent Income Any mortgage lender starts by considering your household income. While there is no set minimum amount of income you should have, your lender considers your income to make sure that you earn enough to offset your premiums alongside other bills. [Read More]
Finished Home Renovations? 5 Reasons To Pay Through Refinancing
Have you completed renovations on your home? Remodeling to improve the property has many benefits, both personal and financial. And now may be the time to take advantage of these benefits through refinancing your mortgage. Why is the post-remodel period a great time to refinance? Here are five of the most valuable reasons. 1. Increased Value Allows Cash Out Most home renovations result in an increase in the market value of the property. [Read More]
Is A Fixed-Rate Mortgage The Right Choice?
So many people feel confused when they begin shopping for a mortgage loan, primarily because there are many options to choose from and compare. One option is a fixed-rate mortgage, but this is not the only choice. If you consider this one of your options, you might wonder if it is the right one. Here is some information about fixed-rate loans to help you know what they are and whether you should get one. [Read More]