For many individuals, retirement means switching to a life style that is more relaxed, and having more time to do all of the things you couldn’t do before. Some like to travel, take up hobbies, and take part in recreational activities. For many others though, it’s a time of worry and apprehension because they didn’t save up for retirement the way they should have.
The pandemic created even more problems View full post…
Your daily mail has arrived and you see a certified letter from an out of state law firm. Wow, you say, maybe I’ve inherited some money from a long lost relative. You open the letter, and it’s not good news. The lawyer advises you that you have an unpaid mortgage and if not paid, you could lose your home. Just like a ghost in a haunted house, law firms are contacting property owners View full post…
Has your credit score “tanked” or been reducing for whatever reason? Don’t throw in the towel and just give up. There is something you can do about it if you’re willing to work hard at it. We’re not saying it’s going to be easy, but it will be worthwhile. Follow our 6 tips to improve your credit score, and it will pay off.
No question about it, improving your credit score is worth spending some time and sweat. It’s also a good investment in the long run as you’ll see later on in this article.
How many times have you applied for a car loan or a credit card and been declined? Or maybe View full post…
Retirees need sufficient income to get them through their golden years. If your home is your largest asset, though, what do you do?
The FHA started the reverse mortgage program for seniors just like you. Unlike a traditional mortgage with required monthly payments, the reverse mortgage pays homeowners age 62 and older some of their home’s equity. You may choose from a lump sum payment, monthly payments, a line of credit, or a combination.
In the last few years, the media ran wild with horror stories of scam artists taking advantage of seniors with reverse mortgages, but they’ve come a long way. Today, the reverse mortgage program offers seniors access to their funds without selling their home.
Like any other mortgage or loan, the reverse mortgage has its risks and rewards. Check them out below. View full post…
An interest only mortgage can appear to be a very attractive offer at the onset. However, it can also be a disaster waiting to happen for many borrowers who don’t completely understand what awaits them five or ten years down the road.
About ten or twelve years ago, a period known as the Great Recession caused havoc for many homeowners. One of the causes of this economic ruin was interest only mortgages held by borrowers who bought expensive homes they couldn’t afford. When the interest-only period ended and they had to begin repayment of principal also, and a higher rate of interest, they defaulted. have brought this option back for certain home buyers. The question we have is, should a home buyer View full post…
(BPT) – If you love the idea of being a landlord and don’t mind being on duty around the clock, buying investment property may be the wealth-building option for you.
Property values have enjoyed a steady increase over the decades. That’s why real estate has earned its reputation as a sound investment that builds wealth and credit.
Most people, however, don’t have the quantity of cash on hand to purchase a house or apartment building outright. Still, if becoming a landlord means taking out a 30-year mortgage, the monthly payments from the tenants should be enough to service the loan and build equity for you, while leaving some cash flow so you can maintain the property.
If buying investment property sounds like a step you’d like to take, here are some credit considerations every investor needs to know.
1. Be mindful of the inquiry stage
Once you decide to purchase an investment property, it’s important to do everything you can to make sure your credit score stays as high as possible until the loan is approved and signed. Your goal is to land the best possible interest rate because View full post…
(OL) – Buying a home for the first time is a big deal.
To help you get ahead, we’ve outlined some first-time home buyer tips by calling out six of the biggest mistakes that you should avoid going into the purchase of your first home that could end up saving you a lot of time, money, and frustration.
Many first-time buyers make the mistake of thinking that they don’t need to get approved for a mortgage until they’ve found their dream home.
Unfortunately, that often ends up being too late.
These days, most sellers require that pre-approvals be submitted along with any offer, and, since your finances need to be vetted before the lender will agree to grant you a loan, this process can take days or even weeks.
Instead, we recommend applying for a pre-approval before View full post…
(BPT) – Whether you are buying a home for the first time or you are just looking for an upgrade, it is never a bad idea to arm yourself with home buying tips that can make your search go from overwhelming to enjoyable. Rather than learning the hard way about hidden expenses and difficult neighbors, there are things you can do to feel more confident as you begin your search.
With a seller’s market in many parts of the country, these home buying tips are even more important as you battle other buyers for the home of your dreams. The more efficient and straightforward you are in your search, the better chance you’ll have to hear “offer accepted.”
When starting the home-buying journey, the first thing to consider is the cost and expenses. When pre-approved for a mortgage of a certain amount, keep in mind that number is not a target – it is a maximum. While a View full post…
What is a mortgage preapproval and why would I want to get one? Short of a formal loan commitment, there are two types of letters that a lender will issue to help a house hunter in the purchase of a home.
A prequalification letter is one that is issued by a lender after reviewing certain financial information submitted by the buyer. This letter is rather broad and gives an estimate of the amount of a mortgage that the buyer may qualify for.
A preapproval letter is one that is issued by a lender after reviewing and verifying all of the financial documents that are required View full post…
When interest rates are low, applications for a mortgage refinance are a major portion of the total of all mortgage applications. This is due because when mortgage interest rates fall, many borrowers see an opportunity to restructure their debt hoping to get a more favorable rate or term.
Simply having a drop in mortgage interest rates doesn’t mean that its the right thing to do for everyone. We all have different situations and lifestyles and everyone doesn’t fit into the “average” cookie cutter mold. Because of this, the following 9 points may help you if you are considering refinancing your mortgage.
Equity is one of the first items that a refinance lender will look at. If it’s not there within the banks’ guidelines, most conventional lenders will decline your request. During the last recession, many homeowners were underwater, some very deep.
The value of homes has been rising as of late and the number of underwater loans has dropped. This varies from state to state and is determined by a number of factors. If your home has little equity, a conventional lender probably View full post…
