Home Mortgage Loan Protection

How You Can Protect Yourself Financially on a Home Mortgage Loan

A home mortgage loan by the VAMany years ago, when looking for a home mortgage, it wasn’t a difficult task. You found the home that you liked, your realtor sent you into the bank or savings and loan association that they used, and you completed the application.

A few weeks later, the lender contacted you saying you were approved and quoted you their loan terms. This too was rather cut and dry – loan amount, interest rate, monthly payment, and the number of years. A settlement was done about a month later, and that was it.

Fast forward many years to today’s market. Wow, what a change. Instead of a small number of mortgage lenders, now there are thousands – some good and some not so good. Some of the terminology used today almost requires the borrower to be a finance person or one having a legal background.

When shopping for a home mortgage today, you must protect View full post…

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Refinancing a Student Loan – Be Aware

5 Steps to Consider Before Refinancing a Student Loan

Refinancing a student loanIn other articles, I have discussed the cost and debt implications of having a student loan.  With the rising cost of college tuition, many young adults are getting in over their head and looking for answers once they graduate.  Refinancing a student loan can give you lower monthly payments and allow you to build more savings or pay current debts off.

It‘s important to first ask yourself the ever important question of why you want to refinance your student loan.  If you have a fixed rate Un-subsidized Stafford Loan, which is the most common type of federal loan for students, you need to be aware that interest rates for these loans have not changed.

Many refinancing options will switch you from a fixed rate loan to a variable rate loan.  This means that the monthly payments on your loan may be smaller when you first refinance but could increase significantly over time. A variable rate loan could end up putting you in a worse position down the road. View full post…

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