Home Equity Loans
When should you consider a home equity loan?
Go to our Mortgage Calculators to find out.
The importance of Mortgage Pre-Qualification
By Ellise Walsh
It’s a good idea to know how much house you can afford before beginning the search for your dream home. It would be a waste of your time as well as that of your real estate agent to go and start looking at every home that strikes your fancy. Realistically, there is a maximum cap on the amount you can afford to spend on a home, and the amount a bank will be willing to loan you for the purchase of a home. Getting pre-qualified for a mortgage loan will actually help to save you time in the long run, because it will help you to narrow down your choices. Continue reading
What to Ask Before Signing for a Mortgage
By Ellise Walsh
Many homebuyers, especially first time homebuyers, are so excited and nervous at the prospect of purchasing a home that they sit in the lender’s office, glance over a ton of official looking paperwork, sign on the bottom line and never really give any consideration to what they should be asking the lender before they make that all important final step in the mortgage process.
While the lender will be asking you for a lot of background information in order to insure you are the best fit for the money they will loan out, there are critical questions you should ask the lender as well. Failure to ask mortgage lenders the right questions can result in misunderstandings and ultimately the loss of a significant amount of money. Doing your research, asking the questions, and taking the time to understand the mortgage loan you are being offered will result in substantial savings, both in money and headaches. Continue reading
Help! Our Mortgage Payment is Too High!
And Our Income is Falling!
I recently heard about a couple that needs financial help. They are in the real estate business and not surprisingly due to the real estate crash, their income has dropped significantly in the last two years from $10,000 a month to $5,700!
They have a 5.375% 15 year 1st mortgage which they owe about $158,000 on. The house is worth approximately $475,000- $525,000. So they have about $317,000 equity. Their monthly mortgage payment for principle, interest, taxes and Insurance (PITI) is about $3000. At first it sounds like they should be fine because at least they have quite a bit of equity but… Continue reading
Mortgages
The big news for the last year has been refinancing existing mortgages. If this is something that you are considering, it is not too late to “jump on the bandwagon”. There has been no better time in the last forty years to buy a home or refinance an existing one! Interest rates haven’t been this low since the early 60′s.
How do you decide if refinancing is right for you? Where do you find the best deals? The best way to get started is to gather as much information as possible about your current mortgage. Continue reading
Miracle on My Street
By AMY YOUNG
Buying a home for the first time, or any time, can be an exciting adventure, as well as a scary one.
On the other hand, there’s also the pleasure of participating in the American dream of owning your own home. No more having to be quiet because other tenants might complain. No more having to fight for a parking spot nearby. No more dealing with landlords.
The advantages of home ownership are both personal and financial. On the personal side, there’s the very real pleasure of being master of your castle. You can put a nail in the wall to hang a picture without worrying that you might not get all of your cleaning deposit back. In short, there’s a kind of freedom that comes with home ownership that tenants never get to experience. Continue reading
