5 Types of Home Mortgages
Buying a home is one of the most significant investments one can make in a lifetime. However, when it comes to buying a home, finances can be a big challenge.
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Loans & Mortgages
What to Do When You Need a Loan Modification
There are a number of modification programs available, depending on the lender and the type of mortgage you have but you can’t just apply for a modification because you’d like to pay less for your mortgage.
In order to qualify for a loan modification there has to be evidence of hardship, like a disability, job loss, new medical condition, or loss of a spouse. To qualify for a loan modification, you have to be in default (have already missed payments) or be on the edge of default.
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Mortgages for the Self-Employed
Historically self-employed borrowers have had difficulty qualifying for mortgages. Because Self-Employed workers or small business owners typically take advantage of tax code benefits, trying to qualify for a mortgage using tax returns can be very difficult. This type of loan enables self-employed individuals to purchase or refinance a home without having to provide tax returns, W2s, or other forms of documentation that are typically required when applying for a mortgage. Let’s take a closer look at some benefits of this type of loan.
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What You Need to Know About Home Mortgages
Home mortgages are complex financial products, but unless you are independently wealthy they are also essential for people who want to buy a home. Whether you’re buying your first home or refinancing an existing mortgage, understanding the basics of how mortgages work can help you make the right choice. This article will discuss some of the key elements that all prospective borrowers should consider when shopping for a mortgage.
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5 Tips for Qualifying for an Investment Property Mortgage
If you’re looking to purchase an investment property, you’ll need to qualify for a mortgage. Investment property mortgages are different from traditional home loans. They can be easier or more difficult to qualify for, because they require entirely different types of proof in order to qualify. Here are five tips that will help you get approved for an investment property mortgage.
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4 Ways a Loan Modification Can Help You
A loan modification can be an excellent way to help you during difficult economic times. It can especially help if you’re having trouble making your mortgage payments. However, it is critical to understand that a loan modification is not a panacea for all financial problems. Here are four ways a loan adjustment can assist you
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How to Prepare for a Monthly Mortgage Payment With Kids
A monthly mortgage is a massive commitment, so you have to be sure you don’t bite off more than you can chew. Falling behind or being delinquent on it can mean your home gets foreclosed and you have to move. If your financial picture involves raising kids at the same time, then you have unique challenges to prepare for.
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Practical Tips to Organize Your Finances to Buy a House
A house is the largest purchase most people ever make. Whether you’ve been dreaming of homeownership for years or you recently realized that you’re ready to make this change, you have to get your finances in order and do your research before just jumping in.
Knowing some savvy tips can help reduce the amount of time it takes and reduce the possibility of overextending yourself when getting your new home. There are two phases for budgeting to buy a house. Initially, you are budgeting to be able to afford the downpayment but you also need to plan for making the monthly payments plus maintenance, insurance, taxes. etc.
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How to Finance a New Home Before Selling Yours
Trying to purchase a home before you sell the house you live in can be a complicated process that leaves many homeowners feeling confused and frustrated. Most people simply don’t have enough capital to go out and buy a new home before selling their current one. Others don’t even know where to begin with the entire process. Luckily, with some careful planning and a bit of professional help, you could be able to purchase your new home before you get an offer on your current residence. This will allow you to move out, make repairs and stage your old home to prepare it for sale while you aren’t living there.
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Key Factors To Consider Before Refinancing Your Home
If you notice interest rates going down and have given some consideration to refinancing your home, you are not alone. When mortgage rates decline, more people opt to take a second look at their existing mortgages in hopes of saving thousands of dollars in the years ahead. However, before you jump in and move forward with refinancing, you should keep these important factors in mind when making your decision.
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4 Ways to Make the Most of Investment Property Loans
Investing in property is an effective way to build your family’s wealth. One of the most common ways to benefit from a property investment is to buy a house that needs some repairs and flip it after you fix it up. Your family might also be interested in purchasing a home that you can rent out to other families in your community. No matter which direction you go, one of the first things you’ll need to do is secure a loan. And interestingly this is the only type of debt recommended by top advisors like Dave Ramsey and “Rich Dad” author Robert T. Kiyosaki. They refer to it as “good debt” i.e. debt that puts money into your pocket. Â
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Does a Reverse Mortgage Loan Make Sense for You?
Under the right circumstances, a reverse mortgage loan from an approved and respected lender can be a great way to improve your financial situation in retirement.
Many seniors, understandably, are intensely concerned with remaining independent for as long as possible in their golden years. A reverse mortgage provides the financial stability to stay in your home and maintain your independence for years. In this article, we’ll cover the basics of reverse mortgage loans, how they work, and how to know if one is right for you.
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