If you’re buying your first home, or a new home, applying for a mortgage will be a necessary part of the process. Financial institutions look at a number of different factors when deciding if you are a good risk for a loan. If you understand these factors, you can present your application in the best possible light.
Key Factors in Getting a Mortgage Read More »
You’ve talked to your family and have made the decision to buy a home. This means that you won’t have to throw money away on rental payments each month. However, you’re going to need to provide a down payment for the house that you want to get. Real estate agents will tell you that a standard mortgage will typically require that you have 20% of the purchase price as a downpayment. But there are ways that you can have 10%, 5% or for first time home buyers 3% for your down payment. And it is possible for Veterans to pay Zero percent down.
4 Ways to Cut Back on Your Budget to Save for a down Payment Read More »
We’ve all heard cautionary tales of new homeowners who have ended up “house poor.” Yes, their homes may be gorgeous and enviable, but that asset is all they have. But in reality, they’re struggling to afford their homes and live their lives comfortably. And, if there’s one thing you don’t want to do as a buyer, it’s to find yourself in a similar position. Here are the steps you can take during your home search to ensure you find a home that works with your wallet and keeps you comfortably in your budget:
Avoid being “house poor” by taking these 4 steps Read More »
The Federal Housing Administration (FHA) was created over 80 years ago to help people who do not make a lot of money to be able to afford the American dream of homeownership. About 16 percent of all loans on homes are FHA loans. In order to decide if these loans are right for you, there
Is an FHA Loan Right for You? Read More »
Buying a new (or new to you) vehicle is a fun experience. The feeling you get when driving it off the lot is almost like bringing home a new baby. Unfortunately, unless you’ve followed our advice and saved, saved, saved, in advance… financing is a vital aspect of this process. There are many car loan options in the market today, some are better than others. Finding the right car loan is essential in making a good purchase. Now is the time to start looking at options in your area.
How to Find Appropriate Financing for Your New Vehicle Purchase Read More »
Student loans left over after earning the degree can amount to a lot of debt, and you may be stuck paying it off for years. When you’re trying to organize your finances and eliminate debt, focus on paying student loans first.
5 Ways to Finally Break Free of Student Loans Read More »
If you’re looking to buy a house in the near future, it’s important to know how much you can afford to spend. Setting a realistic budget will help you determine where you should buy, how much home to buy and how you will account for closing costs (including your down payment). How do you go about determining how much you can afford to spend on your next home?
How Much Mortgage Can You Really Afford Read More »
If you’re looking for a mortgage loan, you may think you have to go through a bank. You would be wrong! In fact, half of all home loans are through non-bank lending – also known as alternative lending. As the name implies, a non-bank lender is not a bank or credit union. It can be
What You Need to Know About Non-Bank Lending Read More »
There comes a time in most people’s lives when you find it necessary to go through the process of applying for a loan. It may be for a car, a home, or to help pay for school tuition, but the underlying process of getting a loan is what fuels the consumer economy of the United States. You might not know how to think about this new financial aspect of your budget though, so here are a few things everyone should understand about the American credit and debt industry.
What to Know About Getting a Loan for the First Time Read More »
Buying a home is the biggest single purchase most people will make in their entire lives and so it is also an opportunity to make one of the biggest mistakes as people learned beginning in 2008. Up until then the new millenium only included rising home prices and so even a bad deal would come out good if you waited long enough. But then according to RealtyTrac, in 2007 the tide began to turn and over a million foreclosure filings were recorded.
Big Costly Decisions: Are You Ready to Take on a Mortgage? Read More »
Cutting small expenses from your budget can make a difference, but the best way to make a large impact on your household spending is to hack your mortgage expenses. Because a mortgage is the largest expense for many American households, taking these sneaky steps to reduce your mortgage terms can save you thousands of dollars over the life of the loan.
5 Mortgage Expense Hacks Read More »
Being overwhelmed by finances is never good, but we all know the feeling. Creating a budget is a good place to start, but if you don’t know the truth about different kinds of debt it will be hard to know what you’re getting into. Before you get in debt, you should know what types there are and how to avoid them if possible.
The Three Different Kinds of Debt and How to Avoid Them Read More »
