25
Jun
By Jim Hasek
Home Mortgage Tips, ,

Starting to Shop for a Mortgage? How to Assess Your ‘Debt-to-Income Ratio’ and Why This Number Matters

Those who are looking to buy a home may want to start by shopping for a loan first. Having financing ahead of time may make it easier to get sellers to take a buyer seriously and help move along the closing process. For those who are looking to get a mortgage, the most important factor for having a mortgage application approved is the debt-to-income ratio of the borrower. What Is a Debt-to-Income Ratio? A debt-to-income ratio is simply the percentage of debt compared to the amount of income that a person brings in. If a person brought home $1,000 a…
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24
Jun
By Jim Hasek
Home Mortgage Tips, ,

The FHA Hawk Program for New Homebuyers is Coming: Here’s How It Affects Your Mortgage Insurance Premiums

The FHA offers many new programs and incentives for new homebuyers to take advantage of so that they can be part of the effort to ease the credit crisis. If you are in the process of shopping for a mortgage prior to shopping for your new home, it can benefit you to learn about programs that you may qualify for that are being created by the Federal Housing Administration and piloted. One such plan, which is has been approved as a four-year pilot program, is referred to as the FHA HAWK Program. Read on to learn how this program works…
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18
Jun
By Jim Hasek
Home Mortgage Tips, ,

Should You Finance The Sale Of Your Home By Yourself?

You've decided to put your home up for sale. Now, how are you going to make the most money selling it and get it sold the fastest? Perhaps you should consider providing owner financing, also known as seller financing.  Why Isn't The Buyer Getting Bank Financing? Usually a buyer gets bank financing when buying a home. If the buyer approaches you with a deal that involves you doing the financing, you'll want to ask why.  It could be that they can't afford a big down payment, and can't be approved for a loan without it. Or, they may not be…
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13
Jun
By Jim Hasek
Home Mortgage Tips, ,

What Are The Closing Costs Of Real Estate?

You've found the perfect property and a great mortgage loan with the best interest rate you can find. What's next in the home buying experience? Signing the contracts and paying the closing costs. But what exactly are closing costs? Here Is A List Of The Most Common Closing Costs: Titling Fees - These include the title search and title insurance, and the associated attorney fees. These costs are usually paid by the seller but can be assigned to the buyer. Recording Fees - The government charges a fee to record the change in ownership of the [city] real estate. This…
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04
Jun
By Jim Hasek
Home Mortgage Tips, ,

Thinking About Buying An Investment Property? 6 Tips To Ensure You Don’t Get Fleeced

Purchasing an investment property is one of the most important decisions that you'll ever be a part of. As such, it's a necessity to make your decisions with only the most careful of consideration. Here are the six tips that you need to heed in order to ensure that you don't get fleeced. Find The Right Property At The Right Price Yes, this is a whole lot easier said than done. However, it's not impossible. All it takes is some patience and research. You have to determine what everything in your area is selling for in order to be able…
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29
Apr
By Jim Hasek
Home Mortgage Tips, ,

Five Questions You Might Want To Ask Before You Refinance Your Home

Refinancing your home might be a great way to save money or tap into the capital needed to pay off large debts. However, a refinance can also be an expensive endeavor, and you could even risk harming your credit rating or risk foreclosure if you're not careful. Before you take the plunge with a refinance, here are five essential questions that you should ask before signing on the dotted line. How Much Equity Do I Have In My Home? Many homeowners today owe more on their mortgage than what the property is actually worth. For mortgage refinancing to be possible,…
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