29
Jul
By Jim Hasek
Home Mortgage Tips, ,

Understanding the Basics of How the Adjustable Rate Mortgage or ‘ARM’ Works

As the 2009 recession fades into the sunset, the home buying market is showing signs of improvement in areas all over the United States. With more home buyers now entering the market, this becomes a good time to discuss one popular type of mortgage called the "Adjustable Rate Mortgage" or ARM. What is an Adjustable Rate Mortgage? An adjustable rate mortgage is a non-traditional home loan offered by lenders where the interest rate is tied to a specific rate index. The applicable rate on this type of mortgage is adjusted on an annual basis, usually beginning after the first 12…
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28
Jul
By Jim Hasek
Home Mortgage Tips, ,

The HARP Mortgage Program is Coming to an End Soon – Here’s What You Need to Know

The United States government established the HARP program, otherwise known as the Home Affordable Refinance Program, to assist homeowners who are struggling with their mortgage payments. Initially, the program was founded in March 2009, and it has provided many homeowners with an easier route to adjusting their mortgage payments to make them more affordable. However, the program will be ending soon, and homeowners who have not yet taken advantage of the program and who intend to do so may need to act quickly. When Does the Program End? The HARP mortgage program will officially end on December 31, 2015. If…
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15
Jul
By Jim Hasek
Home Mortgage Tips,

Mortgage 101: 3 Reasons to Avoid Giving Wrong Information on Your Mortgage Application

A mortgage application is typically several pages in length, and it requires you to provide a considerable amount of information about your personal, professional and financial life. Some mortgage applicants may not have access to all of the information when completing the application, and others may simply skim over the form and provide incomplete answers. These are only a few of the reasons why information on the mortgage application may not be accurate, but there are several key reasons why applicants should avoid giving inaccurate information. Loan Approval is Based on It The initial loan application will usualy serve as…
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09
Jul
By Jim Hasek
Home Mortgage Tips, ,

The Pros and Cons of Paying Your Mortgage Bi-weekly Vs. Monthly

When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision. Easy Budget Management For Some With a single monthly mortgage payment, there is often a need for those who get…
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07
Jul
By Jim Hasek
Home Mortgage Tips, ,

Start with the Basics: How to Create a Budget to Determine How Much Mortgage You Can Afford

A mortgage is typically one of the biggest monthly payments and financial responsibilities that a person is responsible for. Mortgage payments usually impact the person's budget significantly for several decades or longer. While there are mortgage calculators online that can be used to estimate an affordable mortgage payment, it is important to start with a basic budget. A budget will allow you to more accurately determine how large of a mortgage payment is truly affordable before applying for a new mortgage. List Income From All Sources The first step to take to prepare a budget is to list all sources…
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30
Jun
By Jim Hasek
Home Mortgage Tips, ,

Buying a New Home? 3 Tips for Being Approved for a Second Mortgage – and How to Manage It

Applying for a second mortgage is a great way to keep your down payment amount to a minimum and to keep more of your cash in your bank account. It can also help you to avoid making PMI payments, and some lenders may even waive escrows for taxes and insurance if you use a second mortgage instead of a higher first loan amount. Whether you want to enjoy some or all of these benefits, you may be wondering what it takes to set up a second mortgage. With a focus on these tips, you can more easily get the financing…
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