26
Jul
By Jim Hasek
Mortgage, ,

What To Consider Before Taking Out An Adjustable-Rate Mortgage

If you are purchasing a house in the near future, you are probably reviewing your loan options. There are plenty of choices available, and one option is an adjustable-rate mortgage, which is usually shortened to ARM. There are a lot of people who get lured in by the advertisements on ARMs, but are they right for you? There are a few important factors you need to keep in mind. Adjustable-Rate Mortgages Can Change Your Interest Rate Quickly First, an adjustable-rate mortgage can change the amount of interest you owe on a home loan quickly. Typically, the ARM has an initial period…
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19
Jul
By Jim Hasek
Mortgage, ,

Should You Make Extra Mortgage Payments Toward The Principal Of Your Home?

If you have recently purchased a house, you have probably taken a look at your mortgage statement and noticed that the majority of your first few payments are going toward interest. You do not start paying down a significant amount of the principal until later in your mortgage cycle. If you start to make more money, you might be interested in making additional payments toward the principal of your home. Is this a smart financial move? There are a few important points to know. You Can Cancel Your PMI Sooner One of the major advantages of making additional mortgage payments…
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14
Jul
By Jim Hasek
Mortgage, ,

Why Banks Don’t Always Give The Best Interest Rate

If you want to purchase a house, you will probably have to take out a mortgage. There are only a few people who have enough cash to purchase a house outright, so most will go to the bank for a loan. How do you know if the bank is giving you the best possible interest rate? Unfortunately, the bank does not always give you the best interest rate because the bank is looking for a way to make money. If they can get you to accept a higher interest rate, they will make more money on your home loan. What…
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12
Jul
By Jim Hasek
Mortgage, ,

Financing Options For Home Improvement Projects: What To Know

Are you planning on updating your house? A home improvement project can be expensive, but you don't necessarily need to pay for the entire cost upfront. There are several loan options that can make it easier for you to get your home improvement project started right now. What are your options? A Personal Loan One of the most common options people use to finance a home improvement project is a personal loan. This could be a great option for you if you don't want to use your home as collateral or if you don't have enough equity in your home…
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08
Jul
By Jim Hasek
Mortgage, ,

You Closed On A House: Do You Or Your Lender Own It?

You were able to find a house and successfully close on it, so congratulations on becoming a homeowner! Then, you pause for a second and think: does your lender own your house? Some people believe that if they only put 20 percent down on a house, the lender actually owns the other 80 percent. Does this mean that your lender still owns a large portion of your house? This is not the case, but there are some caveats that you need to keep in mind. Your Name Is On The Title First, you are the one who owns the house.…
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06
Jul
By Jim Hasek
Mortgage, ,

An Overview Of A Drive By Appraisal

If you are applying for a home loan of any kind, there is a high likelihood that your lender will require a home appraisal. An appraisal is done to figure out how much your home is actually worth because the lender does not want to lend you more money than you could theoretically sell the home for in the future. There are some situations where the lender might be fine with a drive/by appraisal. What does this mean? Comparing A Traditional Appraisal To A Drive By Appraisal A traditional appraisal is a very thorough process where the appraiser comes to…
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