03
Dec
By Jim Hasek
Mortgage, ,

An Overview Of A Deed Of Reconveyance

When someone purchases a house, they might have to take out a loan. Because a house is expensive, most people end up with a mortgage. Some people decide to go with a 15-year mortgage while other people decide to go with a 30-year mortgage. Eventually, after all these years, someone might receive a deed of reconveyance. What does this mean, and how does it work?  Homeowners Own The House, But With a Lien After purchasing a house, homeowners legally own the house, even if they have financing tied to a mortgage. Even if someone purchases a home with only 3.5…
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01
Dec
By Jim Hasek
Mortgage, ,

Overcoming Anxiety as a First-Time Home Buyer

There are many people who are thinking about buying a home for the first time. Even though this is an exciting experience, there are also people who develop anxiety when purchasing a home. This is a major financial decision, and it is critical to get it right. What do people need to do if they want to overcome anxiety as first-time homebuyers? Maximize The Credit Score Before applying for a home loan, everyone should maximize their credit score. Everyone has the right to request one free credit report per year. This is an opportunity for people to take a look…
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18
Nov
By Jim Hasek
Mortgage, ,

Qualifying For A Mortgage Credit Certificate

Purchasing a house can be expensive, but there are measures in place to make it easier, particularly for people buying a home for the first time. One option is a mortgage credit certificate. What is the certificate, and how does it work? A Mortgage Certificate Is A Tax Credit A mortgage credit certificate, usually shortened to MCC, is a credit issued to first-time homebuyers by the local or state government. This certificate allows first-time homeowners to claim a federal tax credit for mortgage interest paid on the loan, with a limit of up to $2,000. When someone takes out a…
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16
Nov
By Jim Hasek
Mortgage, ,

What Is A High Enough Credit Score For A Mortgage?

There are many people who are interested in purchasing a home for the first time. Even though many first-time homeowners are interested in the sticker price of a home, it is just as important to consider credit scores. Anyone who requires financing to purchase a home will have to go through a credit check. What credit score is considered high enough for a home loan? What do people have to do if they want to increase their credit scores? What Credit Bureaus Do Lenders Use? First, a credit score is a reflection of someone's overall financial health. A lender wants to…
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12
Nov
By Jim Hasek
Mortgage, ,

What To Know About Property Values and Refinancing

There are many people who are thinking about refinancing their homes. For example, some people may be interested in reducing their monthly payments, while other people may be interested in tapping into the value of the home to fund a home improvement project. What is the relationship between property values and refinancing? There are several important points to keep in mind.  Property Values Tend To Rise First, it is important for homeowners to understand that property values tend to rise during the life of a mortgage. For example, someone may purchase a home valued at $250,000. Then, fifteen years later,…
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09
Nov
By Jim Hasek
Mortgage, ,

What Potential Homebuyers Need To Know About Buying Their First Homes

It is exciting to purchase a house for the first time, but this is also a major financial decision. Therefore, potential homebuyers need to make sure they are prepared. What do potential homeowners need to know about purchasing a home for the first time? Learn more about this process below.  Ask For Help From A Real Estate Agent First-time home buyers always need to ask for help from a real estate agent. A real estate agent can help someone identify potential issues with a home that might have otherwise been overlooked. A real estate agent can also make sure potential…
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