20
Oct
By Adrian Willanger
1223 Comments
Short Sale, ,

How Will A Short Sale Affect Your Ability To Buy Another House In The Future?

The Short Sale and Your CreditOne of the most immediate consequences of a short sale is its impact on your credit score. When you sell your home for less than the amount owed on your mortgage, the lender reports the debt as "settled" or "paid less than the full amount," which can significantly lower your credit score. A lower credit score can make it challenging to obtain new credit, including a mortgage for a future home purchase. Lenders rely on your credit score to assess your creditworthiness, and a low score may lead to higher interest rates, larger down payments,…
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06
Apr
By Jim Hasek
Mortgage Tips, ,

Why Your ‘Debt-to-Income Ratio’ Number Matters When Obtaining a Mortgage

If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by buyers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. What is a Debt-to-Income Ratio? A debt-to-income ratio is the percentage of monthly debt payments compared to the amount of gross income that a person earns…
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06
May
By Jim Hasek
Mortgage, ,

4 Things Not To Do When Buying A Home

There is a long list of things that people need to do when they are looking to buy a home; however, it is also important for people to know what to avoid as this process unfolds. There is a lot for people to remember and it is easy for people to get carried away when they start looking at their dream homes. Even though it is great to look at a bunch of houses and imagine living there, it is critical for people to stay grounded and know what to avoid. Do Not Make Any Large Purchases During The Home…
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29
Oct
By Jim Hasek
Mortgage, ,

Common Reasons Why Buyers Are Denied A Mortgage

When you are buying a new home, it is an exciting process. You have spent months searching and have found the home you want to purchase. You are ready to move into the home of your dreams.  Unfortunately, you have found out that your request for a mortgage has been denied. This can be a deflating experience. Fortunately, there are ways to avoid this by understanding the most common reasons why a buyer is denied for a loan. The Loan Requirements Have Changed One of the most common reasons why you might be denied a mortgage is that the terms…
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19
Mar
By Jim Hasek
Real Estate, ,

3 Questions to Ask Before You Buy Your First Home

Hunting for your new home can be a confusing process. There are countless factors you need to take into account to ensure your new location fits your family's lifestyle and preferences. In their excitement, first-time home buyers can easily overlook some essential points about their potential property. When you're searching for your new residence, ask these questions to get exactly what you're looking for. Am I Financially Ready For A New Home Purchase? It takes more than money to find the right home. Your credit rating is an important factor in your ability to secure enough funding to finance your…
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05
Jul
By Jim Hasek
Mortgage, ,

Top Uses Of A HELOC

Homeowners who have equity built up in their homes can tap into that equity using a home equity line of credit, or HELOC. This financial tool can be a great way to accomplish a number of financial goals. Here are four excellent uses of a HELOC for homeowners to consider. Consolidating Costly Debts Credit card debt and other types of consumer loans are costly, unless a debtor is lucky enough to have a no-interest card. Borrowers can consolidate that debt into a HELOC, which is much more affordable because it is a secured debt. This advantage only works if the…
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