12
May
By Jim Hasek
Home Mortgage Tips, ,

Mortgage 101: the Basics of How Mortgage Refinancing Works

Refinancing your home mortgage can be beneficial for you for a number of reasons. As a homeowner, you may have spoken with some of your friends and neighbors who have already refinanced, and you may have heard about some of the different benefits associated with refinancing your mortgage. For example, refinancing can result in a lower mortgage payment, the ability to pay your mortgage off more quickly, reduced interest charges and other benefits. If you have never gone through this process yourself, however, you may not know what to expect with the refinancing process. Determining if Refinancing Will Benefit You…
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07
May
By Jim Hasek
Home Mortgage Tips, ,

Understanding Lower FHA Mortgage Insurance Premiums and How They May Help You Save Money

FHA loans are designed to help individuals take advantage of the benefits of home ownership, and these loans have low down payment requirements. However, for borrowers who choose to make a down payment that is less than 20 percent of the sales price, the borrower will be required to pay a mortgage insurance premium with the monthly mortgage payment. This premium is in place to minimize the risk that the lender takes when making a low down payment loan, but it does result in a higher monthly mortgage payment for the homeowner. Recently, the FHA has announced a lower rate…
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05
May
By Jim Hasek
Home Mortgage Tips, ,

Save Some Additional Cash with Our Guide to Lowering Your Monthly Mortgage Payment

If you are like many other homeowners, your home mortgage payment is the single largest expense in your monthly budget. This is a fixed expense that you will typically be responsible for until your loan is paid in full or until you sell your home, and you may have a 15, 20 or even 30 year term on your mortgage. If your home mortgage payment has become unaffordable or burdensome for you to manage with your current financial situation, rest assured that you may be able to save some additional cash each month without selling your home. Refinancing your existing…
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28
Apr
By Jim Hasek
Home Mortgage Tips, ,

Yes, It’s Possible to Get a Mortgage Without a Favorable Credit History – Here’s What You Will Need

There are several factors that are reviewed when you apply for a home mortgage, and one of the initial factors is your credit rating. You may already be aware that you have a lower credit score, or you may have learned about your credit issues after speaking with a mortgage professional. Now that you are aware of the situation, you may be concerned about your ability to get approved for your loan request. The good news is that you may still be able to get a mortgage without a favorable credit history with a few things. A Co-Borrower Or Co-Signer…
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23
Apr
By Jim Hasek
Home Mortgage Tips, ,

Should You Be Worried About Skipping Multiple Mortgage Payments? Yes, and Here’s Why

From time to time, a homeowner may struggle to make a mortgage payment on time. Most will be able to make the missing payment a week or two later when the next paycheck arrives. However, others may find themselves in a situation where they are unable to make multiple payments in a row. If you are skipping multiple mortgage payments, you should be concerned about your financial situation. There are several important reasons why you may want to take action to improve your situation or to work out a payment arrangement with your mortgage company. Falling Too Far Behind To…
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22
Apr
By Jim Hasek
Home Mortgage Tips, ,

Thinking About Buying a Rental Property? 3 Reasons You’ll Want to Get a Mortgage Pre-Approval

A rental property is a wonderful investment option to consider, and it can provide you with everything from considerable tax benefits to appreciation and monthly cash flow. While you may be eager to get started searching for a new rental property to invest in, a good idea is to take the initial step to get pre-approved for your mortgage. There are several good reasons why a pre-approval is an important first step to take. Determining What Sales Price to Consider The mortgage rules and guidelines for an investment or non-owner occupied property are different than those for an owner occupied…
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