People can confuse prequalification vs. preapproval for mortgages when they are applying for a loan. However, there are noted differences. For example, to become prequalified, you must give a loan officer income and debt information to determine the loan amount you can manage. Preapproval, on the other hand, requires more information gathering and checking on the part of the lender. In other words, the lender must compile your credit report data as well as determine your debt to income ratio. Preapproval makes it easier for you to shop for … [Read more...] about Understanding the Difference Between Prequalification and Preapproval
The cost of housing is skyrocketing across the U.S., particularly for renters seeking affordable housing. While there are many benefits to renting a home, you don’t have to pay for repairs or property maintenance. Some utilities might be covered in your monthly rent, the freedom to move. But, many people still aspire to the American Dream of owning a home. But if housing prices continue to rise as mortgage lenders are still hesitant about lending in a post-recession economy, how can you possibly manage to save up the massive, 20% down … [Read more...] about Everything You Wanted to Know About FHA Loans
If you already have a steadily growing investment portfolio of stocks, bonds and mutual funds, then perhaps it’s time to add a new type of investment to your collection: rental property. Investing in rental properties can be an immensely rewarding venture, but it demands a lot of planning and financial involvement to be successful. Buying Your First Rental Property Are you ready for investing and buying your first rental property? Here are some things to consider while making your decision: What’s Your Current Financial Situation? To get … [Read more...] about Buying Your First Rental Property – How to Know if You’re Ready to Invest
In today’s economy, finding housing is hard enough even when you’re flush with cash. When your financial situation is problematic, finding a place to live can feel darn near impossible. Before you panic and/or reconcile yourself to being homeless, make sure you try some of these tips and techniques to help you keep a roof over your head. Finding Housing During a Financial Crisis Put Your Pride Away In spite of what you might have heard, there is nothing wrong with applying for the Section 8 program. In fact, the Section 8 program is often a … [Read more...] about Finding Housing During a Financial Crisis
If you follow housing market news and know anything about the Millennial Generation, then you probably have heard from many different sources how Millennials aren’t buying homes. In many cases, this is more due to their inability to afford the expenses of homeownership, rather than an unwillingness to pursue the American Dream of owning a place of their own. However, in this day and age, is home ownership really the best option for young adults who are either still in college or only joined the workforce in the last decade or so? A lot has … [Read more...] about Millennials and Home Ownership – Do Millennials Need to Buy Homes?
The first phase of your home renovation project deals with a lot of budgeting and meeting with your architect to discuss the design you want. But, what if your vision costs more than you expected?
Matching your dream design and your budget is a challenge. You have two options: either increase your budget to meet your expectations or refine your visions to meet your financial capabilities.
Most homeowners choose the latter. Some feel a little disappointed because they realized they needed to let go of the home features which … [Read more...] about
You’ve decided to look for your dream home in the area of your choice, you know exactly what kind of home you need, you’ve crunched the numbers and now you’re looking for a mortgage lender. How do you know that you are getting a reliable lender that will give you the best deal? Do you know and understand the entire mortgage process? Here are a few tips and hints to help you navigate the mortgage process. Understanding the Mortgage Process What Credit Score Do You Need to Buy a House? Although your credit score is by no means the only factor … [Read more...] about Financing a Home Purchase: Demystifying the Mortgage Process and Making Your Dreams Come True
As the cost of housing rises so does the number of renters. Buying a home just isn’t as feasible as it once was, especially for the Millennial Generation. However, maintaining a good credit score can also be challenging for many people, and given that many landlords and property rental companies require a credit check before agreeing to lease a unit to a tenant, this presents an unfortunate obstacle for folks who are looking for a new place to rent while establishing or rebuilding their credit scores.
If you fall into this category, then … [Read more...] about
If you are new to home buying, you will soon find out that most lending institutions require that loan applicants put 20% down when applying for a mortgage, or you will need private mortgage insurance. Of course, there are exceptions to this rule, of course, as some financial institutions will accept applications even in this turbulent home buying market with 10% down. Go online first and contact a couple brokers or several lenders through a service like LendingTree.com which will find you four mortgage loan offers. Buying a Home With … [Read more...] about Buying a Home with Private Mortgage Insurance and Pay PMI Off Early