Completing a loan application is among the first steps mortgage applicants take when applying for a loan, and it is easy to overlook the importance of providing accurate information at this stage in the process. It is best to take time complete the loan application as accurately as possible as it is a legal requirement and because of the other negative consequences.
The Pros and Cons of Paying Your Mortgage Bi-weekly Vs. Monthly
When applying for a new mortgage or after closing, many will have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual.
Start with the Basics: How to Create a Budget to Determine How Much Mortgage You Can Afford
A mortgage is typically one of the biggest monthly payments and financial responsibilities that a person is responsible for. Mortgage payments usually impact the person’s budget significantly for several decades or longer.
While there are mortgage calculators online that can be used to estimate an affordable mortgage payment, it is important to start with a basic budget. A budget will allow you to more accurately determine how large of a mortgage payment is truly affordable before applying for a new mortgage.
3 Reasons Why the Lowest Mortgage Interest Rate Isn’t Always Your Best Option
One of the more common methods that home loan applicants use to find the best loan program available is to compare interest rates, but choosing the lowest rate possible is not always the best option available. In fact, in some cases, it may be one of the least advantageous options when all factors are considered.
Buying a New Home? 3 Tips for Being Approved for a Second Mortgage – and How to Manage It
Applying for a second mortgage is a great way to keep your down payment amount to a minimum and to keep more of your cash in your bank account. It can also help you to avoid making PMI payments…
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