06 Aug 2021
By noelkelman

Money Matters: Understanding How a Mortgage Loan Can Be a Productive Investment

Home Mortgage Tips, ,
Most people tend to think of a mortgage loan as a necessary evil, an expense that has to be managed. But under the right circumstances, your mortgage can become a smart investment - something that makes you money instead of costing you money. With a little bit of ingenuity and a lot of hard work, you can turn your mortgage into a money-making investment that will pay dividends for years to come. So how do you turn your mortgage loan into a productive investment? Here's what you need to know. A Mortgage Can Help You Buy A New Rental Property…
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03 Aug 2021
By noelkelman

The Down Payment: Four Great Reasons To Make The Largest Down Payment You Can Afford

Home Mortgage Tips, ,
If you’re looking for a new home, you’ve probably heard lots of advice about down payments. About how it’s okay to just have a five percent down payment – you’ll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. In truth, you’re actually better off making the largest down payment you can possibly afford. Even if you have to slice up other areas of your budget, save for a few more years before you buy, or take a second job on the weekends, it’ll be worth it in the…
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30 Jul 2021
By noelkelman

Will Missing Mortgage Payments Impact My FICO Score? Yes – and Here’s How

Home Mortgage Tips, ,
If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be? In truth, even one missed mortgage payment could seriously damage your FICO score. Lenders can report missed monthly payments whenever they choose - they don't need to wait until a certain date to do it. That means even if your mortgage payment is a few days late, your lender may report it as unpaid. So what…
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20 Jul 2021
By noelkelman

The Pros and Cons of Mortgage Rate Locks

Home Mortgage Tips, ,
If you're just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don't like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision. What Is A Rate Lock? For many people who are buying a home, the idea of interest rates can make the heart race a…
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16 Jul 2021
By noelkelman

Five Required Mortgage Closing Costs – And A Few Tips On How To Minimize Them

Home Mortgage Tips, ,
Mortgages are expensive, and closing costs only add to the financial burden that homebuyers face. But with a little knowledge, you can pinpoint places to save on your mortgage closing costs and keep more money in your pocket. When you're negotiating your next mortgage, use these tips to reduce required closing costs and keep more of your hard-earned money. Title Insurance: Request The Simultaneous Issue Rate Title insurance is an important add-on that no buyer should go without. At the time of closing, there may be a variety of title problems that could arise, such as like encroachments, easements, unpaid…
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30 Jun 2021
By noelkelman

3 Reasons to Avoid Giving Wrong Information on Your Mortgage Application

Home Mortgage Tips,
A mortgage application is typically several pages in length, and it requires you to provide a considerable amount of information about your personal, professional and financial life. Some mortgage applicants may not have access to all of the information when completing the application, and others may simply skim over the form and provide incomplete answers. These are only a few of the reasons why information on the mortgage application may not be accurate, but there are several key reasons why applicants should avoid giving inaccurate information. Loan Approval is Based on It The initial loan application will usualy serve as…
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08 Jun 2021
By noelkelman

Understanding Appraisals and What to Do If Your Home Doesn’t Appraise for Its Purchase Price

Home Mortgage Tips, ,
It can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment if your home has been appraised at less than you envisioned, here are some options you may want to consider. Review The Appraisal Contingency Clause If an appraisal contingency clause is built into the terms of your contract, this means that the terms of your contract can be…
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04 Jun 2021
By noelkelman

The Pros and Cons of Paying Your Mortgage Bi-weekly Vs. Monthly

Home Mortgage Tips, ,
When applying for a new mortgage or after closing, many may 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. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision. Easy Budget Management For Some With a single monthly mortgage payment, there is often a need for those who get…
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