Three Of The Worst Things You Can Do When Getting Your First Mortgage
Getting your first mortgage can be a pretty intimidating experience. You're dealing with a lot of paperwork, numbers on top of numbers, and more. Unfortunately, it's pretty easy to make a mistake that could cost you thousands of dollars, or even ruin your chances at getting a mortgage. Here's a look at three common mistakes that people make with their first mortgage, and what you can do to avoid them.
3 Things First-Time Home Buyers Need To Consider Before Applying For A Mortgage
Buying a new house is a very exciting time for many individuals, especially if it is your first home purchase. Navigating the home-buying experience can be a challenge, which is why it is best to prepare yourself as best as possible. Here are a couple things that you should know about the home loan process. 1. Your Savings Is An Important Part Of The Process Most people know that saving for a down payment is an important part of getting a home loan.
Two Ways To Eliminate Private Mortgage Insurance
Lenders typically require people who put less than a 20 percent down payment on their homes to carry private mortgage insurance. This type of insurance is designed to protect the lender in the event the borrower stops paying on the loan. Since this insurance can cost anywhere from $30 to $50 per $100,000 borrowed from the bank, the premiums can get pretty expensive fast, especially if you're on a fixed income.
Four Reasons To Choose A Smaller, Less Expensive Home
When you decide to start looking for a new home, it can be tempting to look at the biggest, most expensive houses you can afford. Mortgage lenders approve you for a certain amount, and you look at homes with that price tag. While this is a common strategy, it is not the best one for most people. Rather, you're better off choosing a home that is a bit smaller and less expensive than what the lenders (and online calculators) say you can afford.
The Benefits Of Refinancing A VA Loan
A very popular benefit for military personnel is a VA loan. This makes it much easier for veterans to own their own home. In addition, there are ways that you can reduce your VA loan payment and make your life better in other ways as well. That is why there are so many benefits: Lower Cost By refinancing, you can enjoy a lower interest rate. This can also be done by switching from an adjustable rate loan to a fixed rate loan.
