Posts from August 2013
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27
5 Big Mortgage Mistakes to Avoid
Applying for a mortgage can be a daunting task. It takes many hours, lots of paperwork, and possibly a headache or two. Below are several mistakes to avoid when on the hunt for a mortgage.
Not checking your credit. "This should be your first step in applying for a mortgage," says Michael Litzner, Broker of Century 21 American Homes. Check your score months before applying for a mortgage so you know where you stand, and have time to make any changes if necessary.
Not getting pre-approved. A mortgage pre-approval is one of the best things you can do to ease the home-buying process. During
pre-approval, your bank checks your credit and examines your income, assets, and employment. "Before...
21
Buying a Home... Check for These Costly Problems First!
Buying a home is a hefty task, and with so many things to consider (do I need that extra bedroom? How important is a big yard?), it is easy to get a little lost in the process. There is nothing worse than purchasing a home only to find out you need to sink thousands of unexpected dollars into your new place, all because you weren't sure what to look for. Below are a few tips to make sure you're focusing on the right home features, so you can enjoy your new home AND still be able to afford that new dining room set. Hire a home inspector. "Getting a home inspected is the No. 1 way you can avoid surprises after closing," says Michael Litzner, Broker of Century 21 American Homes. However, it's still important to know what to look for on your own, as it can save you precious time and energy expenditure. For instance, if you know you can't afford a new foundation, then you can skip over making offers on homes that are clearly in need.
14
Simple Ways to Improve Personal Finances
As more Americans make strides towards responsible spending and debt management, there are still ways to improve the control of family finances.
According to a recent survey, less than half of cardholders always pay their entire credit card balance. With more than half of individuals carrying credit card debt, there are ways to promote good spending and personal finance habits, such as:
Limit Number of Credit Cards
Limiting the number of cards you own can help limit your spending and increase the likelihood you can pay above the minimum balance. Before you start cutting up your plastic, remember having more than one credit card can have merits. One idea is to have three cards: one in a safe place at home for emergencies and two with you at all times.
6
Is Now the Time to Lock Your Rate?
For consumers and borrowers looking to secure a mortgage, locking in to the lowest rate possible is critical to your success. A mortgage rate lock enables borrowers to lock in the original rate that they were quoted when they first applied for a loan from their lender. Not all lenders allow borrowers to lock in their rates, but those who do will usually allow for a rate lock at the beginning, when the loan is filed, or during the application process. Most borrowers prefer to lock in their rates when they first submit the loan, since this will protect them from potential rate or point increases that may occur during the home loan application process. If you've been mortgage shopping, you've probably seen a lot of interest rates – some lower than others. You've probably also been following news reports about the recent increase in rates, and even though rates are still near record lows, it's pretty obvious that now is the time to take out a new mortgage or refinance an existing one. Of...