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13
How-To Refinance without Perfect Credit
Are you hoping to refinance, but nervous because your credit is not where it should be? Unlike what you may have heard, it's still possible to refinance your mortgage without great credit. Below, Michael Litzner, Broker of Century 21 American Homes provides us with several tips how.
Start with clear expectations. You may be hearing about great refinance rates. However, without great credit, these will probably not be available to you. "Although you won't be applicable for the best rates, you can still refinance." says Litzner. "Just be ready for higher interest rates."
How is your equity? "Your equity may be more important when refinancing than your credit," Litzner cautions. If you have a scant amount of equity, this could be your greatest challenge. "Try applying for an FHA-backed loan, as they're easier to secure."
5
The Pros & Cons of Buying a Fixer Upper
A fixer upper can be very tempting when you are looking to buy a home. Whether you are a first-time homebuyer or real estate veteran, here are some
pros and cons to consider before purchasing a property that needs major renovating.
Pros:
1. A less than perfect house often allows buyers to own in a neighborhood they otherwise couldn't afford. A fixer upper located in a desirable neighborhood may often sell for less than the surrounding homes.
2. When redoing a home there is the opportunity to create a space all your own and make it exactly how you would like.
3. There are a lot of variables specific to each property, but often, there is a possibility for profit in resale once the property is renovated.
Cons: 
1.
You may be overwhelmed with the amount of work, time...
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.
