Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

Rates May Be Rising: Mortgage And Refinancing Preparation Made Simple For You

Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your credit before a home purchase or refinance, you can ensure a smooth finance process and can potentially save thousands on your loan. Improve your financial profile now so you can take advantage of the low interest rates before they disappear.

Start by checking your credit

• To get the best possible mortgage rate, make sure your credit history is healthy and accurate. Aim to raise your credit score above 650 in order to qualify for most prime loans.
• If your credit score is not quite 650, focus your efforts on paying bills on time, reducing your debt balances, avoiding new inquiries and clearing negative inaccuracies from your credit report.
• Make sure the information on your report is correct and fix any problems you discover. Give yourself 30-90 days for correcting inaccuracies. You can learn more online in the Credit Learning Center http://www.legalhelper.ws/credit-reports-online.aspx.
• Found an error while reviewing your credit with the lender? Ask about the "rapid rescoring" process where you can submit a dispute and potentially improve your credit in 72 hours.

Figure out how much you can afford

• The rule of thumb is that most borrowers can afford a home that runs about two-and-one-half times their annual salary.
• Calculate your loan-to-value ratio to see how much you can afford to borrow by dividing the loan amount by the property's value. If your loan-to-value ratio is above 80 percent your rates may increase significantly. Find a less expensive home or save up for a down payment to lower this percentage.
• Calculate your debt-to-income ratio by adding up your monthly debts and dividing by your monthly income. A debt-to-income ratio under 20-39 percent is usually considered good and will help you be perceived as financially stable.
• Don't be afraid to start small. Just because you may qualify for a large loan doesn't mean that it is a smart financial decision to buy as large a home as possible. Take a careful look at your family budget and your housing needs before you decide how much you can really afford.

Be a smart borrower this summer and save thousands by preparing your credit before you apply for a loan. Find out the loan rate you deserve at http://www.legalhelper.ws/credit-reports-online-service7.aspx.

About The Author

Jeffrey Broobin is a financial security specialist that helps people to solve their financial issues and be happy and successful within their life.

Website - www.legalhelper.ws

Email: [email protected]

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Refinancing and Car Finance - Is it worth it? Refinancing and Car Finance - Is it Worth It? No doubt you have heard of refinancing your mortgage. It has become all the rage, but now you can also refinance your car loan. What is a Homeowner Loan? If you are a homeowner, it couldn't be easier to apply for a Homeowner or Secured loan. Secured loans - i. Online Mortgage Loan Companies Are Convenient There are many reasons to use the internet to take care of your mortgage loan needs. Online mortgage companies can give you quick answers to your mortgage application and can often times give you an answer of whether or not you have been pre-approved within 24-48 hours after you submit your mortgage application. Mortgage - What, Why, When, and How? What is a mortgage? Here's what The New Merriam - Webster Dictionary definition is: "a transfer of rights to a piece of property usu. as security for the payment of a loan or debt that becomes void when the debt is paid. Choosing a Real Estate Agent Before you go looking at houses, you'll need to find a real estate agent. Hiring a real estate agent takes a little bit of time to do. Refinancing Your House - How to Know Whether to Refinance or get a Second Mortgage Refinancing your house's mortgage is not the same thing as getting a second mortgage. While both allow you to cash out your home's equity, terms and rates differ between the two types of loans. What the Bank Won't Tell You About Mortgage Refinancing So you have a mortgage, and you need to refinance to get your interest rates low. Most people simply walk into their bank, ask to refinance, and then end up paying more money long term than they would have otherwise. Residential Mortgages - a Step Ahead on the Property Ladder Doesn't Residential mortgage give the impression that they are a different breed of mortgages? They are often thought at the first instance to be a complex term, which they aren't. They are actually the regular mortgages that we hear of so often. Refinance Mortgage Loan - Tips on Refinancing Your Home Mortgage Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. What is a Fixed Rate Mortgage? As the term implies, with a fixed rate mortgage the mortgage rate is fixed for a set period of time, so no matter what movements occur in the lender's standard variable mortgage rate, the borrower's arrangement is fixed and, therefore, so are the monthly fixed rate mortgage payments. A fixed rate mortgage would suit someone who likes to know where they stand. Seller Financing Although any loan used for buying real estate is strictly called a purchase money mortgage, the term is often employed for seller financing, those transactions in which you "take back" a mortgage as part of the purchase price. These arrangements are suitable, of course, only when you do not need your proceeds immediately toward the purchase of another home. Biweekly Mortgage The biweekly mortgage has been around for years but with the recent media attention to the real estate industry in general and the mortgage industry in particular, the biweekly has been getting thousands of home owners to use this simple, yet powerful, way to speed up the principal payment process. Why is this so popular? How does it work? How can I do this? Here is why this is so popular to hundreds of thousands homeowners. Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage Financial difficulties are married to bad credit. It is a tough marriage but can be peaceful with a little bit of counseling. Jumbo Mortgage Loans - Getting Approved for a Jumbo Mortgage Loan Online Getting approved for a jumbo mortgage loan online is similar to getting approved for a traditional mortgage when you use a mortgage broker. However, you can expect to find lower interest rates online with better terms. New Home Loan - Understand The Various Types Of Mortgage Lenders So, you've decided to buy a house, and you're ready for that all important next step-applying for a mortgage loan. But where should you go? After all, the mortgage business is complex, and you've realized quickly that your choices for lenders are immense. Home Improvements Turn Average Homes into Dreams Come True If you're thinking about taking out a home improvement loan, there are several options to consider. First and foremost, your mortgage consultant needs to know why you want a home improvement loan. Refinancing Online - Get The Best Refinance Home Loan You Can Get When going to refinance or get a mortgage loan quote, the internet can be a useful tool to shop around for the best interest rate. The reason the internet is a good place to start applying, is because most mortgage applications online do not typically pull your credit with the first application. Home Mortgages: Does a No-closing-cost Loan Make Sense for You? I have heard a number of radio ads and have seen many newspaper ads offering "no closing cost" home mortgages. These ads will tell you that you can get a new mortgage or refinance your existing mortgage at absolutely with absolutely no closing costs. Mortgage-Refinance Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick -- The Sales Pitch What the average homeowner or home buyer fails to realize is that bankers, loan officers, mortgage brokers, or whatever your lenders call themselves, are salesmen. Certainly, if you purchased your home from a realtor and used her lender, you most likely got a feeling of trust in that person, because the realtor referred him. How To Get The Best Home Equity Loan Are you wondering how to get the best Home Equity loan? Do not be afraid to shop around. If you decide that the timing's right for a home equity loan, ask your friends or family for recommendations of lenders.

HOME | SITE MAP © 2012 - 2024 All Rights Reserved Increase pagerank with HitsSurfer