"No-deposit" mortgage deals for first-time buyers refer to mortgage options that allow buyers to purchase a home without having to put down a deposit or a down payment. Here are the pros and cons of such deals: Pros: Lower upfront costs: The most significant advantage of a no-deposit mortgage is that it eliminates the need for a substantial upfront deposit. This can be beneficial for first-time buyers who may struggle to save a large sum of money for a deposit. Increased affordability: With a … [Read more...]
On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage
Are you the type of person that struggles with remembering to pay their bills on time? You're not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let's take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage. Your Credit Score Is At Risk As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess … [Read more...]
What Is Mortgage Insurance and How Does It Benefit Me?
Are you in the market for a new home? If you are considering a mortgage, you may be curious about mortgage insurance, commonly referred to as PMI or MI. Let's explore the topic of mortgage insurance, including how it works to reduce risk and how it benefits you as the mortgage borrower. Mortgage Insurance = Risk Reduction You might not know this, but the toughest part of the home buying process for many individuals and families is coming up with the required down payment. For example, if you … [Read more...]
The Top Reasons To Stop Renting And Buy Today
Buying a house can be expensive, and it can take a long time to save up money for a down payment; however, it might be time for you to stop renting and buy your own place. What are some of the top reasons why it might be time to put down some roots? Your Rent Is Going Up The reality is that your rent will go up with time. Every time you renew your lease, it can be frustrating to see that rent check continue to increase. If you are tired of your rent going up, get a mortgage. You could lock in … [Read more...]
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