If you want to save money on your home loan, you might be thinking about refinancing your mortgage. You might be able to replace your existing mortgage with a home loan that has a lower interest rate. Even a single point reduction in your interest rates could save you tens of thousands of dollars over the life of your loan. Before you refinance, be sure to ask about closing costs. Because you are replacing your existing home loan with a new one, you may incur some closing expenses. On the other … [Read more...]
3 Reasons to Avoid Giving Wrong Information on Your Mortgage Application
A mortgage application is typically several pages in length, and it requires you to provide a considerable amount of information about your personal, professional and financial life. Some mortgage applicants may not have access to all of the information when completing the application, and others may simply skim over the form and provide incomplete answers. These are only a few of the reasons why information on the mortgage application may not be accurate, but there are several key reasons why … [Read more...]
3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster
If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash … [Read more...]
Buying a Home? 4 Steps You Can Take to Ensure You Start out with a Low Monthly Mortgage Payment
Are you thinking about buying a new house or condo? If so, you've likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home. Below we'll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment. Make A Large Down Payment On Your Home The easiest way to reduce your monthly payment is to invest as much as possible in your down payment. The less you have to borrow, the less you'll be … [Read more...]
