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Things to Consider Before Refinancing your Mortgage

July 10, 2014 10 Comments

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We are not home owners yet but, we have many home owners friends who recently refinanced their mortgage. We are in our 30’s so most of friends are and refinancing at this age, makes every sense. On a 30 year mortgage even a quarter percentage point gain in interest rate means saving a few thousands of dollars. This article is geared towards home owners who are looking to refinance

Refinancing Home

You may think that refinancing should bring some mortgage payment relief to you as long as you manage to lower interested rate. This sounds great, but in many cases, refinancing can cost more in processing fees than it could actually save you in monthly payments.

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5 Things to Look for When Comparing Homeloan Options

March 4, 2014 1 Comment

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I’ll probably soon be in market for home loans. Making myself prepared for the intricacies of mortgage. This will be our biggest ever financial decision. Want to venture in to it slowly to avoid hasty decision. I have written about some of my finding in tips for buying home and first things to consider while looking for home.

mortgage options

Purchasing your own home may be the biggest expense you will ever make. If you have saved for a deposit and have your finances under control, the next step is to look for the right home loan for you. Many lenders will offer you many different options. Check them all out but go for a trustworthy lender with a good reputation.

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Prepay a Mortgage or Buy a Home With Cash?

October 16, 2013 10 Comments

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Buying a home is one of the most expensive investments in most peoples’ lives, and therefore selecting the most fitting mortgage type and negotiating a fair purchase price should be paramount decisions. It’s commonly accepted that home buyers can afford mortgages costing up to 30 percent of their monthly incomes, and paying more than that amount may set buyers up for financial hardships.

Buying home with cashBuyers who keep their monthly mortgage costs low are typically able to pay their principals down ahead of schedule, saving them interest costs. Some buyers who’ve recently sold a home or have a great deal of savings may opt to purchase a home outright with cash, avoiding mortgage costs altogether. But which approach is the smartest decision for a home buyer?

There is no widely accepted right or wrong answer. The best answer boils down to home buyers’ circumstances and their ultimate goals. Some buyers simply do not want the burden of debt and would prefer to own their homes, sacrificing available cash. Others prefer to invest elsewhere, save for retirement or vacations, while aggressively paying down a mortgage. Each method of purchasing a home has a list of benefits and drawbacks.

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10 Things you Should do Before Buying your First Home

September 6, 2013 10 Comments

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We may be very soon start looking for a home of our own. So, I thought this was the perfect time to research on home buying and document that in my blog. It’s not like buying home is the best financial decision for us at this moment. My post should I buy or should I rent, reflects that renting is the better financial decision for us. But, owning home has certain other psychological advantages, which we have ignored so far.

Mortgage Loan

Like most these days, we will start looking for properties over the net. But, before start short listing properties, we should do all the necessary groundwork. This post is  recap of the things I learned so far as part of my ground work.

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How Student Loans Can Hurt Your Ability to Get a Home Loan

August 28, 2013 9 Comments

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Readers, this is the third guest post from Bill for you. Now I am even considering offering him staff writer position. This post talks about a very important aspect of our lives, mortgage. He talks about the possible impact an outstanding student loan can cause on your ability to apply for a mortgage. Enjoy the post!

Mortgage Loan

Have you been frustrated by your mortgage company when applying for a mortgage loan? If so, the reason might be you’ve not cleared your student loan or probably other types of loans.

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True Cost of Buying Home – Other Hidden Expenses

January 14, 2013 4 Comments

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/Last year I first put serious thoughts on buying home. We have been to this country for the last 7 years and have been renting ever since. I studied our Buy vs Rent situation and decided to hold off buying a home, till we save more money or, perhaps till we save enough money to buy without a mortgage. But, apart from home value, taxes, and closing costs, there are other hidden costs associated with a home. In this article, we will talk about these associated costs that you should also consider while buying your new home.

Buying home

One of my colleagues is looking at a prospective home and we discussed the expenses he should pay, how much should the budget be?

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Assess your Borrowing Power First Before Mortgage

December 21, 2012 3 Comments

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The following is a guest post by Betsy Falwell, a good followup after last week’s post 6 financial must do’s for first time home buyer.

Mortgage Loan

“…and it will only cost us $750 a month!” exclaimed the too-loud woman in front of me at Starbucks. We were both waiting for our beverages – me a non-fat, no-water chai tea latte; her some frothy type of seasonal drink – and it was impossible for me not to overhear the conversation she was having about her new home loan with the person on the other end of her cell phone.

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When, How and Should You Walk Out of a Bad Mortgage?

July 12, 2012 13 Comments

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Numerous articles were published and billions of lines were written since the subprime crisis. Millions of homeowners upside down on their homes, some even having mortgages for more than twice the value of their home.

Then, you compound the problem with the poor job market (June 2012 job report), and people are running into trouble.  Maybe they are forced to cut back, or get laid off.  Now, not only is income tight, but they have a huge mortgage they can’t pay.  And they also can’t refinance their mortgage loans because they have no job and their house doesn’t appraise.

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How to Shop for a Mortgage Loan?

June 30, 2012 6 Comments

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Continuing from yesterday’s rental property investment post, this is second of the two post series on real estate investment/ownership. If you are shopping for a home loan, it is only natural that you want to find a low interest rate mortgage loan. The surest ways to find the best deal are to:

  • Be a prepared borrower
  • Shop around

How to Be a Prepared Borrower

It takes time and effort to find and qualify for a low interest rate mortgage loan. Being prepared is important whether you are looking to buy a home or refinance your current mortgage, but it is even more important when you are buying a home. If you aren’t prepared in advance, you may see the home you want to buy disappears, because you couldn’t secure financing in time.

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Investing in Real Estate to Create Wealth

June 29, 2012 20 Comments

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Many of you must have read my post on home buying vs. renting calculation. We are renting and I always have this aspiration to become a rental property owner. This post is a part of that preparation. Nothing is firm yet, just about to start tasting waters aka looking around.

We rent with an aim to reduce loan amount when we eventually buy. Perhaps we can buy with full down payment if we wait for a few more years. But, owning a rental property is a different ball game, where an investor looks for covering mortgage and other costs with rental income. A positive or break even cash flow is what we look for.

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