mortgage

Buying a Home when in debt

Buying A Home When You Are Already In Debt

Articles, Mortgage / By / 4 minutes of reading

Buying a home and getting a mortgage can be difficult when you are in debt. But you still have options available to you. Obtaining a home loan can be more difficult than it was just five years ago. With stricter rules in place, you may find it hard to imagine winning over a lender, especially if you’re saddled with substantial debt. But fortunately, you can start improving your credit score and reducing your debt today, putting yourself in a position to buy a wonderful home for your family.

Depending on the extent of your debt, you may even be able to purchase a home in as little as six months to a year! Below, we present some practical tips for managing your credit score and debt when you’re planning to buy a home.

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Self-Employed Mortgage

How to Prepare to Apply for a Mortgage When You Are Self-Employed

Mortgage / By / 4 minutes of reading

For those who are self-employed or who run their own business, much of the mortgage application process is the same as it would be for anyone else, but some aspects are different. The main difference is that you will need to provide your own financial documentation and records. If you are considering applying for a mortgage soon, be sure to keep meticulous records. Of course, if you are self-employed, you are probably documenting all your information anyway. But just in case you’ve cut corners, the prospect of applying for a mortgage should give you added impetus to keep your records in perfect order. Here are the steps you need to take if you want to qualify for a mortgage while self-employed.

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Adjustable Mortgages

How to Minimize Complications When Reducing Your Mortgage

Mortgage / By / 3 minutes of reading

For many people, the purchase of a home may represent the biggest single purchase in their entire life. In most cases, people don’t have the personal resources to buy a house outright, so they will have to finance most of the cost with a conventional mortgage. Typically, this will last from 15 to 30 years, and the monthly repayments will represent a sizeable part of the household budget, so it’s not surprising that people often look for ways to reduce this liability. In many cases, it may be possible to do this without penalty, so if you’re in this situation, what do you need to think about as you try to reduce your mortgage?

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Should you pay off your mortgage early

The Downsides of Paying-off Your Mortgage Early

Mortgage / By / 6 minutes of reading

Paying off all your debt always sounds like a good idea, especially in an uncertain economy. In situations when you have accumulated a significant sum of cash, it is understandable that your first thought might be to pay off your mortgage. However, some experts will argue that paying your mortgage early might not be the best idea. Usually, mortgage interest rates are low, and this can be used as a rationale not to rush with paying off your debt. But what about some other aspects of coming out of your mortgage situation? Does it make sense even to consider the option of early repayment? Let us explore the possible downsides of paying your mortgage early.

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Selling Rental Property

The Complete Guide to Selling Rental Property

Real Estate / By / 5 minutes of reading

There are many different reasons why you might decide to sell your rental property. You could be tired of being a landlord, you might want to buy a second home, or you might be in dire need of some quick cash. No matter the circumstances, there are a few steps to follow if you decide to go down this road. The good news is that selling a rental property will be much like selling your typical residence – with a few tweaks here and there. You don’t have to struggle to find out what they are, as we are more than happy to share them with you.

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Downsizing my home

Downsizing to Pay Off a Mortgage – Is it a Good Idea?

Real Estate / By / 5 minutes of reading

Being in debt is never pretty. Most people desire to own their own property at some point in their lives. Once that happens, those same people will probably have to take out a mortgage in order to be able to afford a house. That’s just the way things work. Of course, later on, if you are in a good state financially, you can even decide to buy a second house. It doesn’t matter how many properties you own – unpredictable circumstances, such as losing your job, could shake you up financially. That’s when you will start to look for a way out of your debt. Once that thought starts swarming around your head, the thought of downsizing to pay off a mortgage is bound to follow. But is downsizing a good idea? Well, there are probably a lot of expenses involved that you haven’t considered.

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minimum credit score to buy a home

The Average Mortgage Credit Score Is 754: How to Make Sure Yours Is Good Enough

News / By / 3 minutes of reading

If you are in the market to purchase a home, then you’ve definitely heard the term “credit score.” What exactly is a credit score? In short, your credit score is a numerical representation of the likelihood that you will pay your bills. This number is used by nearly every company

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