A Guide to Financing Home Improvements and How Mortgage Refinancing Can Help

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If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with their own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you use a mortgage refinance to get the most out of your renovation? Here's what you need…
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The Do’s and Don’ts of Getting Approved for a Mortgage Quickly

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If you're ready to buy a home, getting approved for a mortgage is a critical step that you can't skip or rush. And although it may seem like the lenders can be a bit arbitrary in their approvals, there's actually a detailed set of criteria they look for when approving or denying an application. So how can you ensure your mortgage gets approved quickly and without any hassles? Here's what you need to know. Do: Have All Your Documents In Order Right Away Processing the paperwork on a mortgage approval is one of the most time-consuming parts of getting a…
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Major Mistakes Which Are Sure to Increase Your Closing Costs

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When shopping for a mortgage, it is important to take closing costs into account. While some closing costs are the same for all lenders, different programs may add or reduce some of the burden borrowers face when closing on a home loan. Let's take a look at some major mistakes that could result in borrowers paying more than they need to in closing costs. 1) Failing to Take Property Taxes Into Account Property taxes are generally put into an escrow account that is established prior to closing on the home loan. In most cases, a homeowner will have to pay…
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What Happens at a Mortgage Loan Closing Meeting? Let’s Take a Look

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So you've found the perfect home, the seller has accepted your offer, and now you're just waiting for the mortgage to close before you wrap up the sale and take possession. It's time for the closing meeting. But what does this meeting entail? And what do you need to prepare for it? Here's what you need to know. The Day Prior: Walking Through The Property 24 hours before the closing meeting, you'll be given an opportunity to walk through the property and do a final inspection. During this inspection, you'll be able to look for any damage that may have…
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Have You Been Denied for a Mortgage? Here Are 3 Reasons Why You’ll Want to Keep Trying

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If you're in the market for a new home, you'll most likely need a mortgage in order to afford it. But for some home buyers, getting a mortgage isn't easy. Banks and other lenders are often hesitant to lend money to certain consumers, often for good reason. But sometimes, lenders' reasons for declining you aren't entirely valid. That's why, if you've been denied for a mortgage, you'll want to keep trying to get mortgage funds. Here are three factors that can influence the likelihood of approval on the second try. A Second Appraisal Might Change Your Circumstances Sometimes, a mortgage…
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What Are the Advantages to Paying off Your Mortgage Early? Here Are a Few That Might Entice You

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If you're looking into fixed term mortgages, you might be wondering whether there's any reason why you should take the full term to pay off the loan. In a lot of cases, paying off a mortgage before it comes due is a great decision. If you're considering paying off your mortgage early, you'll experience a variety of benefits – here are just a few of them. You'll Save Thousands In Interest Payments By and large, the single biggest advantage of paying off a mortgage early is the money you'll save in interest. The longer you take to pay off your…
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How to Use a Mortgage Calculator to Determine Your Monthly Payments, Interest and More

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Are you thinking about using a mortgage to buy a new home? Buying your own piece of local real estate is a major financial investment and one that can require some pretty complex math to fully understand. In this blog post we'll discuss mortgage calculators and how to use one of these tools to determine your monthly mortgage payments, interest charges, amortization periods and more. Determining Your Principal and Down Payment Amounts To get started with a mortgage calculator you'll need to know how the price of the home and how much you intend to contribute as a down payment.…
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Trying to Save on Your Closing Costs? Here Are Three Tips That Can Help Lower Them

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Whether you're about to close on a lovely new house for your growing family or a stylish beachfront condo so you can retire close to the ocean, one thing is certain: you're going to face a variety of closing costs. Insurance, taxes, financing fees, title fees, attorney fees and other costs will need to be paid, and if you're a savvy buyer you'll do everything you can to save on them. In today's post we'll share three quick tips that can help you reduce your closing costs when you buy your next home. Tip #1: Include Closing Costs in Your…
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Recent College Grad? Learn How to Successfully Juggle Student Loans and a New Mortgage

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If you recently graduated from college and are about to become a homeowner, you're in a somewhat unique position. You're about to embark on a great journey, but at the same time, you're also taking on an awful lot of debt. That said, it is possible to successfully manage a high debt load if you're careful. So how can you make sure you can pay your mortgage, your student loans, and your mortgage expenses – all without losing your mind? Here's what you need to know. Make Sure You Have An Emergency Fund Managing a high debt load isn't necessarily…
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Understanding the Reverse Mortgage and How to Best Use This Unique Financial Tool

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If you've studied the real estate market recently, you've probably heard about the reverse mortgage. This unique tool is a financial arrangement designed for senior citizens who have limited incomes and want to use the equity in their homes to meet their everyday expenses. And although it's becoming increasingly popular, few homeowners truly understand it. So how does a reverse mortgage work, and when is it appropriate for a homeowner to get one? Here's what you need to know. What is a Reverse Mortgage? A reverse mortgage is a loan that uses your home equity as collateral - essentially, you…
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