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Home Loans: The Good, the So-So, and the Stupid

Home Loans: Types of Mortgages

Time may be up on the home buyer tax credits, but you may hear “it’s still a great time to buy a home”. Why? Because interest rates on home loans are low and, most likely, have nowhere to go but up. Smug home owners love to extol the virtues of buying, but you should never […]

Should You Use a Mortgage Broker or a Bank Loan Officer?

Shopping for a mortgage can be intimidating. There are thousands of mortgage lenders and hundreds of ways lenders can tweak home loans to distort their real costs. You’re also facing the excitement of buying a new home and you may feel vulnerable as lenders nit-pick your credit report. It’s understandable that many home buyers get […]

Pre-Qualification vs. Pre-Approval: What’s the Difference?

Buying your first home is a huge financial milestone. Whether you’re just starting to consider home ownership or are already entrenched in the search for your first home, there’s an important step I recommend you take before making an offer or even starting to shop around: Get a pre-qualification or pre-approval letter from a mortgage […]

Mortgage Application Declined? Here’s What to Do

Today, only four out of ten mortgage applications close. That means 60 percent of prospective home buyers walk away disappointed. For first-time home buyers, that statistic may be even higher. But if your mortgage application is declined, don’t despair. Getting mortgage approval isn’t easy and—like many things worth doing—it may take several tries to get […]

When To Finance Even If You Could Pay Cash

Should you ever go into debt even if you have the cash to make the purchase? Dave Ramsey would definitely say “NO!”. But believe it or not, there are situations in which it may actually cost you more if you don’t go into debt!

Refinancing: What You Need to Know (Even Before You Own)

Mortgages are complicated. Looking to swap one mortgage for another by refinancing? They get even trickier. So it pays to understand how the mortgage refinance process works and when refinancing is a good idea (and when it’s not) early in life. That is, even before you buy your first home.

How to Find the Best Mortgage

Everybody I know that has bought or will soon be buying a home spends countless hours searching for the perfect home. Few, if any, spend much time searching for the perfect mortgage. Make no mistake; finding the right first home is important. But your dream home could be for naught if you end up in […]

Young and Upside Down on the Mortgage: What Would You Do?

Embattled real estate markets and soaring foreclosures aren’t just affecting middle-aged Americans; there are plenty of young people who bought early at the wrong time. True, young homeowners have less invested in a home and plenty of time to rebuild their finances, but finding yourself staring down the barrel of foreclosure is unpleasant at any […]

How To Prepare To Buy Your First Home

How to Prepare to Buy Your First Home

Getting ready to buy your first house can be daunting. Credit scores, down payments, and mortgages are all on your mind. Here’s a guide to help you get ready to make one of the biggest purchases of your life.