Is it smart for you to pay off your mortgage early or should you put that money towards other financial goals instead?
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When you start shopping around for a home loan, you are likely to run into terms like “pre-qualified” and “pre-approved” to describe whether or not you are eligible for a certain mortgage amount. Before you start your house-hunting, it’s a good idea to know the difference between these two terms, and what to expect from them.
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Boosting your credit score before buying a home is important for several reasons--loan approval, required down payment, and interest rate are chief among them--and financing a car can actually help.
When buying a home one of the thing you will more than likely here is the need to get pre-approved for a mortgage. A pre-approval gives both a buyer and seller assurance that the buyer is more than likely going to get a loan. A pre-qualification does not much more than say a borrower has the financial ability to qualify for a certain amount of money.
So, how do you get the best mortgage rate? By thinking like a lender. Here are some of the things a bank looks for when it’s deciding what mortgage rate you should have:
We often hear the benefits of making an extra payment on your mortgage, but get the truth about how worthwhile it actually is. You may be surprised.
If you want to increase the chances of having your mortgage application approved, stay away from the following things