A Critical Guide to Home Loans: Your Options and How They Affect Your Future

Understanding Mortgage Loans-An Insiders GuideThere was a time in the not-so-distant past when financing the purchase of a home was relatively uncomplicated. You went to your local savings and loan and signed up for a 30-year, fixed-rate mortgage loan. Those days are gone, probably forever. Today, you have what seems like an endless array of choices—different rates, terms, down payments, fees, etc. (One lender told me there are literally more than 40,000 available loan options on computer database!) So how do you pick the combination that makes the most sense for you? More than any other single factor, choosing the right mortgage will influence...

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10 Things You Shouldn't Do When You're Buying a Home

Home Buying Don'ts...Your home buying process is well underway. The sellers accepted your offer to purchase. The home is officially under contract and you're counting down the days to closing. The lender pre-approved you, so buying the house is a sure thing, right? Not quite. Nothing is certain until the keys are in your hands. There are still major hurdles to get past before you close, and your actions between now and closing can create headaches, slowdowns, and even stop the transaction. 1. Don't Make a Major PurchaseYou've just found out your credit is A+. That's great news, because a new car would look fantastic in the driveway of your new...

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Things To Do When Considering a Home Loan

Making the decision to become a homeowner is one of life's biggest decisions. Planning and preparation is the key to achieving the goal within the desired time frame. Being an active participant in the home loan process will make it easier for your dream to become a reality. Here are a few tips: 1. Educate yourself about the home loan process. Get an understanding of the role of each party involved. Explore your loan term options. Learn about the approval process. Find out about the time frame from start to finish and what could cause delays. Banks, brokers, and Realtors often host homebuyer’s seminars and workshops to educate prospective buyers....

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125% Home Equity Loans - Are These Loans Beneficial or Risky?

Home equity loans are beneficial for numerous reasons. If you own a home, and need extra cash, obtaining a home equity loan will put cash in your pocket. The money received can be used for any purpose. Because home equity loans are dispersed as a lump sum, homeowners usually apply for these loans to pay for a huge expense. No-Equity Home Equity Loan BasicsFor the most part, the amount received for a home equity loan is according to your home’s equity. Lenders are reluctant to approve homeowner for loans that exceed the equity value. However, you may find a lender willing to offer a no-equity home loan. Also referred to as 125%...

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