Jul 15

mortgage2A high mortgage interest rate can be devastating to your personal finances. As much as we would like to simply pay off our mortgage without thinking too much about its costs, those costs will and do add up. A high mortgage interest rate can drain away at personal funds to a significant degree. Over time, the amount of money siphoned by the high interest rate could eventually lead to foreclosure. Obviously, no one would ever want to find themselves in a situation as dire as that. To avoid such a calamity, it might be best to refinance a mortgage to a much less costly rate.

May 6

The various financial repercussions in the aftermath of a divorce are not what many people like to think about, but it is critical to take time out and weigh these issues. One area of critical importance to consider would be the mortgage. Couples that acquired a mortgage together are still joint borrowers even after the divorce. Among the ways to deal with this would be to outright sell the house and split the assets or to refinance it naming one person as the borrower…i.e homeowner. The best decision will vary depending upon the parties involved. That said, it is necessary to make the right decision to avoid lingering questions and problems over who holds the mortgage.

May 6

examiningThose with 30 years terms on their mortgage might be fine with the three decades it could take to pay off their home. While there is nothing inherently wrong with spending such an enormous amount of time paying off a home, paying more on the home mortgage just might be the better idea. Why is this? One reason most will point to will be you save money on interest. That is true and it is a major benefit to cut the overall cost of the home. There is, however, another benefit. The quicker you pay off the home, the quicker you own it free and clear.

Apr 15

Home mortgage calculatorAs you peek around for the best mortgage rates, you’ll likely find plenty of references to a home mortgage calculator and how helpful it can be. But what does it really tell you? There are actually several things you can learn from it, but the most important is what your monthly mortgage payments will be. It’s as simple as plugging in the information you have available, such as the price of the home, and your interest rate, and it will tell you what your payments will be. It can even include things like homeowners insurance and property taxes so you’ll have the most information possible.

Apr 9

So you’ve used a home mortgage calculator to find out exactly how much you can spend on a home to get the monthly payment you’re comfortable with. But what’s next? First you’ll decide if you want to work with an agent or if you want to search on your own. There are advantages to both. If you look on your own then you won’t have to pay a commission to a seller’s agent. However, you will spend a lot of time viewing homes that won’t be right for you. One of the main advantages of an agent is that they typically pre-screen every home they show you to ensure that it does indeed match the criteria you’re looking for.