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Checklist Before Applying For First Time Home Loan

Do you want to grab the best first time home loan deal? Here’s how to improve your chances of getting approved for a mortgage you can afford. List your assets To qualify for a first time home loan, lenders would want to know your monthly income. Whether or not it is sufficient to meet your monthly mortgage plus other debt obligations will determine the amount you will qualify for. When listing your assets, don’t include car which is still on loan, or other assets that serve as collateral. Lenders are looking for liquid assets or those that you can easily […]

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Poor Credit Mortgage Loans: Factors Affecting Your Borrowing Capacity

Are you planning to buy your dream house?  Remember that your borrowing capacity depends on various factors. Whether you’re planning to apply for poor credit mortgage loans (bad credit loans) or a regular mortgage, here are a few factors that may affect how much you can borrow. Credit score As mentioned above, the higher the score, the better is your chance of getting a loan. Financing companies give preference to borrowers with good credit history. So, if you have been reliable in paying your utility bills and outstanding debts on time, lenders may quickly approve your loan. But, if there […]

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Should I Get A Second Mortgage To Pay Off Bad Credit Loans?

If you have bad credit loans and your mortgage payment has increased because you missed several payments, will you consider getting a second mortgage? Home owners with existing first mortgage know that personal circumstances change, mortgage interest rates increase and defaults often lead to foreclosure and forced sales. If you cannot afford your current monthly mortgage payments and you have existing bad credit loans or numerous credit accounts, losing your home is just half of the problem. The other half is getting back your credit rating so you can qualify for other loans to save your home, pay your existing […]

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Top Mortgage Refinance Mistakes to Avoid

  Mortgage refinance is a serious financial strategy that should be carefully thought about. Learn about the common mistake that borrowers make when refinancing their mortgage and learn to avoid them.   Not planning head of time.   Mortgage refinance is a strategy, and must not be taken lightly. Why do you want to refinance your home? It is important to list all your reasons before you take the plunge. If you want to lower your payment, then think about ways on how you can lower it. Maybe you can call your mortgage company and negotiate a deal. Or, you […]

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The Practical Benefits of Refinancing for Parents

  Financial problems combined with the constant demands of caring for your young children can test your limits. The financial challenges of starting a family can also take a toll on your health. Here are some ways refinancing can help you take care of the needs of your new family.   Self-control: If you took out refinancing to pay for your debts, you will realise that there is always a price to pay in every decision you make. That means, you can lose one of your most prized possessions – your house in case of default. With this in mind, […]

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What is the Hidden Downside of Second Mortgages that Loan Officers don’t tell you about?

  If you think that the only downside of second mortgage is losing your home when you cannot pay it back, you’re wrong. But, take note that the drawbacks are usually caused by poor financial management. First, let’s talk about the undeniable benefits of second mortgage. It is known for its undeniable benefits in terms of debt consolidation, funding home renovations, and paying for costly life events such as wedding and divorce. Some parents and grandparents also use the proceeds of the loan to co-pay for college fund. Others want to enjoy their free time by going into vacation.   […]

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The Benefits of a Second Mortgage for Single Parents

  There is one thing good about being a single parent applying for a second mortgage: You don’t have to fight a partner when to it comes to facing a mountain of debt and slewing your budget. You’re single so you can make sound money decisions on your own. So, why choose second mortgage as a loan option?   Here are the benefits of a second mortgage:   Catch up on your bills – It is not good to miss payments. One of the most obvious downsides of incurring debt is that you have to repay it with interest. Failure to […]

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Second Mortgages Tips: How to Get Out Of the Credit Card Debt Rut

If you find yourself swamped in credit card debts, second mortgages can be your best option. Sometimes credit cards can put you in a financial situation that makes you miserable more often than it makes you financially secure. Yet, it seems so difficult to get out of debt because it keeps drawing you back in, especially when you own several plastic cards for all your purchases and financial transactions. Here are some ways of using second mortgages if you have finally considered ending your credit card debt for good and rebuilding your credit.   Don’t Mistake Your Credit Card for Cash This is a […]

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The Risks of Getting a Second Mortgage

A second mortgage can help you with your property as long as you are confident that it is put to good use and you can pay it back. It can take you a lifetime to pay a mortgage and can quickly turn into a nightmare if you don’t have the financial resources to control it. In this article, we will discuss the risks of getting a second mortgage. We will present some examples from which you may learn a thing or two and decide whether it is beneficial to get a second mortgage or not. You Will Get into More […]

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How Do You Lose Home Equity?

When you get a loan, you have to take into account a range of things: interest rates, exit fees, being in debt, having bad credit, etc. But one thing that people forget about is the home equity. Life can be tough, especially when we’re talking about money. Even so, you can’t mess around with home equity. If you know how it works, it can benefit you. This article is a brief guide on this subject. We’ll try to answer the most commonly met questions. Let’s start – shall we? What Is Home Equity? When you get a new home, it […]

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