Tag Archives: getting a mortgage

Money Monday: Mortgage hurdles

Many first-time buyers don’t realize that there’s many steps to getting a mortgage.

  1. Get pre-approved
  2. Have the home appraisal
  3. Keep your credit consistent
  4. Review the closing disclosure
  5. Go through underwriting

This infographic is from CAR.org.

Money Monday: The differences between fixed-rate and adjustable-rate mortgages

If you’ve never bought a home before, the whole process can seem a little confusing. One of the first things you have to figure out is whether you should get a fixed-rate or adjustable-rate mortgage. Most people choose the fixed-rate mortgage without even thinking about it, but there are situations where an adjustable-rate mortgage may be a better fit.

mortgage rates and property taxes

Read CNN’s “Should I get a fixed- or adjustable-rate mortgage?” article to find out the differences between the two and to figure out what’s best for you personally when buying a home.

Money Monday: Reasons Not to Purchase a Home with All-Cash

Even if you have the financial means to put in an all-cash offer, you may not want to do so.

All-cash offers can be more appealing to home-sellers, but you also need to take into consideration the other aspects of paying so much cash upfront.

All-cash offers in today's real estate market

  1. Will you have enough liquidity left? At least a few thousand dollars left in your pocket is ideal. You may have repairs, upgrades you desire to make, and increased utility and maintenance costs for your new house — not to mention your typical costs and unexpected financial needs (such as medical bills or suddenly losing employment).
  2. What if you easily qualify for a mortgage? Interest rates are still on the low-side, and by obtaining a mortgage to purchase a house, you would be able to keep a large chunk of your finances.
  3. Paying all-cash means you miss out on a tax break. When you have a mortgage, you are able to receive a tax break on the interest paid to the mortgage lender.
  4. & 5. reasons are available to read at Finance.Yahoo.com: “5 Reasons Not to Purchase Your Home With Cash.”

What are Loan Points?

mortgage rates and property taxesWhen shopping for a mortgage rate, it is necessary to pay attention to the details. Loan points are often overlooked as buyers are fixated on getting the lowest interest rate; however they are an important point to consider when picking your mortgage.

Loan points are Continue reading