Ways A Second Mortgage Can Help Your Financial Situation

Posted onAugust 29/2016By

Life happens – and there are things that may crop up that may put a serious damper on your financial situation. Owning your home can help mitigate these problems through the use of a second mortgage. Consolidating debt, for most people, is a reality in this economic climate. Homeowners with at least 20 per cent equity in their homes can apply for a second mortgage, which is a great way of working away at reducing your debt. It’s also an option when you need extra cash for things like medical expenses or renovations. Do I qualify? The interest rates on second mortgages are often higher than first mortgages, yet carry lower interest rates than credit cards. If you pay other debts on time and choose to get a second mortgage, you may find your credit score improving, a definite bonus! Here are a few things lenders will look for in…

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5 Common Down Payment Mistakes

Posted onAugust 22/2016By

You’re all set to buy a home. You’re excited and perhaps just a little frazzled. After all, it’s a big deal. But take a deep breath and think clearly about what’s involved, and that includes your down payment. Not thinking about it at all Oddly enough, the first error some potential homeowners make is not focusing on the down payment at all. The correct amount for a down payment is one that’s financially comfortable for you without having to exhaust your entire savings. You need some of those savings in case of emergencies! Leave yourself enough for about six months of living expenses. In case something unforetold happens, you’ll still be able to make a mortgage payment. Not using your own bank account Some people choose to deposit their down payment in a bank account that doesn’t belong to them. If your parents have been helping to manage your finances,…

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6 Questions Every First-Time Home Buyer Needs To Ask Before Buying

Posted onAugust 15/2016By

Buying your first home is exciting and possibly one of the most monumental things you’ll ever purchase. So, there are some things you should know before signing on the dotted line. How much will I be able to borrow? Before even getting all jazzed up over buying your first home, know what you can afford – and that’s not just including the mortgage. Closing costs, among other fees, have to be taken into consideration as well. The best way to figure this out is to talk to people in the know, like a mortgage professional. They will help you get prequalified for a loan, taking into consideration all the extra costs. Getting your heart set on a particular property and finding out it’s out of your price range is very disappointing. Am I really ready for this? Home ownership comes with a lot of responsibilities. If something breaks, you need…

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6 Things You Should Keep In Mind Before You Get Your First Credit Card

Posted onAugust 08/2016By

You’re now in the realm of adulthood and it’s time to get a credit card. Here are some things to keep in mind as you make your first foray into the world of credit. You’re in a potentially good and a potentially bad situation – it’s your choice. If you use credit cards correctly, you’ll have more financial freedom. If you use them recklessly, you might face significant debt. Here are some things to think about: How do you spend? You’ve already made up your mind that you’ll pay the balance owed each month. If that’s the case, the interest rate on the card might not seem so significant to you. Opt for a card that doesn’t have an annual fee and gives you a longer time to pay If there’s going to be a balance on the card, look for one with the lowest interest rate If you’re going…

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