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5 Mortgage Tips for First time home buyers

Posted onApril 09/2018By

A first time home buyer might be confused or nervous about getting a mortgage. They might not know exactly what it takes to obtain mortgages and they might not know what lender is the best for home buyers. The good thing is that there are some things that you can do in order to be more ready for the entire process! These things are discussed below. Check Your Credit Score The first thing you want to do before applying for a mortgage is check your credit score. Since many lenders require you to have a minimum score, knowing yours will result in going into the situation more prepared. You don’t want to have a credit score of 600 for a lender that requires 700 and higher. Not only is this embarrassing, but they might not appreciate the waste of time! Look at Assets and Liabilities The next thing you want…

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3 Things To Know About Mortgages For Overseas Properties

Posted onDecember 20/2017By

There are many good reasons to invest in property overseas. You may want to use the property as a vacation rental or as a vacation home for yourself and your family. Your child may be going to university overseas, and you may be thinking about buying a property as an investment where they are studying. Getting a mortgage for an overseas property is different than getting a mortgage in your country of residence, however, and there are some things to consider. Hire an Expert Even if you are experienced in buying real estate, the rules are often quite different when it comes to buying overseas. The best thing to do would be to find a local real estate agent in the country where you want to buy, who is experienced when it comes to dealing with overseas buyers. By working with a local agent, you can better understand the local…

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Got A Mortgage Offer? Here’s What To Do Next

Posted onNovember 13/2017By

Navigating mortgage applications is a complex process, especially for first-time home buyers. Applying for a mortgage requires a detailed and thorough examination of your income, financial situation, and credit score; the process can be exhausting. There’s never a guarantee you’ll be accepted either, so it can be a big relief once you receive your mortgage offer. Your mortgage offer will be sent either to you or to your solicitor. This offer should be read very carefully. It will contain the amount of money the lender is willing to lend, the length of the mortgage term, and the amount of monthly payments required. You should go over this offer with your lawyer in order to make sure everything is in order. Legal fees are a significant part of mortgage closing costs, but the consequences of not examining the offer carefully enough can cause even bigger problems. Keep in mind that this…

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Getting A Mortgage While Self-Employed: 3 Things To Know

Posted onAugust 28/2017By

While many people make a good, or great, income being self-employed, it can make getting a mortgage or other loan more difficult. However, this doesn’t mean it’s impossible. There are just a few more things to take into consideration. While you can use an online mortgage qualifier calculator, it’s often helpful to seek the advice of a mortgage professional as well. Before you do, here are some important things to know if you’re applying for a mortgage while self employed: 1. What You Need When applying for a mortgage loan, you must be able to prove your income to show that you’ll be able to make your monthly payments in full. Most lenders will require at least two years’ worth of accounts and tax returns in order to prove your income. The more you can provide in this case, the better. To apply for a mortgage, you’ll generally need: Good…

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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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