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What You Need to Know When Taking Out a Second Mortgage

Posted onNovember 30/2020By

Building up equity in your home is one of the advantages of owning property. Another benefit is being able to use the equity sooner rather than later. That is why some homeowners opt for a second mortgage, which allows them to access money for projects or other activities without having to sell their home. What is a second mortgage? A second mortgage is a loan that homeowners can apply for that uses the property as collateral. It can give a homeowner access to funds without having to sell their home. It is called a second mortgage because, in case of…

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7 Top Mistakes to Avoid When Getting a Mortgage

Posted onNovember 16/2020By

Getting a mortgage is one of the biggest financial decisions you’ll make. To improve your chances of getting your mortgage application approved, there are some common mistakes that you should be aware of. 7 Common Mortgage Mistakes As a homebuyer, it is important to understand how both mortgages and the application process work. This knowledge will equip you to reach your home-buying dreams. It is also vital to understand how to avoid the most common mortgage mistakes, including: Not getting pre-approved for a mortgage. Taking the time to get pre-approved for a mortgage is a valuable step to homeownership. It…

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Why You Need Mortgage Insurance

Posted onNovember 09/2020By

A home is a major asset and having mortgage life insurance can offer you a level of protection. Consider how unpredictable life can be. If anything were to happen to you or your spouse, your home could potentially be lost. Moreover, it would put stress on those in your family who are left behind, especially if they have to pay all the mortgage costs on their own. Having mortgage insurance is one way of preventing that from happening. What is mortgage insurance? When you buy a home, there are different types of insurance you can get to protect you, your…

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Should You Buy a House With Your Friend?

Posted onNovember 02/2020By

Buying a home with a friend can have some advantages, particularly if you are just getting into the real estate market. However, you should seek out some mortgage advice before signing the papers. The Pros of Buying a Home with a Friend There are several benefits to purchasing a home with a friend, including: Mortgage qualification. Getting a loan has become a little more difficult over the past few years. Changes to lending rules mean that lenders have higher qualifying criteria. You’ll need to have a credit score of around 680 and also place 5 percent as a down payment…

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