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What Is A Mortgage Interest Rate?

Posted onJuly 28/2015By

Since most of us can’t afford to purchase a home or property outright, we apply for mortgage loans. A mortgage helps people pay for their homes by extending the length of time they have to pay. The monthly payments to the bank or institution that accepts your application for a mortgage will go towards the final costs of the home. Out of these payments, a small percentage will be paid out in interest. This interest is where the institution lending the loan will make their money. Interest rates, especially in the housing industry are ever changing. The percentage of interest paid on a loan is constantly jumping around. This is why it’s best to stay on top of the market if you are thinking about applying or refinancing a mortgage. Always try to apply during the times where the percentage is lower than usual. Refinancing is usually a wise choice.…

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Mortgage Refinance Myths

Posted onJuly 20/2015By

Qualifying for refinancing is difficult. It isn’t necessarily easy for anyone, even with a good credit history. Nevertheless, refinancing your mortgage can be done, as long as you are eligible. By knowing the facts and avoiding the myths, you can better your chances of qualifying for a mortgage refinance. The Biggest Myths Refinancing doesn’t come at any extra costs. You can’t refinance because it has been too long since you applied for refinancing or a mortgage. You will be losing equity or building equity will be a slower process. You have poor credit, so you can’t refinance. You will have to start your loan all over again. You must refinance through the same banking institution. You should own your home for many years before refinancing. It isn’t worth it to refinance. Mortgage lenders and brokers hear all types of misconceptions while they are talking to their potential clients. Allowing these…

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How To Prepare Yourself For Mortgage Renewal

Posted onJuly 13/2015By

The act of renewing a mortgage is basically the same as opening up a new mortgage. When you owe money on your home, but would like to renew your mortgage, the mortgage company will set the new mortgage at the same amount still owed on the home. For example, if you still owe $80,000, the new mortgage will be set for just that. Fortunately, there are ways to prepare for mortgage renewal. While the lack of excitement over another mortgage might enable you to procrastinate, a mortgage renewal is sometimes necessary; or at least should be a thought in the minds of homeowners. Prior to signing papers for another mortgage, it is important that you are knowledgeable of the current mortgage rates and other pertinent information. Tips for Mortgage Renewal Preparation Start preparing for mortgage renewal as soon as possible, even years in advance. Do not accept the first rate…

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Are You Paying Too Much For Your Home’s Closing Costs?

Posted onJuly 06/2015By

Knowing whether or not you are paying too much when it comes to your home compared to its actual value is something that needs to be figured out. You never want to be paying out more than should be required. Closing costs are just one of the many aspects of a mortgage loan that will require you to pay attention to it. All too often, people are found paying out too much in closing costs. So how do you know whether or not your closing costs are too high? By simply paying attention to the average interest rates for mortgages, you’ll become more knowledgeable of the industry and its costs which will greatly help you when you go to apply for a mortgage. Just like knowing which cars on the market are the best value for their cost when shopping for a new vehicle, becoming keen of all the aspects…

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What Is A Starter Home?

Posted onJune 22/2015By

If you’re looking to purchase your first home but aren’t looking to buy a five-bedroom palace, you could benefit from a starter home. A starter home is a smaller dwelling (like a two-bedroom house or condo) that is better suited to newlyweds and people just starting out. It is ideal for young people who are purchasing their first home because the smaller size of the home makes it less expensive to buy than a house with a many storeys, front and backyard, and two-car garage. The term “starter home” comes from the period following the Second World War where younger couples were looking to purchase a home to live in for a few years before they became parents and needed to move to somewhere that could accommodate their growing family. Additionally, people found it was cheaper to buy a small home than continue to rent their current apartment. In today’s…

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