You’ve finally found the perfect home for your family. Now the only thing standing between you and domestic bliss is the loan process. Use these techniques to shorten the amount of time between placing your bid and getting the final approval on your new home mortgage.
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For most people, the mortgage payment is the biggest monthly expense. Whether you’re facing retirement or still working, it would be nice to be free of this debt. Although you probably can’t pay it off in one lump sum, it is possible to pay off your mortgage sooner than expected.
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Yikes! You are already set on buying the home that you picked out and the appraisal comes back at a lower amount than the amount needed for the home loan to be approved. What do you do? After you calm down your significant-other and then take three deep breaths, here are some options to consider.
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Having an excellent credit score is very useful. The following are some tips on how to maintain a superb credit score.
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It’s no secret that mortgage lending institutions look favorably on steady paychecks and positive debt-to-income ratios. That can leave many self-employed prospective home buyers feeling anxious about getting approved for a mortgage. But just like the 9-to-5ers who get regular paychecks, self-employed people earning a good living can get approved with a little due diligence.
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When used as a part of an effective real estate investment strategy, hard money loans are an excellent tool to quickly increase holdings without risking existing properties. However, these loans aren’t for everyone.
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Saving up for a down payment can feel overwhelming. Most people have never saved up the kind of money it takes for a down payment. It can be done, though. The goal is to put 20% down on a house. This is what it takes if you don’t want to have to pay private mortgage insurance every month.
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The struggle to achieve the American homeownership dream often feels like it happens in a vacuum. Everyday people work hard, save money and polish up their credit to get a low mortgage rate.
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You probably already know that qualifying for a mortgage can be the biggest hurdle — aside from actually finding that dream property — along the path to home ownership.
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Securing the best conventional mortgage rate possible can pose a challenge for even veteran property buyers.
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