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Buying a home for the first time is one of the most important financial decisions you will make in your life. Because of this, buying a home and taking out a mortgage also requires you to manage your finances effectively, in ways like setting aside emergency money and assuring that you can handle the financial weight of a monthly mortgage payment. There are many steps you will have to take when applying for a mortgage loan, from choosing a lender to obtaining pre-approval. If you're seeking a loan as a first-time homebuyer, there are various things you should keep in mind:...
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Don't want to go through foreclosure? Consider a short sale. A short sale describes a transaction in which you sell your property for less than what you owe on it. This option is available both to those behind on mortgage payments and to those with a home worth less than their remaining mortgage balance. So, if you're unable to pay back your bank, they might agree to accept less than what you originally owed. Many lenders are hesitant, however, because they stand to lose money in a short sale. Before beginning a short sale process, the lender must sign off...
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Unlike some other assets, like your car or furniture, your home's value can appreciate, or increase, over time. By taking key actions and understanding the important factors at play, you can increase the value of your home exponentially. Below is an outline of some of these steps. Home Appreciation Factors There are various key factors at play that have an effect on your home's value, some of which are out of your control, but the majority of which are directly under your control: Where The first thing that plays a role in the current and potential value of your home...
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If you've recently graduated from college, you probably have many new responsibilities and tough decisions to make. One thing you will have to decide on is where you are going to live. You might be able to move back in with your parents, but if you're unable to do that you're probably deciding between either renting or buying a home. There are a few things you should consider before making this decision, especially if you're also trying to manage student loan debt. Here's what to keep in mind: What's the Interest Rate on Your Student Loans? The average interest rate...
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Using a Personal Loan as a Downpayment on a Home Making the downpayment on a home can be the most difficult part of the closing process. Homeowners often struggle to afford a downpayment, and currently many hopeful homeowners are not able to afford it. One option to cover the cost of a downpayment is to use personal loans, but this can be quite risky. What are personal loans, and how might one use them to pay a downpayment? An Overview of Personal Loans Personal loans are taken out to lend out extra cash. They are often used to consolidate debt,...
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Millennials & Homeownership The common perception is that millennials don’t want to become homeowners, largely due to a volatile labor market and bloated student loan debt. According to a survey from Michigan State University and United Wholesale Mortgage (UWM), however, millennials are eager to have their own houses. 95 percent of them say that they are actively saving for a home and 90 percent are planning to buy a new house within two years. But, although many millennials are interested in becoming homeowners, they are still struggling with things such as high down payments and strict credit score requirements. Are...
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Buying a home for the first time can be an exciting but nerve-racking experience. In today's day and age a very common question for new homebuyers entering the market is: Should I buy a house or a condo? In the end, only you can answer, but you can easily come to a decision with some proper research. An easy way to answer this question is by developing a list. Think about what you do and do not want in a home. Then, rank the qualities on your list. Some questions to ask yourself include: How much are you willing to spend? Are...
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A Second Opinion on a Mortgage Second opinions can be pretty valuable. When the doctor delivers a shocking diagnosis, you're bound to seek another perspective. The same goes for going to different mechanics for the same car problem or buying new clothes with your partner present. If second opinions are valuable and commonplace in so many situations and industries, why doesn't the same go for the mortgage industry? Many borrowers accept a mortgage lender's word as law, but getting a second opinion on your mortgage is always a good idea. As the saying goes, it's better to be safe than...
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15 vs 30 Year Mortgages Choosing between a 15- and a 30-year mortgage can be tough, especially when the differences between the two are unclear. A 30-year mortgage will end up having lower monthly costs, but a 15-year mortgage will be paid off in half the time and may save you money in the long run. Let's unpack each and clear up any confusion: An Overview: 15-year mortgages will generally have lower interest rates than 30-year mortgages. This means that, in the end, a 30-year mortgage will cost more than a 15-year mortgage. For example, if you have a 30-year,...
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Multiple Listing Service (MLS): "Multiple listing services, or MLS, is a service that provides a searchable database of property listings for sale." But what MLSs are available to help navigate listings, and how do they stack up against one another? Here's a quick guide to navigating the often cluttered world of MLSs. Before you think about which Multiple Listing Services to use, it's important to have some information handy: What kind of property are you looking for? (home, condo, commercial, foreclosure, etc.) If you're looking for somewhere to live, how many beds or bathrooms do you need? If you're looking for a plot...
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