If you’re listening to the real estate and financial experts of 2011, it’s time to shake off that dusty old checkbook and buy something. Well, how about a house? Interest rates and terms couldn’t be better, so if you have reasonably good credit, a job you’ve been in for at least 24 months, and you’re not in debt, take a look there. That’s a red carpet rolled out in front of the mortgage brokers’ office, and at the front door entrance is a sign that says, “Come in, partner. I’ve got the money, if you have time.”
Maybe you’ve been a renter by choice for a long time because of all the gossip you’ve heard around the water cooler at the office with friends who are itching to tell you all the war stories they fought with lenders when they got their first home. It will undoubtedly be the most serious and complicated paperwork process you’ll go through since you were born, but with the proper guidance from an experienced mortgage broker like Interference, you’ll be able to run 60 yards for a homebuying touchdown, without anyone putting you down. hand on top
The best thing a first-timer can do when buying something as important and monolithic as a house is to be informed. As mentioned above, the home loan process is confusing and complicated, which is all the more reason to have knowledge and professionalism holding your hand until the end when your lender finally hands you the keys to the house. However, before you jump on the first-time home loan bandwagon, there are several things you can do on your own to get to first base.
* What are the options for first time buyers?
* Am I qualified to buy a home?
* How do I choose the right lender?
* Should I keep renting or is 2011 my time to buy?
* What is the difference between a mortgage broker and a mortgage banker?
* Read all. Twice!
You can get all the education you’ll need to advance to third base by getting answers to these six questions. Then seek advice and allay any fears that may arise by using a mortgage broker.
If you currently own a home, there may come a time when you need some cash and your bank account is a little thin. There are two ways to get a quick cash injection, and that’s through a home equity loan or a home equity line of credit. The current lender that holds your existing mortgage is your best option because they already have most of your documentation stored in a loan filer. The common term used for a home equity line of credit is HELOC, and it’s usually a good option when you need money for a single purpose, like home renovations, a new car, or paying off credit card debt. The HELOC allows you to withdraw all the funds you need up to a certain debt ratio that is still shown on your first TD. Generally, a combination of a first and second mortgage will not exceed 75 to 80 percent of value. The more equity you have in your home, the more you can borrow. The repayment term usually ranges between 10 and 20 years.