September 2018

Found 4 blog entries for September 2018.

How to Apply for a Jumbo LoanWhen borrowing money in the form of a mortgage to buy a home, there are many mortgage choices. However, many of those mortgage choices have maximum loan amounts that limit the size of a mortgage to a particular amount. This is where a jumbo loan comes into play. A jumbo loan is a mortgage that has (technically) no upper limit as to the amount of the money to be loaned in the form of a mortgage.

However, jumbo loans have different conditions than traditional loans, which means home buyers may need to adjust their financial strategy to meet the additional requirements of their lender. An approval on a jumbo loan used to be far more difficult to obtain than it is today but that doesn't mean it's easy to be approved for one. Before buyers begin

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Understanding Home Interest RatesWhen buying a home with a mortgage, there are many factors that come into play that effect the monthly mortgage payment. One of the most important is the mortgage interest rate. The interest rate each individual home buyer receives is based on a variety of financial data, such as the buyer's credit score, assets, and debt. Home buyers should understand the basics behind interest rates and amortization formulas, but they should also know about the other factors that can help or hurt them when it comes to paying off their debt - prior to obtaining a mortgage.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Amortization Basics

Amortization formulas tell

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What to Do If You Need to Defer Your Home MaintenanceTo defer maintenance on a home is to postpone necessary upkeep or repairs. At times, deferred maintenance is unavoidable due to financial or time constraints, but it's easy for homeowners to get carried away when it comes to putting off their to-do list. They may gravely underestimate just how important the repairs are to the integrity of the home. Here's how to mitigate the long-term consequences of deferred maintenance.

Understand the Consequences

Postponing repairs is primarily a safety issue at its core, but it's also a financial one as well. Experts claim that homeowners can spend up to four times as much on deferred maintenance than on the original repair. If wiring needs to be replaced, the home will be prone to electrical fires. If

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Can You Use the Money In a 401K to Buy a Home?Getting together the money to make a down payment on a home can be difficult for many home buyers. In fact, for some the down payment makes buying a home prohibitively expensive. Fortunately, there are options. Having a 401K of significant value can be very helpful, under the right circumstances. Home buyers who are having a hard time getting together their down payment should be aware of the various ways that they can use their 401K to buy a home.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Can You Take Money Out of Your 401K to Make A Down Payment?

Yes, in most cases, a home buyer can take money out of their 401K to make a down payment on a home

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