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Blog Image: Benefits to Mortgage Debt

Benefits to Mortgage Debt

In order to buy a house, most Americans take on a mortgage loan. While debt is usually to be avoided if possible, when it comes to a mortgage there may actually be some financial benefits for borrowers. Liquidity If you dump all your extra funds into paying off your mortgage, you may be in a tight spot if you face a financial emergency. Family deaths, divorce and health traumas are just a few things that can quickly rack up enormous debts. If you do not have a sizable emergency save up and you have been sinking all disposable cash into your home, you may end up selling your home to pay f...

June 5th, 2019 | Debt, Credit, Mortgage, Benefits to Mortgage Debt

Blog Image: What is Mortgage Amortization?

What is Mortgage Amortization?

If you have a fixed-rate home mortgage, you pay the exact same amount each month. But did you know that the amount of principal you pay toward the balance of your loan changes from month to month? This is called amortization and it is a method of distributing the interest and principal over the course of a loan so that it is completely paid off by the end of the loan term. Understanding how it works could help save you plenty of interest on your mortgage. How does it work? When you agree to buy a house at a certain price, in reality, you will end up paying way more than that price to you...

May 8th, 2019 | Credit, Interest Rates, What is Mortgage Amortization?

Blog Image: Credit Score: 5 Things You Might Not Realize Play A Role

Credit Score: 5 Things You Might Not Realize Play A Role

1. Library FinesWhile holding onto your rented library book for a few extra weeks might not have seemed like a big deal at the time, it could have come with a cost. And if you opted to ignore that late fee, you may be hurting your credit score. Libraries can send overdue fines to collections, which can be reported on your credit score.2. Parking TicketsLike other fines, cities are more frequently turning unpaid parking tickets over to collection agencies, and that can have a huge impact on your credit score. Next time you get a ticket for parking a little too long outside of the doctors office...

February 9th, 2017 | 247, application, credit, home loan, baltimore, loan programs, maryland, millenials, mistakes, mortgage, interest rates, lenders, new, refinance, Credit Score: 5 Things You Might Not Realize Play A Role

How To Get The Best Interest Rate

Getting the best interest rate is important- the lower the rate, the more money you have in your pocket. Here are a few ways to ensure that you get the best interest rate for your mortgage loan:1. Improve your credit scoreKeep credit card balances low, make payments on time, and make sure you have a variety of credit.2. Improve your debt-to-income ratioTrying increasing the amount you pay on your loans. When possible, always pay above the minimum payment.3.Consider a shorter-term fixed-rate mortgageMost borrowers consider a fixed-rate, 30-year mortgage. If you are able to handle higher monthly...

January 25th, 2017 | 247, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, mortgage, interest rates, How To Get The Best Interest Rate

Blog Image: 4 Reasons to Buy a Home During the Holiday Season

4 Reasons to Buy a Home During the Holiday Season

Not many people like to uproot their family and go through the stresses of home buying and moving during the holidays, but some do. Here’s why they might just be doing it the right way…1. Less Market ActivityLots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage.  2. Motivated Sellers – People who are selling their homes over the...

December 4th, 2016 | 247, application, home loan, credit, lenders, loan programs, maryland, refinance, real estate, new, mortgage, millenials, 4 Reasons to Buy a Home During the Holiday Season

Blog Image: What Is The Difference Between A Pre-Qualification & A Pre-Approval?

What Is The Difference Between A Pre-Qualification & A Pre-Approval?

One mistake that home buyers commonly make is not getting a pre-approval.  Many home buyers believe that a pre-qualification is the same as a pre-approval, which is not true.A mortgage pre-qualification can easily be defined as an estimation of how much a buyer can borrow.  In many cases a pre-qualification is only as good as the piece of paper that it’s written on.  It’s fairly common practice that a mortgage lender who pre-qualifies a buyer asks them for information such as income, debts, and other assets without verifying the information.  If a buyer is not t...

October 23rd, 2016 | 247, application, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, new, mortgage, What Is The Difference Between A Pre-Qualification & A Pre-Approval?

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