TOP 10 THINGS TO DO WHEN BUYING YOUR DREAM HOME
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Category Archives: Plan For Home Ownership Article
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Is it better to go with a home mortgage of 15 years or 30 years?
There are pros and cons for each loan term. We will analyze a 30 year fixed and a 15 year fixed. A simple rule of investing, the shorter the duration of the loan (term), the lower the interest rate. This applies if all other elements are equal (loan amount, same […]
How does your credit score impact you financially?
Yes, your credit score does impact you financially. According to the US government agency, Federal Trade Commission, there are many ways you could be impacted financially. If you would like to read all the FTC details, use this link, Free Credit Reports Who may ask to run your credit report. […]
If I pay a VA 25 Year Mortgage off in 8 Years, will I have to pay a penalty? If not, will I get money back for paying it off so early?
VA loans do not have a prepay penalty. Pay off as fast as you like. You will not get money back. But, you will avoid paying interest. Another benefit, you will be able to use your full VA entitlement to purchase another owner occupied property. Maybe you like your current […]
A nearby foreclosed house was bought 10 years ago with a 400k mortgage, and now the bank has foreclosed it and says its mortgage debt is 600K+. How can this be?
Is this possible? Yes. Let’s use your example, a 400K mortgage ten years ago. Let’s assume the homeowner stopped making mortgage payments 3 years into the process. So, the last 7 years, mortgage payments were not being made. Don’t forget, there are penalties for late payment or non payment. So, […]
What is a soft credit check?
What is soft credit score check? I will add a question. What is hard credit score check? Let’s start with the latter. A hard credit score check is when your credit report is run. To be more specific, you authorized your credit report to be run. This will result with […]
How can I ensure I’ll get approved for a mortgage?
How can I ensure I’ll get approved for a mortgage? The short answer, apply for a mortgage. If approved for the loan, this should ensure your status. Interpreting your question a different way, you may be asking, what is the minimum amount of hassle (aka: borrower data collection) to qualify for […]
How do I get approved for a home loan in Orange County
How do I get approved for a home loan? Simply contact a lender or broker. Get answers to your questions up front. If that goes well, start the application process. Otherwise, try a different lender or broker. So, the loan application is complete. Now What? The lender or broker should […]