Archive for category Mortgage Advice
Simply Mortgages; The Next Generation of the Mortgage
Posted by Top Home Loans in Mortgage Advice on August 21, 2010
Mortgages are too Complicated
We hear you. Mortgages are way too complex, even for those in the industry. Our goal is to simplify the mortgage experience with Simply Mortgages. No rate shopping needed. No complicated math or rates. Just simply the best mortgage experience.
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- The Lowest Interest Rates
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- A Easy, Stress-Free Mortgage Process
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- No difficult Choices, a Mortgage Planner that knows what is right for you
We Fight the Bank, so you don’t have to
The banks what to keep you in debt forever, we want you to be debt free as quickly as possible.
We Make the Banks Compete for You!!
Our Proven Results
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No Complicated Applications
No need to answer a thousand questions, we just need to know simple information from you. Our applications are quick and easy. Please leave your information below to be contacted by a mortgage professional.
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Save your Mortgage from the Bank. Simply Mortgages can Help!
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How does your Credit Rating Effect your Mortgage?
Posted by Top Home Loans in Credit Information, Mortgage Advice on September 3, 2010
If your a good credit user, then you should have a rough estimate of what your credit score is. For many, they do not know what their credit score is; however, it is critical that you know what yours is because it can make many differences on your mortgage.
All banks have credit requirements. If you are under a certain requirement on your credit report, then the bank will not even consider you. The bank will just automatically decline your mortgage with no questions asked. Banks with the best rate will require a higher threshold for the client’s credit bureau rating. If you have a bad credit score, then you can usually still get approved for a mortgage, but you will have to pay a premium on your interest rate.
Credit Scores can Impact Programs you Qualify for
For many borrowers, they want to be approved for their mortgage while providing as little documentation that is required. It is a hassle to look for old income documents that you may no longer have, so it is easier not to have to collect these documents. If you have a higher credit score, then the bank can sometimes waive this condition; however, if your credit score is very bad, then you will need to collect your income documents everytime that you apply for a mortgage. It is best to keep your credit in good standing to avoid extra work.
Getting Approved, and being Declined
Credit scores have the greatest impact on whether you will be approved or declined for your mortgage. If your credit score is too low, then you won’t be able to get approved anywhere. The higher your credit score, the more doors you will have open and available to get your mortgage approved.
Special Programs, What are they?
Many mortgage insurers have special programs that you may want to take advantage of. These programs can range from renovating your property to getting discounts on your mortgage insurance premium. You want to be able to get access to as many programs as possible, so make sure that your credit rating is very strong.
A strong credit rating is essential to getting a mortgage approved. It is also essential to getting the best mortgage rates. Make sure that you are constantly improving your credit score.
What is your credit score rating? How do you keep your credit score at the level it is at? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
You don’t really Want a Mortgage; How to get rid of your Mortgage?
Posted by Top Home Loans in General Banking, Mortgage Advice on September 2, 2010
Most people, when they envision home ownership, they see a house, a mortgage, and bills. However, most people don’t think about not having a mortgage, and since they can’t see this, they can’t see them self without a mortgage.
This makes it very difficult for people to escape the concept of the mortgage. Some borrowers will refinance intentionally to prolong their mortgage. They won’t do this consciously; however, their subconscious needs the mortgage in place for things to make sense. If they don’t have the mortgage, then things don’t feel right.
The other effect is that people don’t know what to do with their money. Once they have their mortgage paid off, they see the extra money as decisions, and they would rather avoid decisions instead of having to make new decisions. They would rather just keep it on the mortgage, and continue to make their regular mortgage payments.
The trick is to have a plan and goals for the day that you have your mortgage paid off. This will give you something to look forward to instead of having something to fear.
How do you pay off your mortgage?
Paying off your mortgage seems like a huge challenge, but it can be overcome. The key is to set small manageable goals. The idea is to put more toward your mortgage payment per month. You would want to maximize the amount going towards your regular mortgage payments while minimizing your monthly expenses. This means cutting back on liabilities and focusing on your assets. You can start by reducing expenses that you don’t need and applying those savings towards your mortgage. The more you pay, the faster your mortgage will be paid in full.
The next way to pay down your mortgage faster is by increasing the household income. For many, it may be difficult to get a second job or there may not be any secondary employment opportunities; however, by working at home, on your free time, this can contribute towards paying down your mortgage. It may not seem like much, but every little bit counts when it comes to your mortgage.
Also, considering short-term rates and variable rates can usually lower your interest rates. Lower mortgage rates mean that more money is going to principle and less money to interest. Try to put as much money towards your mortgage at all times.
You don’t need a mortgage, and you would be better off without a mortgage. If you take the time to setup a strategy to pay off your mortgage faster, then your whole life will improve. You will find that paying off your mortgage is a lot easier than you think.
How did you pay off your mortgage? How long did it take you? Leave your response in the comments below.