14 Aug 2024
By 24hr Mortgage

What is a Flex Payment Mortgage?

Mortgage, ,
Understanding your options when shopping for a mortgage is crucial to making the best financial decisions. One option that is not well known is the Flex Payment Mortgage. But what exactly is it, and how can it benefit you? Understanding the Basics First and foremost, a Flex Payment Mortgage is a type of home loan that offers borrowers the flexibility to adjust their monthly payment amounts. Unlike traditional mortgages with fixed monthly payments, this mortgage type allows you to choose from several payment options each month. These options typically include a minimum payment, an interest-only payment, a fully amortizing payment,…
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13 Aug 2024
By 24hr Mortgage

Getting a Mortgage After Chapter 13 Bankruptcy

Bankruptcy History, ,
Filing for Chapter 13 bankruptcy can be a challenging experience, but it doesn't mean the end of your dreams of homeownership. While the path to securing a mortgage after Chapter 13 might seem daunting, with careful planning and dedication, it's entirely possible. Here’s how you can prepare yourself for a successful loan application and rebuild your dream home. Understanding Chapter 13 Bankruptcy First and foremost, it's essential to understand what Chapter 13 bankruptcy entails. Unlike Chapter 7, which involves liquidating assets, Chapter 13 allows you to create a repayment plan to pay off your debts over three to five years.…
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12 Aug 2024
By 24hr Mortgage

What’s Ahead For Mortgage Rates This Week – August 12th, 2024

Financial Reports, ,
With so little in the way of data releases following the previous week's FOMC Rate Decision, we’re left with a small release schedule with Consumer Credit and U.S. Trade Deficit rounding up the reports. While relatively light indicators of the current health of the economy, they are still useful for determining more impactful trends in the future. Next week, the inflation data reports with the CPI and PPI are the ones to look out for. This time, these are the ones that will largely determine whether we see rate cuts this year, and lending partners have already been lowering rates…
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09 Aug 2024
By 24hr Mortgage

Exploring Alternative Paths to Homeownership

Home Buyer Tips, ,
Purchasing a home is a significant milestone, and traditional mortgages aren't the only route to achieving this dream. For many homebuyers, especially those who may face challenges with conventional financing, exploring alternative financing options can be a game-changer. We will discuss three creative financing options: rent-to-own, lease-purchase agreements, and shared equity arrangements. Rent-to-Own: Bridging the Gap to Homeownership First and foremost, let's discuss rent-to-own arrangements. This option allows potential buyers to rent a home to purchase it after a set period. During the rental phase, a portion of the monthly rent may go toward the future purchase price. This method…
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08 Aug 2024
By 24hr Mortgage

Understanding Foreclosure and How to Avoid It

Foreclosure, ,
As a homeowner, the thought of foreclosure can be daunting. Understanding what foreclosure is and how to prevent it can provide peace of mind and safeguard your investment. What is Foreclosure? Foreclosure is a legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments. The lender forces the sale of the asset used as collateral for the loan—in this case, your home. How Does Foreclosure Work? The foreclosure process typically begins after several missed mortgage payments. First, the lender issues a notice of default, giving you a certain period…
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07 Aug 2024
By 24hr Mortgage

Mortgage Insights: What You Need to Know About Financing a Fixer-Upper

Home Financing Tips, ,
Buying a fixer-upper can be a strategic way to acquire a home below market value while customizing it to fit your needs. However, the financing process for these properties requires a bit of extra insight. As a loan officer, I’m here to guide you through the key mortgage considerations for purchasing a fixer-upper and help you secure the right financing to make your renovation dreams a reality. Explore Specialized Loan Options When it comes to financing a fixer-upper, traditional mortgages often fall short. Here are a few specialized loan options designed to address the unique needs of these properties: FHA…
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