20 Feb 2025
By 24hr Mortgage

To Finance Or Not To Finance

Home Buying Tips, ,
Deciding to finance a new home can be exciting, and because of that buyers tend to want to jump right in. Not so fast! Before you start searching for your dream home, you need to get pre-approved and that means applying for a loan. You will need to get things in order by deciding how much home you can afford, mapping out your expenses, gathering all of your documents and then start looking for a lender that can help you decide what loan is best for you. Some Pros of financing a home are: ?       Buyer builds equity in the…
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13 Feb 2025
By 24hr Mortgage

How Obtaining a Mortgage Can Impact Your Credit Score

Home Buyer Tips, ,
When considering homeownership, many potential buyers wonder: Will getting a mortgage help my credit score? The answer is yes—if managed correctly. A mortgage is a major financial commitment, but it can also be a powerful tool for building and maintaining strong credit. Here’s how a mortgage can affect your credit score and what you should keep in mind. Building Credit with On-Time Payments One of the most significant factors influencing your credit score is payment history. Mortgage payments, like other loans, are reported to credit bureaus. Making your payments on time and in full each month demonstrates financial responsibility and…
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11 Feb 2025
By 24hr Mortgage

Avoid These Costly Mortgage Mistakes

Home Mortgage Tips, ,
Buying a home is one of the biggest financial decisions you’ll ever make. While it’s an exciting milestone, the mortgage process can be complex, and simple mistakes can cost you thousands of dollars or even derail your homeownership dreams. To ensure a smooth home-buying journey, here are some of the most common mortgage pitfalls—and how to avoid them. 1. Overextending Your Budget It’s tempting to fall in love with a home that stretches your budget, but committing to a mortgage that’s beyond your financial comfort zone can lead to long-term stress. Lenders may approve you for a higher loan amount…
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07 Feb 2025
By 24hr Mortgage

How Can I Get Removed from a Mortgage as a Co-Signer?

Home Financing Tips, ,
Being a co-signer on a mortgage can be a significant financial commitment, one that you might not want to maintain indefinitely. Whether your circumstances have changed, or the primary borrower is now in a position to manage the loan independently, it’s understandable to want to remove your name from the mortgage. While the process can be complex, there are several pathways to achieve this goal. Here's what you need to know.Understanding the Role of a Co-SignerWhen you co-sign a mortgage, you’re essentially taking on joint responsibility for the loan. This means that if the primary borrower defaults, you are legally…
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28 Jan 2025
By 24hr Mortgage

What to Do If Interest Rates Drop After Getting a Mortgage

Home Mortgage Tips, ,
When securing a mortgage, buyers aim to lock in the best possible interest rate. But what if interest rates fall after you’ve closed on your loan? Are you stuck with your current rate? The good news is that you may have options, whether your loan is brand-new or you’ve been paying it off for a while. Here are three ways to take advantage of lower rates. 1. Explore a Float Down Option Many borrowers choose fixed-rate loans for stability—they protect you from rising rates. However, if rates drop, your fixed rate stays the same. This is where a float down…
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22 Jan 2025
By 24hr Mortgage

How Can You Prepare Your Finances for a Mortgage?

Home Mortgage Tips, ,
Dreaming of owning a home? Preparing your finances for a mortgage is key to making that dream a reality. Here’s how to get started: 1. Create a Budget Understanding how much you can afford is the first step. Review your monthly expenses and set a target mortgage payment that aligns with your budget. For example, if you’re comfortable paying $1,200 in rent, aim for a mortgage payment around that amount. 2. Save for a Down Payment Start building your savings for the down payment. If you’re buying a $300,000 home and plan to put down 5% ($15,000), saving $500 per…
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