06 Nov 2019
By 24hr Mortgage

3 Positive Reasons To Get A 15-Year Mortgage

Mortgage, ,
Most people can't pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag. People who have a stable career and the income to afford larger payments, or who are nearing retirement, may want to take out a 15-year mortgage. Here are some reasons to consider one. Save Money Over The Life Of The Loan The total interest paid on a 30-year loan can be nearly as much as the principal. While it can be difficult to see the bigger picture when facing a…
Read More
05 Nov 2019
By 24hr Mortgage

How Does My Existing Debt Affect Getting A New Mortgage?

Mortgage, ,
Carrying debt is a common problem that people have. Some of the most common types of debt include student loans, credit cards, and motor vehicles. When you are interested in buying a new home, you often think about whether or not your debt is going to hurt your chances of qualifying for a new mortgage. Fortunately, you may still get a new home with that debt. There are several factors that may determine whether or not you qualify. Your Debt to Income Ratio The debt to income ratio is a major factor that the mortgage lender is going to consider…
Read More
30 Oct 2019
By 24hr Mortgage

What is Owner Financing When Buying A Home?

Mortgage, ,
There are many options when it comes to taking out a loan on a new home. One of the options that people might have heard about is called owner financing. In general, the property owner takes the place of a traditional lender. Instead of someone taking out of a loan from a bank or a credit union, they take out a loan from the owner of the property. Similar to a traditional loan, the buyer will make payments to the seller over a period of time with a certain interest rate. The Structure Of Owner Financing If someone elects to…
Read More
29 Oct 2019
By 24hr Mortgage

Common Reasons Why Buyers Are Denied A Mortgage

Mortgage, ,
When you are buying a new home, it is an exciting process. You have spent months searching and have found the home you want to purchase. You are ready to move into the home of your dreams.  Unfortunately, you have found out that your request for a mortgage has been denied. This can be a deflating experience. Fortunately, there are ways to avoid this by understanding the most common reasons why a buyer is denied for a loan. The Loan Requirements Have Changed One of the most common reasons why you might be denied a mortgage is that the terms…
Read More
25 Oct 2019
By 24hr Mortgage

3 Ways To Avoid Mortgage Insurance

Mortgage, ,
When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan. Unfortunately, if you are asked to purchase PMI, this will increase your monthly mortgage payment. Therefore, most…
Read More
18 Oct 2019
By 24hr Mortgage

How To Get Your Free Annual Credit Report And Why You Need It

Mortgage, ,
Your credit report influences whether or not you'll qualify for a mortgage and what kind of interest you'll pay on that loan. This isn't something you can safely ignore. Smart homebuyers understand the importance of monitoring credit scores and credit reports. Here is some information about how to get your credit report. Free Credit Report Available You're entitled to free credit report, according to the Fair Credit Reporting Act. You can get one free report each year from each of the three major credit bureaus; Experian, Equifax and Transunion. The easiest way to get your free report is to go…
Read More