FinanceDogma – Finance, loans, creditcard and mortgages

June 16, 2009

Mortgage

Filed under: Mortgage — Tags: , , — admin @ 11:51 am

Everyone’s talking about the housing market these days. I don’t have a mortgage or even own a house yet; I rent. Lots of people are choosing to rent now. It’s cheaper on a lot of people—especially families—and all of a sudden there are better deals to entice more people to rent, the number of sitting tenants has increased dramatically over the last year or so.

On the other hand, a lot more people are losing their houses. I see so many empty houses on the street with for sale signs in front. The houses are cheaper, too, for a fast property sale. The owners are trying to attract buyers that have plenty of money and want to make a cheap investment by renovating it later. Looking at the vacant homes, I can’t help but feel sorry for all the people who were facing property repossession and had to vacate. This has become a real issue for many people lately, displacing many families and disrupting even more lives.

April 14, 2009

Mortgage: What You Need to Know

Filed under: Mortgage — Tags: , , — admin @ 4:16 pm

A mortgage is something that every person will encounter at least once in life. Since advantages of owning homes seem incredibly great in the eyes of most people, they no longer consider simply renting. However, a lot of people fail in doing their research when it comes to the simple factors of mortgage and because of this, the process seems far more difficult than it should be.

The first thing you need to know is how long the payments for your mortgage will last. The overall interest of your mortgage loan is essential since it influences the amount of money that will go towards paying off your loan’s interest. Keep in mind that the lower your interest, the faster you will be able to pay off the entire mortgage and the lower the amount of money you will have to pay monthly. If finances are an issue when it comes to your mortgage, you may want to take a look at what FHA mortgage has to offer.

It would be very smart to choose a home that can only increase in value and grow home equity while you are at it. This is to ensure that you make a profit if you end up selling your home. However, there is never a guarantee to the value of homes and the increases that come therewith, so this factor is quite unreliable as it is out of your ultimate control.

If you live in Indiana, and you are looking for Indiana mortgage rates, there may also be additional rules to follow, but these are some factors that you should take under consideration in order to have a better comprehension on how to better utilize mortgages.

February 24, 2009

5 Different Ways Your Credit Affects Your Mortgage Application

Filed under: Mortgage — Tags: , , , — admin @ 4:05 pm

Getting your mortgage application approved is not easy. There are many things a mortgage lender will check before approving your mortgage application. Here is a list of 5 major factors that your credit have on your mortgage application.

* Past credit behavior
* Depth of credit history

* Current credit balances

* Number of credit line
* Number of credit inquires


Past credit behavior

You need to be punctual when paying back your loan. It is very important that your monthly installments are paid on time. Late payments will be shown on your credit report which will make it almost impossible to get your mortgage application approved.

Depth of credit history

Debt of history credit will show your mortgage lender the amount of time you have had credit. Each credit line that you have has a start date listed and it would be helpful for you if you have a credit that has been open for at least a year.

Current Credit balances

Current credit balances will show you how much of your different credit lines you are using up. Try to avoid reaching to close to your maximum credit balance because your credit may start to decline, which will make it harder to get your mortgage application approved.

Number of credit lines

This will show your mortgage lender the number of credits you have had in the past. It would be very useful if your previous credits have been managed successfully.

Number of credit inquires

Your mortgage lender will probably look at the number of credit inquiries you have made recently. The more you have – the lower your credit rating will be.

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