Bridge Loans: What You Need To Know

Are you in the process of selling your home? You probably want to buy a new one right now to ensure you have another house to move into, but what happens if you do not have the cash to buy a home right now? You might need to cash from your current home before you can purchase your next home, but can you really wait to sell your house before buying another one? A bridge loan can help you fix this issue. What is a bridge loan, and how does it work? What Is A Bridge Loan? A bridge loan has…
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A Reverse Mortgage And A Home Equity Conversion: What To Know

If you are getting ready to retire, you need to make sure you have income to support yourself during your golden years. One popular option is a reverse mortgage, and you can use it to supplement the benefits you receive through Social Security. On the other hand, you may have also heard about a home equity conversion mortgage. What are the differences between them, and which one is right for you? A Reverse Mortgage A reverse mortgage is a popular option because you can tap into the equity you have in your home to receive funds from a specific lender.…
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Why Should You Consider Getting An Adjustable Rate Mortgage?

If you are planning on buying a house in the near future, you have probably seen that there are multiple options available. You might even be considering an adjustable-rate mortgage, usually shortened to ARM. While many people opt for a fixed-rate mortgage, there are a few reasons to consider an ARM as well. What are some of the top advantages to keep in mind? A Lower Initial Payment One of the biggest reasons why many home buyers consider an adjustable-rate mortgage is that you get a lower initial payment. Often, the ARM's interest rate is lower than the fixed-rate interest rate…
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Manage These 3 Items Before Applying For A Mortgage

Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting.  Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer. To this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process. Manage Debt And Credit Levels For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit.…
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Short-Term Vacation Rentals: What To Know

If you are interested in purchasing a rental property, you might want a short-term rental that you can use as a vacation home. This can be a great way to generate some additional income, and you might be able to make thousands of dollars every week if you purchase a property in the right location. On the other hand, there are several important factors you need to consider before you purchase a rental property.  The Marketing Process You are only going to make money on your rental property if you can convince people to stay there. Why would someone decide…
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What Are The Benefits And Drawbacks Of Putting 20 Percent Down On A Home Purchase?

Several generations ago, lenders required home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn't save this substantial amount, the reality was that for the majority of people, the 20 percent down was a requirement. It was the way to show that you were financially responsible enough for homeownership. And it was a strong way that the banks felt secure in making a home loan. Today, however, homebuyers have many options available to them as they shop for a new home, and those…
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The Top Benefits Of A Single Close Construction Loan

If you are thinking about building your own home, you might be wondering how construction loans work. There are plenty of options available, but one of the most popular choices is a single-close construction loan. This type of loan allows you to close on not only the construction expenses but also your financing costs at the same time. Essentially, a single-close construction loan will convert into your mortgage after the construction on your home is finished. What are some of the top benefits of this type of loan? Save Time One of the first benefits of a single-close construction loan…
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