E-mail :

Password :

Forgot Password? | Sign up for Free

5 Tips for a Better Mortgage in 2017

Posted by : Premraj | Posted on : Thursday, May 4, 2017

house on calc
SHARE THIS
FACEBOOK

It’s a well known fact that mortgage rates were the lowest they’ve ever been historically speaking in 2016. However, rates have spiked around the latest US elections which resulted in Donald Trump’s inauguration as president as the United States of America. But mortgages are still low, even though a bit higher than in 2016. So who can tell what 2017 will bring in terms of mortgage rates? It’s better to be safe than sorry, so here are five helpful tips if you want to have a better mortgage in 2017.

1 Got Imperfect Credit? The FHA Can Help!

Let’s face it, not all of us are proud to say they’ve got a perfect credit score on their hands. Truth be told, more often than not, people are faced with the issue of imperfect credit. However, if you’re looking to take out a loan, the Federal Housing Administration can help you get a mortgage with a down-payment that is as low as 3.5 perfect. Pretty cool, right? The FHA asks their applicants to have a credit score of just 580, and the national average is actually of 686.

2 Reserves, Reserves, Reserves                          

Depleting your savings in order to provide a down-payment for your mortgage is something most lenders don’t agree with. This is why it’s advisable that you have some savings in the form of reserves such as assets that can be easily sold, or even straight-up cash. This is a demand that most lenders will have, so be prepared and don’t make the rookie mistake of depleting your savings accounts just yet.

3 Refinance to a 15-Year Loan

It’s no secret that most people go for the dreaded 30-year loan when getting a mortgage. This type of loan is generally appealing because it allows you to pay out the loan over a larger period of time. However, 15-year loans have lower interest rates, and are actually overall a whole lot easier to pay out. Therefore, you should consider refinancing to a 15-year loan in 2017.

4 Mortgage Buyers

If you know a bit about mortgages, then you’ve probably heard of note buying companies, such as American Equity Funding. Selling your mortgage note to such a company has quite a few advantages, such as the fact that it’s quick, easy and saves you a whole lot of money. On top of that, you can also maximize your gains by asking mortgage buyers for help. All in all, it’s quite a win-win situation.

5 Find Out if You’re Eligible for a VA Loan

If you meet certain conditions, you might be able to get a VA loan on your mortgage. This is the best deal you can get, so make sure you can apply for one. Good luck!

Comments : Post a Comment | Category : Buying Home, Mortgage | Tags :
Break your big budget items to small line items

A few years ago Cracked.com published an article about the five worst habits people develop when they grow up poor. Among them was the fact that people on strict budgets often make purchasing decisions based on the price of an item at that moment and not how much the item will cost/save over the long [...]

Read More >>

kids1

If you have young children at home, you know that finding the time to work, spend quality time with your children, and still get all your day-to-day errands done can be quite a challenge. Feeding your kids, reading to them every night, and making sure they’re groomed and ready for school or daycare is extremely [...]

Read More >>

teens

Working on your monthly budget can seem like a lot of work and is not likely to be something that is at the top of your list.  Once you are out of high school and into college, there will be less time for making money as you spend more of your time studying to earn [...]

Read More >>

student

One of the first reactions parents have when they hear their son or daughter is in trouble at college is disbelief. Not only do they want to see the best in their child but they’ll also think back to when they were at college and all the silly things they did – so, what’s the [...]

Read More >>

savings

While much media attention focuses on big businesses, smaller firms are actually the bedrock of the American economy. US Census Bureau data shows that 99.7 per cent of businesses have fewer than 500 workers, while 89.6 per cent of businesses have fewer workers than that. As a nation, therefore, we need these businesses to thrive. [...]

Read More >>

credit-card

There are a lot of people out there that will tell you that you should avoid credit cards at all costs. While that may be a nice thought, it rarely turns out to be practical advice. This is not to say that you need a ton of credit cards so you can always have the [...]

Read More >>

will3

It is all too easy to take a pessimistic view of your lifestyle options when you are trying to make ends meet on a frugal budget but even if you do happen to be what you might call fiscally-challenged, there are plenty of ways to get more bang for your buck. Here are some tips [...]

Read More >>

Honda Jazz

There probably aren’t that many of us who drop our car off at the local auto repair center or dealership without having more than a moment of anxiety over how much the bill is going to be when you collect it again. You couldn’t be without your car for the convenience it provides but it [...]

Read More >>

Accounting

We all have dreams of buying a new home, a bigger car, a dream vacation and more. How does a frugal saver manage to handle such large purchases? The first thing many people would think of is charging their credit card or taking out a loan, but it makes much more sense to save money [...]

Read More >>

Buying New Car and Save Extra Bucks

It is all too easy to be blindsided by the badge and motivated by the model that offers you loads of hi-tech gadgets as part of the spec, but if you want to be a savvy car buyer a key aspect of your decision-making process should be affordability. Here are some sensible tips and strategies [...]

Read More >>

Free Budgeting software to better manage your money

Register for FREE, Learn More or Watch the Video