Month: November 2017

Searching for Down Payment Money Outside Your Own Pocket

We know how exciting it is to get the first set of keys to your very own house. But before you get there, you must get past one struggle that is common to most people who want to become homeowners  — the down payment. The mortgage down payment is an essential element in homeownership. It affects a lot of things in a mortgage. The higher the down payment, the more favorable the interest rate becomes. Also, the larger the down payment, the bigger initial equity you build. A down payment needs a fairly big amount of money. In most...

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Assemble a Team to Help You When Buying a Fixer-Upper House

Houses that are move-in ready are a lot more convenient thinking that you don’t have to worry about anything else other than moving in. However, these properties can be very expensive. What makes fixer-upper houses very appealing is the attractive price tag. With some repairs and renovations, you’ll have a home that can be as beautiful as a newly-built property. However, it is never easy to buy a fixer-upper. To make sure that you aren’t shortchanged of your money for purchasing the property, you have to determine if the house can truly be repaired back to its former glory. And if...

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Refinancing Demand is High. Is This the Perfect Time to Refinance?

Homeowners commonly choose to refinance for a variety of good reasons. Mostly, it is to score better mortgage terms–whether it is to lower your interest rate, shorten your term, remove mortgage insurance or any other personal benefit. According to recent news, refinances have been in high demand lately. THE HIGH DEMAND FOR REFINANCING Ellie Mae recently released the latest Origination Insight Report showing an increase in mortgage refinance loans. The October ’17 data reveals that refinances made up 39 percent of all closed loans; the highest refi percentage since February. Refinances have stayed steady or increased every month since spring. The facts don’t...

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S&P/Experian: Default Rates on First, Second Mortgages Rise in October

“For the first time since January 2017, the default rates for autos, bank cards and mortgages all rose together,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jow Indices, which together with Experian released their consumer credit default report for October. The default rates on first and second mortgages, bank cards, and auto loans rose last October, according to the S&P/Experian Consumer Credit Default Indices. This increase in all the four consumer credit products measured by S&P/Experian also led to an increase in the nationwide composite default rate by two basis points in...

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