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Benefits to Mortgage Debt

In order to buy a house, most Americans take on a mortgage loan. While debt is usually to be avoided if possible, when it comes to a mortgage there may actually be some financial benefits for borrowers. Liquidity If you dump all your extra funds into paying off your mortgage, you may be in a tight spot if you face a financial emergency. Family deaths, divorce and health traumas are just a few things that can quickly rack up enormous debts. If you do not have a sizable emergency save up and you have been sinking all disposable cash into your home, you may end up selling your home to pay f...

June 5th, 2019 | Debt, Credit, Mortgage, Benefits to Mortgage Debt

What Is The Difference Between A Pre-Qualification & A Pre-Approval?

One mistake that home buyers commonly make is not getting a pre-approval.  Many home buyers believe that a pre-qualification is the same as a pre-approval, which is not true.A mortgage pre-qualification can easily be defined as an estimation of how much a buyer can borrow.  In many cases a pre-qualification is only as good as the piece of paper that it’s written on.  It’s fairly common practice that a mortgage lender who pre-qualifies a buyer asks them for information such as income, debts, and other assets without verifying the information.  If a buyer is not t...

March 14th, 2017 | annapolis, brokers, buy new, credit, lenders, loans, mortgage, new home, real estate, refinance, pre approval, pre qualification, What Is The Difference Between A Pre-Qualification & A Pre-Approval?

Three Things You Want to Avoid in the Mortgage Process

Ready to buy your dream home? Have you chosen your mortgage lender yet? You are much more likely to get mortgage-approved if your bank statements are clear of these three things:1.  Bounced checksIf your checking account is littered with multiple overdrafts or non-sufficient funds charges, underwriters are likely to conclude that you’re not great at managing your finances.Mortgage rule-making agency Freddie Mac says that additional scrutiny is required when bank statements include NSF fees.FHA loans require lenders to manually re-approve borrowers with NSFs, even if the borrowe...

March 12th, 2017 | annapolis, brokers, buy new, credit, lenders, loans, mortgage, new home, real estate, refinance, Three Things You Want to Avoid in the Mortgage Process

Credit Score: 5 Things You Might Not Realize Play A Role

1. Library FinesWhile holding onto your rented library book for a few extra weeks might not have seemed like a big deal at the time, it could have come with a cost. And if you opted to ignore that late fee, you may be hurting your credit score. Libraries can send overdue fines to collections, which can be reported on your credit score.2. Parking TicketsLike other fines, cities are more frequently turning unpaid parking tickets over to collection agencies, and that can have a huge impact on your credit score. Next time you get a ticket for parking a little too long outside of the doctors office...

March 9th, 2017 | mortgage, loans, new home, annapolis, lenders, brokers, real estate, credit, refinance, buy new, Credit Score: 5 Things You Might Not Realize Play A Role