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Month: November 2017

Obtaining A First Mortgage For Investment Property

As the name implies, a first mortgage for investment property is simply the first loan that is issued for the property. When you purchase a piece of real estate, the loan that you receive as financing is also known as a first mortgage. Before you apply for a first mortgage for investment property, it's a good idea to obtain a copy of your credit report and confirm the accuracy of the information listed therein. Every 12 months, you are entitled to receive a free copy of your credit file from each of the three credit reporting agencies, including Equifax, Experian and TransUnion. The best way to choose a lender for your first mortgage for investment property is to shop around. Compare interest rates, required down payments and other loan terms in order to find the best fit. When you speak to a lender regarding a first mortgage, they will explain the required down payment, invite you to fill out a loan application, access your credit file and possibly even provide you with a loan decision within hours. In most cases, a lender will require a down payment ranging from 20-35% for investment properties. Depending on your credit history, you may be asked to pay a slightly higher down payment than average. Because the purchase will not be used as a primary residence, the loan term will likely be shorter...

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What You Need to Know about Mortgage Refinance

Securing a mortgage is seen to be the best alternative in buying a new home without the need to pay the full value immediately. Many homeowners purchased their home using a mortgage, and it is normal in most countries, especially in the United States. The average cost of owning a modest home is estimated at $ 300,000- $ 400,000. The cost alone of the home itself (minus real property tax and other clearances) is too heavy for an ordinary individual to shoulder. Thus, these mortgages provide a way for ordinary individuals to own a new home. However, there are instances when you think of refinancing your mortgage , especially if the mortgage you secured cost you more (higher monthly payments, higher interest payments, unstable interest rate). In the United States alone, an average American homeowner refinancing his home mortgage every 4 years. Their budgets are changing every 4 years, and such changes comes into the form of higher salary, better credit, or having more equity in their present home. Once such changes happened, many homeowners refinance their mortgages so that they will be able to take the advantage of their new financial situation. Their new financial situation often provides several advantages for homeowners in refinancing their present mortgages. These include the following: 1) Better interest rate If your financial picture has changed over the recent years (higher or improved...

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What You Need to Know about Mortgage Refinance

Securing a mortgage is seen to be the best alternative in buying a new home without the need to pay the full value immediately. Many homeowners purchased their home using a mortgage, and it is normal in most countries, especially in the United States. The average cost of owning a modest home is estimated at $ 300,000- $ 400,000. The cost alone of the home itself (minus real property tax and other clearances) is too heavy for an ordinary individual to shoulder. Thus, these mortgages provide a way for ordinary individuals to own a new home. However, there are instances when you think of refinancing your mortgage , especially if the mortgage you secured cost you more (higher monthly payments, higher interest payments, unstable interest rate). In the United States alone, an average American homeowner refinancing his home mortgage every 4 years. Their budgets are changing every 4 years, and such changes comes into the form of higher salary, better credit, or having more equity in their present home. Once such changes happened, many homeowners refinance their mortgages so that they will be able to take the advantage of their new financial situation. Their new financial situation often provides several advantages for homeowners in refinancing their present mortgages. These include the following: 1) Better interest rate If your financial picture has changed over the recent years (higher or improved...

Read More