Post Tagged with: "mortgage"

4 Reasons to Opt for a Mortgage

a couple looking at their new houseDo you happen to be among the elite with cash enough to buy property up front? If not, then you will be better off getting your newest asset financed by a bank. Learn the many advantages of using a mortgage to secure a house, a car or a business.

1. You do not have to be liquid.

If you have enough cash to get yourself your dream house, you can always aspire for one through a home loan in Portland.

You need not pay in full to acquire the property all because the bank will take care of the payment. All you have to do is comply with the requirements to get approved by the banker. Next thing you know, your loan is good to go.

2. You decide on the payment terms.

While it will be beneficial for you to pay the mortgage in a short period, you have the freedom to choose not to do so.

You could prefer to pay the loan amount for a longer period in case you do not have the right amount of cash. Besides, the bank will be earning more interests should you decide to stretch the period of payment.

3. You got different payment options.

What’s interesting about mortgages is that you have several options when it comes to payment. There’s the so-called monthly amortization that ideally covers part of the principal and the interest.

In some cases, you could opt to pay the interest alone every month and pay the principal in full on or before the entire obligation matures.

4. You get to secure competitive rates.

When you go for a home loan, you can anticipate competitive interest rates. You might want to check out the existing rate and see the trend whether it is wise for you to buy a property at the moment.

A lower rate would signal a good time to buy, while a higher rate would tell you to defer the purchase somehow.

With a mortgage on hand, you don’t have to pay your property in cash up front. Plus, you get to enjoy yourself with several options.

January 17, 2018 at 10:57 amFinance

Steps to Getting an Awesome Mortgage Deal

Mortgage loan agreement with keyWith lower unemployment rates and good job opportunities available today, many people are in an improved financial position to take a mortgage compared to the past few years. You can now get a home loan for as little as 3.5% interest over a 30-year period.

Before you join the growing number of people taking mortgages, here are some tips to help you get an excellent deal:

Evaluate Your Finances Before Viewing Houses

Most people take a mortgage in Sandy on a theory that their income will increase in time and make the monthly payments easier. It is always a smart idea to be frugal. Look at what you can afford on your current earnings. Learn to keep all your monthly debt payments below 36% of your monthly income.

Save Money For Your Down Payment

It is ideal to save up to 20% of the purchase price of your house and use it as a down payment. With this much of your home’s price in cash, you only need 80% financing. This will make your monthly mortgage payments more affordable and make you more appealing to lenders. You are also likely to get better interest rates with a 20% down payment.

Improve Your Credit Score

With a credit score below 720, a financial institution that is underwriting your mortgage will see you as a greater risk and assign you higher interest rates. To improve your score, pay your credit card balance in full and on time, and keep your balances to their limit. Improving your credit score may take time, but if you are consistent and patient, you will enjoy all the benefits when you take a mortgage.

Conduct a thorough research on your lending options before choosing a lender. You can work with a mortgage planner who will help you integrate the mortgage into your general financial picture. The planner will also assist you in getting all your paperwork in order.

September 29, 2017 at 8:52 amDirections