Understanding Loan Terms

Understanding Loan Terms

  • Things To Know About Mortgages For The First-Time Buyer

    Getting ready to buy your first home is an exciting process, but you shouldn't be so focused on the house itself that you neglect to put enough time into securing your mortgage. For a first-time buyer, the process of obtaining a mortgage might seem a little daunting — but it doesn't have to be. It's generally a good idea to get pre-approved for a mortgage before you actually start looking seriously at buying a house.

  • Three Things To Think About Before You Start Looking For A House

    Most people who are looking to buy a house will simply start shopping, but there are several things you need to think about or do before you start looking. The following are among the most important. Think about a 15-year mortgage Although most people take out a 30-year mortgage, there are certain advantages to having a 15-year mortgage, so you should take the time to consider them before you assume that a traditional 30-year mortgage will be best for you.

  • How You Can Save Money By Taking A Shorter-Term Home Loan

    When you start looking for the right mortgage loan, you may want to consider taking a shorter-term loan if you want to save the most amount of money. If you choose this option, you will save money; however, your monthly payments will be higher, because you will be paying off the same amount of money in less time. Here are three ways you will save money, though, by taking a shorter-term loan.

  • Why A Rehab Loan Is A Great Option If You Want To Buy A Fixer-Upper

    If you have a lot of knowledge with repairing homes, you might be interested in buying a fixer-upper. By doing this, you can find a cheap home to buy and fix it up yourself, which is an affordable way to renovate a home. This can be a great way to save money on a home, but you might encounter a problem borrowing enough money to buy the house and remodel it.

  • 2016: The Year the Mortgage-Insurance Tax Deduction Is Set to Expire

    The mortgage-insurance tax deduction was set to expire at the end of 2015, but it was extended for another year. Many homeowners can reduce their taxable income for 2016 by including mortgage insurance as an itemized deduction. The original impetus for the mortgage-insurance deduction was the economic downturn of 2006. The deduction was intended to help stimulate the sluggish real-estate market. At first glance, it's easy to assume that the deduction might apply to mortgage insurance on all home loans.

  • About Me

    Understanding Loan Terms

    When I started my own company, I knew that I needed a little business capital and fast. In an effort to raise money, I worked with various lenders to discuss loans, financing, and special terms. Unfortunately, I quickly discovered that not every loan was created equally. Some loans had almost predatory terms like high interest rates and penalties, while others were completely fair. Fortunately, a business consultant of mine taught me about loans and financing, so that I could make better choices in the future. The information on this blog saved my business, and I know that it can help yours too.