What to do to Qualify for a Mortgage Loan

May 04, 18 What to do to Qualify for a Mortgage Loan

Posted by in Financial Services

In simple terms, your mortgage represents the biggest and most meaningful financial decision of your life. It’s essentially a payment that helps you buy a house, considering the price for houses is steep nowadays. Loans are important if you’re going to buy a house, so you probably want to know what it takes to get one. So, if you’re looking for a home mortgage loan in Charlotte NC, here are the prerequisites you need to meet beforehand. #1. Strengthened credit. The thing about your credit score that most companies don’t tell you is that it’s a signifier to lenders about how much they can trust you to pay back what you owe. As such, the lower your score, the harder it will be when searching for a mortgage, and the higher your interest payment will be. Examine your credit score. You should be looking for the ideal score of somewhere in the mid-700’s. Have someone check your score for any errors and then see if you need to bring up your score. A good way to do that is to not get a new credit card before applying and to limit your usage of the card you have. #2. Know your budget. All of this is for naught if you don’t know what you can or can’t afford. The average person doesn’t actually pay the entire price unless that price is incredibly reasonable. Usually you pay about 10 percent of the overall price and opt for a 30-year fixed rate mortgage. If you play your cards right, you can get out of what would otherwise be hundreds of thousands in interest. The trick is to look for a home that costs little more than 2.5 times what you make per year. Saving up is the key. If you want the best mortgage lenders Charlotte has to offer, look no further than LoanSimply. Be the first to...

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Top Reasons You Should Refinance the Mortgage on Your Home

Feb 13, 18 Top Reasons You Should Refinance the Mortgage on Your Home

Posted by in Financial Services

Have you been considering refinancing the mortgage on your home? Perhaps, you are on the fence about having your home refinanced and not sure if it is the right choice for you. It can be difficult to know whether you should apply for refinancing, however, depending on today’s rates and your current financial circumstance. Applying for refinance home mortgage loans in Maryville can be a wise investment you can make when you refinance your property. If you can secure a lower rate on your loan, it can be financially beneficial for you. Benefits of Remortgaging Your Property You can consolidate your debt by refinancing your home; which could help improve your credit score. When you have equity built up in the home, and you apply for a loan with a lower rate, you can use the money to make improvements to your home to increase its value. Refinance home mortgage loans in Maryville provides you with the opportunity to lower your monthly payments and reduce how much interest you pay. You can secure a fixed-rate loan if you currently have an adjustable-rate that can fluctuate depending on the market. Provides you with the opportunity to shorten your loan and help you pay it off faster. Lowering your rate can help meet your financial goals. Find the Right Loan for You with a Trusted Bank Lender Visit your community bank to learn more information on the type of loans that are offered. A loan specialist can assist you in determining which refinancing option would best benefit you and how you can start saving money on your loan payment. Whether you want to lower your payments or make home improvements, refinancing your property can be financially beneficial for you. Be the first to...

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An Overview Of A VA Home Loan Refinance

Sep 25, 17 An Overview Of A VA Home Loan Refinance

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Qualifying veterans and active-duty service members that currently have a VA home loan will be able to qualify for a VA home loan refinance. This is a great option to take advantage of lower interest rates or to have access to cash through the program that is completed in a simple and streamlined process. The Interest Rate Reduction Refinance Loan The VA offers two different options with their VA home loan refinance program. The more traditional option is the interest rate reduction refinance loan or more simply the IRRRL. This is not a cash loan option; rather it is used by current VA home loan holders to reduce interest rates. With the reduced interest rates, there will be lower monthly payments as well as lower payments over the term of the loan on total interest. As the refinance is on a home with a current VA loan, there is very limited paperwork required. Often this can be completed without the need for a home appraisal or survey and just requires identification, disclosures, and proof of homeowners’ insurance to complete the process. Cash-Out Refinance With the cash-out VA home loan refinance the homeowner is interested in a cash payment from the home. This cash is then used in any way the homeowner desires, often to make improvements, pay bills or make other major purchases. As with the IRRRL, this type of VA loan refinance will also result in a lower interest rate. This option will require documentation, like the IRRRL, but it will require a home appraisal to determine the actual value of the home and property to establish the cash-out amount offered. Both options through the VA home loan program allows for all costs associated with the refinancing option selected to be rolled-over into the loan total and paid off over time with the fixed monthly mortgage payments. To discuss your options or to ask about the VA home loan refinance offered through Guaranteed Rate, give us a call today. Be the first to...

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Three Ways Credit Repair In Palm Bay FL Can Help Restore Financial Stability

Sep 06, 17 Three Ways Credit Repair In Palm Bay FL Can Help Restore Financial Stability

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Credit is needed for nearly every financial transaction, from renting or buying a home to leasing a new vehicle. If a person has less than perfect credit, it could cause them to be denied a loan, or require them to pay a large sum of money for a down payment. The process involved with Credit Repair in Palm Bay FL can be daunting, but a debt counselor can make sense of the process and help a person restore their credit. Debt Evaluation To begin, a credit counselor will need to evaluate a person’s current financial situation. It is important to provide them with a copy of any bills, and they will also pull the person’s credit to look for any other items that may be present that can be the cause of a lower than normal score. Once they determine the issues that are present, they will then formulate a plan to help eliminate debt and increase a person’s score. Debt Disputes Any outstanding debt that may have gone to collections can cause serious issues with a credit score, and lead to a drop of up to 40 points per occurrence. One of the most crucial steps of credit repair in Palm Bay FL is to dispute this debt to ensure that it validly belongs to the individual. If the collection agency cannot prove the ownership of the debt, then they can be forced to remove it from a person’s report. Monitoring Once the major items have been addressed, the work isn’t over. The credit repair specialist will continue to monitor the person’s credit and make suggestions on ways to pay down debt so their score can be increased. They will also look for any changes that may have occurred and made recommendations on methods to improve a credit score, such as opening a new line of credit. It can be devastating to learn that a credit score is not high enough to allow a person to get a loan. Rather than stressing it,...

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What to Expect From Currency Exchange Services

Aug 29, 17 What to Expect From Currency Exchange Services

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Are you traveling to a foreign country? Have you yet to exchange your money for foreign currency? Visiting a service such as this can be very helpful before you leave for your trip. Traveling can already provide you with many stresses, so if you already have your money situation handled is one less aspect of traveling that you will have to deal with. Come Prepared Traveling to a foreign country can be fun, but it may not go as planned if you do not have the right money. Only certain places may accept exchanges, but locations in the foreign country that provide an exchange service may only be in populated areas of the country. Many vendors in the foreign country may not accept foreign money, so you would not be able to purchase food or other goods from these vendors. Therefore, it may be a safer option to leave your home country prepared with money that has already been exchanged to match the other country’s currency. A currency exchange service in your home country adds convenience that you may not receive in a foreign country. Traveling can already be very stressful, so adding unnecessary stresses involving money can be avoided. If you don’t use currency exchange services beforehand, you may find yourself in stressful situations. Quickly Receive Exchange These services can get you the currency you need in a timely matter so that you are set for your travels. You can look for a service that provides outstanding customer satisfaction and allows you to receive your exchanged currency within three days. Finding a reputable service that provides currency exchange can be difficult, but it can also be easy if you perform research on the best services. You probably want the service with the quickest turn-around time, and that adds the least amount of unnecessary stress. If you are interested in currency exchange services, West Suburban Currency Exchanges, Inc. can provide you with the information that you need. Visit https://www.wsce.com/foreign-currency for more information. 3 people...

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Top Benefits Of Factoring Account Receivables

May 08, 17 Top Benefits Of Factoring Account Receivables

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One of the most important characteristics of a successful business owner is the ability to compare and evaluate the options to grow, expand and finance the business. If you have never heard of factoring account receivables or if you have only a vague idea of the benefits, this is a funding option that is free from the drawbacks of a business line of credit or a business loan. It utilizes the pending funds in your accounts receivable to provide the cash you need immediately. You will pay a small fee to the factor that is a percentage of the total, but there is no repayment and no interest since it is not a loan. In addition to the lack of repayment requirements or interest, here are some other key factors to consider with the benefits of factoring account receivables. Funding in Days With your first application through the factor, it may take a slightly longer time to set up and process your account. However, this will typically be a day or two with most businesses approved within 24 hours and funding available in days. Remember, most factors will provide 80% or more of the value of the accounts receivable you have selected. Verify if the factor allows you to select the accounts you want to sell and that you have a full understanding of any fees involved in the service over and above the factoring fee. No Collateral and No Risk Once you choose the option of factoring account receivables with a reputable factor, there is no need to provide collateral or to even go through a lengthy approval. There is no need for a credit check on your business as you have already performed the work, it is the creditworthiness of your customers that is important to the factor. Additionally, the factor will take over collections on the account, limiting the time and effort you and your staff have in order to follow up with customers to secure payment. This back-office support saves...

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