Pedro's blog

Most of us want to be an owner of a decent home, but the hefty down payment needed for buying a home creates difficulties towards owning a property. It is because most lenders demand for a 20% down payment on the mortgage when you choose to opt out of private mortgage insurance. Unless you have saved a lot of money or you’re a wealthy person, paying 20% on a $200,000 or $250,000 loan amount is very hard to do. Thankfully, future homeowners have several options to avoid giving up on the dream of a new home.

Paying off your mortgage is not anymore the most confusing decision. Some people might say it was, when the interest rates were floating between 6% to 9%, or even 11% to 13% couple of years ago. But, in today’s low rates, you don’t have that much urgency to pay off your mortgage right now.

Starting from January 2015, the mortgage rate didn’t increase too much. 30-year mortgage crossed the 4% mark surprisingly only 7 times in a row. Rest of the year, it remained under 4%. At the end of the year, the rate was increased by 0.30% in total and became 3.96%. Anybody knows how would be our next year?

People like to follow their basic habits most of the time. When we buy something, we like to try different brands, different fashions or, at least, different stores. But when the time comes, we often knock the door of our regular bank regarding mortgage or refinancing home loan.

You may not like to hear the sound of “Jingle Bells" in any stores near you before the Columbus Day. But, if you think seriously, it’s actually a favor to you by the retailers. If you delay your shopping to the last minute, you may encounter a holiday debt cycle and end up spending beyond your budget. You may need to use your credit card to pay extra bills during most of the following year.

To live a normal life, people like us normally go through many tough challenges in daily life and earn wages from a full-time or part-time work. Securing your job is an ongoing task. An individual always devotes his/her personal time for earning money, which he/she uses for living expenses, utility bills, personal savings, investments, and leisure.

If two or more people jointly apply for a home loan, that’ll be called a joint mortgage loan. A joint mortgage is not identical to joint ownership of a home. Ownership is decided as per the written agreement or legal deed. On the other hand, a joint mortgage denotes the persons who are legally responsible for repayment of the loan.

The biggest dream of common people is nothing but owning a shelter for himself. In order to buy a home, a buyer must use cash or he needs to take out a loan. A loan is a safer option that comes with a fixed or adjustable interest rate. Most potential homebuyers consider taking out a conventional loan as the only option for them. But there are several other choices also. It’s quite possible that one of these lesser-known mortgage loans listed below will be helpful in your situation.

This is the continuation of my last post, please find the rest below...

At first look, inspection process of a property can seem disturbing, especially if you’ve never experienced the process before. Here are the 10 things every new homebuyer must know before having a home inspection prior buying. Just check out the points before sending a request to an inspector to inspect the property. It’ll give you the ability to deal with the total home-inspection process. You’ll feel more informed and you’ll be able to advocate for yourself.