Debt obligations which prevent you from an easy mortgage

debt-obligations- which-hampers-your-mortgage-worthiness

At the time of mortgage application, your credit score plays a crucial part. While determining your monthly interest rate, your credit score may increase or decrease the total amount of monthly payments. So, knowing the factors which affects your credit score is very important, specially when it comes to the debt obligations. These obligations will practically hampers your mortgage-worthiness.


After buying your house, what should you do first? Is it décor work or plumbing work? What is that thing which make worth your time and the money? You need to understand that you have just bought a house, now it is your turn to establish it as your home. We all knew that buying a house is a long-term investment. So, you must also act like a wise homeowner and make your house a long-term benefit for you and your family.


While taking a home loan, most of the fellow americans chooses FRM or fixed rate mortgage loans. It is the safety and stability of the loan which makes it so popular among the people. But many homeowners also want to reduce their loan term for a better savings as well as building home equity faster. For those people, a 15-year fixed mortgage will be suitable.


Why do you need a marketing strategy?

If you are a mortgage professional and an owner of a mortgage company, you'll definitely want to expand your business. You might also want to serve your services to the potential buyers and borrowers and want to help them to get their dream home. But for this purpose, you might need to promote your company into the modern web world.


At this time, it is common that a potential home-buyer would choose a 30-year fixed-rate mortgage. Freddie Mac, one of the biggest mortgage tycoons have explained it as the most popular home loan option. Since last two years before 2014, majority of the homebuyers (approx 85% in 2012 and 90% in 2013) have chosen 30 year mortgage plan as their home financing tool. So, basically it is the most traditional way of taking home loan.


During the recession period of 2007-2009, many homeowners in different parts of US had lost their home. At that time, 80% of the mortgage borrowers were suffering from foreclosure problem. It is seen that high end homeowners were also facing troubles to make their monthly payments on a regular basis. Even in 2015, a lot of people are making the same mistakes and losing home to foreclosure.

How would you prepare yourself to be a perfect home buyer


It is true that buying a perfect home for the family is a tough work for any individual. But it is not impossible either. If you study the market, sort out your choices and look for a perfect guide who can lead you to your dream home, your target for a good deal is a piece of cake. But you need to focus on preparing yourself to be a perfect home buyer.


After reaching the age of 62 (senior citizen), you will be able to take a special loan against your home equity. This is called a reverse mortgage where you can get a regular payment by encashing your home. You'll be getting the fixed monthly payment or line of credit until the end of loan term. Loan repayment will be deferred unless you will decide to sell the house after a period for any logical reason.


Buying your personal home is a great achievement. Being a homeowner gives you a feeling of joy and freedom, this feeling can't be expected from a rental home. Buying house for your living can be beneficial, too. The house you are purchasing is one of the most expensive assets you have ever bought.

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