Mortgage Expert Blog

Benefits to Mortgage Debt

In order to buy a house, most Americans take on a mortgage loan. While debt is usually to be avoided if possible, when it comes to a mortgage there may actually be some financial benefits for borrowers. Liquidity If you dump all your extra funds into paying off your mortgage, you may be in a tight spot if you face a financial emergency. Family deaths, divorce and health traumas are just a few things that can quickly rack up enormous debts. If you do not have a sizable emergency save up and you have been sinking all disposable cash into your home, you may end up selling your home to pay f...

June 5th, 2019 | Debt, Credit, Mortgage, Benefits to Mortgage Debt

What is Mortgage Amortization?

If you have a fixed-rate home mortgage, you pay the exact same amount each month. But did you know that the amount of principal you pay toward the balance of your loan changes from month to month? This is called amortization and it is a method of distributing the interest and principal over the course of a loan so that it is completely paid off by the end of the loan term. Understanding how it works could help save you plenty of interest on your mortgage. How does it work? When you agree to buy a house at a certain price, in reality, you will end up paying way more than that price to you...

May 8th, 2019 | Credit, Interest Rates, What is Mortgage Amortization?

2016 5 Mortgage Tips for Millennials

The Millennials are eager to buy their own homes. So getting pre-approved for a mortgage before making a purchase offer is absolutely the first priority. Qualifying isn’t as easy as it once was and it requires a pro-active approach.Knowing this here are five mortgage tips for Millennials:1. Consider a Low Down Payment Loan:Saving for a down payment can be a challenge for millennial home buyers. This challenge isn’t quite as high as what you might believe. Many people qualify to get a mortgage and buy a home with a very small down payment sometimes as low as 3% and when added with s...

April 20th, 2016 | mortgage, pre-approved, credit, credit score, loan, millennials, 2016 5 Mortgage Tips for Millennials

How to increase your credit scores fast

The first and most important step is to know your Fico credit scores. Mortgage lending today is based on tiered pricing which means that rates are adjusted based on the middle of your 3 credit scores. The middle credit score will determine which “tiered pricing” you will be in. The higher your credit score, the better chance of obtaining a lower interest rate. There are many factors which go into determining a borrower’s credit score. I would recommend that you check out www.myfico.com and go under the “learn about scores” section to understand more about how your...

March 30th, 2016 | credit, fast, interest rate, credit score, How to increase your credit scores fast