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

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

2016 Mortgage Closing Process

Closing on time is a commitmentClosing on your new mortgage is the last step in home buying process. Once you’ve completed your closing then you are a homeowner. This is the most important step because without closing, you don’t actually own your home. We’re going to take you through all the details of the mortgage closing process.Expectations:If you’re purchasing property you will:•Complete your pre-closing walk-through •Bring your funds to closing •Show up to closing and sign away!If you’re refinancing you might need to: •Maybe need to bri...

April 18th, 2016 | first-time home buyer, mortgage, closing, 2016 Mortgage Closing Process

Top 10 mistakes first-time home buyers make

#1 Not knowing how much house you can afford #2 Spending the maximum you can afford #3 Not working with an experience realtor #4 Not getting fully underwritten and approved upfront #5 Failing to budget for long term repairs and maintenance costs #6 Failing to budget for property taxes and homeowners insurance #7 Skipping the home inspection #8 Not considering the resale value #9 Not getting it in writing. If it’s just verbal, it’s not legal #10 Choosing the wrong mortgage product for your need Mark Merry your Edina mortgage expert. Just call me before you doing anything.

April 16th, 2016 | spending, mistakes, first-time home buyer, mortgage, afford, Top 10 mistakes first-time home buyers make