Credit Utilization Affects Your Score

Credit utilization reflects how much of your available credit is being used at a given time. Lower credit utilization indicates that a borrower is not heavily relying on their credit and that they are using their credit responsibly. Is calculated by dividing your total credit card balances by your total limits. The higher the percentage, … Continued

Larger Payment, Shorter Term, Bigger Savings

Some people consider a house payment as basic as monthly utilities but with a plan and some discipline, you can be mortgage free. Consider a person borrowed $300,000 at 3% for 30 years, the principal and interest payment would be $1,264.81 and at the end of 12 years, the unpaid balance on the mortgage would … Continued

Have you checked these lately?

Homeowners know the need to periodically check certain things around the home to ensure that things operate properly and efficiently. If maintenance is required, it may be less expensive to take care of it early rather than waiting until it is not working at all. Checklists are helpful because it requires little effort to know … Continued

Uncle IRRRL wants to refinance your VA loan

You don’t have to have an Uncle IRRRL but you must be a veteran with a current VA-backed home loan. IRRRL is an acronym for Interest Rate Reduction Refinance Loan. To refinance with this program, also called the VA Streamline, the loan must provide a net tangible benefit (NTB) which would be in the financial … Continued

Buy Before You Sell Options

The decision to buy first or sell first, has always been a little of the “Which came first: the chicken or the egg?” type of question. Is it better to buy another home before you sell your current one or sell the current one before you buy the replacement? Some buyers don’t have a choice … Continued

Removing or Adding a Person to a Loan

In divorce situations, it is common, for the spouse who keeps the home to refinance to remove the other spouse from the loan. Equally as common, first-time buyers who don’t have enough income to qualify may ask a parent to co-sign and must add their name to the mortgage. Another situation that requires removing or … Continued

Keep Your Current Home as a Rental

Let’s assume that you have owned your home for several years. It has increased in value and the unpaid balance considerably less than you originally borrowed. In short, you have equity in the home. You’re thinking about buying another home and one of the questions going through your mind is “should we find a replacement … Continued

Cash-Out Refinance

With the rapid appreciation that homes have had in the last two years, most homeowners have equity. A common way to release part of the equity is to cash-out refinance but some homeowners may not be eligible currently. This type of loan replaces the current mortgage by paying it off and an additional amount of … Continued

Encouraging Multiple Offers

Based on the current competition due to lower than normal inventories, it is possible for a seller to find themselves on the beneficiary side of a multiple offers. Two or more parties may be trying to buy your home at the same time and because of the competition, they increase the purchase price, possibly, remove … Continued

Homeowners Need to Know

In the Boy Scouts, a certification, called a Totin’ Chip, is required for scouts to carry, and use woods tools like a knife, axe and a saw. They must read and understand the use and safety rules from the scout handbooks and demonstrate the proper handling, care, and use of each. No such certification is … Continued

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