31
Aug
By lizlaurenb
Real Estate

What Are The Pros And Cons Of ‘No-Deposit’ Mortgage Deals For First-Time Buyers?

"No-deposit" mortgage deals for first-time buyers refer to mortgage options that allow buyers to purchase a home without having to put down a deposit or a down payment. Here are the pros and cons of such deals: Pros: Lower upfront costs: The most significant advantage of a no-deposit mortgage is that it eliminates the need for a substantial upfront deposit. This can be beneficial for first-time buyers who may struggle to save a large sum of money for a deposit. It allows them to enter the property market sooner. Increased affordability: With a no-deposit mortgage, first-time buyers can purchase a…
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30
Aug
By lizlaurenb
Real Estate

Reasons You Need an Insurance Binder and How to Get One

An insurance binder for mortgage loans is a document that provides proof of insurance coverage for a property that is being financed with a mortgage loan. Mortgage lenders require borrowers to have insurance coverage on their property to protect their investment in case of damage or loss. When a borrower applies for a mortgage loan, the lender typically requires proof of insurance coverage before they will approve the loan. An insurance binder is a document issued by the insurance company that provides temporary proof of insurance coverage until the official insurance policy is issued. The insurance binder for mortgage loans…
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23
Aug
By lizlaurenb
Real Estate Tips

How the Purchase and Refinance Mortgage Process Works

The purchase and refinance mortgage processes are similar in many ways, but there are also some important differences. Here is a general overview of how each process typically works: Purchase Mortgage Process Determine your budget: Before you start shopping for a home, you need to figure out how much you can afford to spend. You can do this by calculating your monthly income, expenses, and debt, and getting pre-approved for a mortgage. Find a property: Once you know your budget, you can start looking for homes that fit your criteria, whether that's size, location, or other factors. Make an offer:…
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22
Aug
By lizlaurenb
Home Care Tips

Improve Your Curb Appeal With Low Maintenance Landscaping

Low maintenance landscaping can be a great way to improve your home's curb appeal without having to spend a lot of time and money on upkeep. Here are some ideas for low maintenance landscaping: Plant native species: Native plants are adapted to the local climate and require less water and maintenance than non-native plants. Use mulch: Mulch helps to retain moisture in the soil and suppresses weed growth. Plus, it looks neat and tidy. Decorative Concrete: Decorative concrete is a type of concrete that has been designed to enhance the appearance of surfaces such as floors, walls, and countertops. It…
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21
Aug
By lizlaurenb
Real Estate

Will Buying A New Car Impact The Ability To Buy A New Home?

Making major life decisions often involves a delicate balancing act. Among the most significant choices individuals face are buying a new car and purchasing a new home. Both ventures represent milestones in one's life, bringing excitement and anticipation. However, there is a complex interplay between these two financial endeavors that can significantly impact a person's ability to achieve their dream of owning a new home.  Here are some factors to consider: Debt-to-income ratio: When you apply for a home loan, your lender will consider your debt-to-income ratio (DTI) to determine whether you qualify for a mortgage. Your DTI is the…
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14
Aug
By lizlaurenb
Financial Reports

What’s Ahead For Mortgage Rates This Week – August 14, 2023

Last week’s economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims. Inflation Rate Holds Steady in July Month-to-month inflation rose at a pace of 0.20 percent in July and met analysts’ expectations. There was no change in the pace of month-to-month inflation from June’s reading of 0.20 percent growth. The Consumer Price Index also reported that year-over-year inflation reached 9.10 percent, which was the highest reading since reaching a 40-year high in mid-2022. Core inflation, which excludes volatile food and fuel prices, was unchanged from June’s month-to-month pace of 0.20 percent growth.…
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10
Aug
By lizlaurenb
Real Estate

Will Pre-Approval for a Mortgage Hurt My Credit Score?

Obtaining a pre-approval for a mortgage is an important step when you're planning to buy a home. It gives you an idea of how much you can afford, helps streamline the home-buying process, and strengthens your position as a serious buyer. However, many people worry that the pre-approval process might negatively impact their credit score. In this blog post, we'll dive into the details to determine whether or not a pre-approval for a mortgage will hurt your credit. Understanding Credit Inquiries To understand how pre-approval affects your credit, we need to discuss credit inquiries. When you apply for credit, such…
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09
Aug
By lizlaurenb
Real Estate

Avoiding Becoming House Poor: A Path to Financial Security and Balance

As the housing market continues to evolve, it becomes increasingly crucial for aspiring homeowners to tread carefully and avoid falling into the trap of being house poor. The dream of owning a home should not come at the expense of financial stability and overall well-being. Here are some essential tips to steer clear of this precarious situation: Setting a Sensible Budget: Before even considering purchasing a house, it's imperative to create a comprehensive budget that includes all your income, expenses, and financial goals. Be honest with yourself about what you can afford, considering not only the mortgage but also property…
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08
Aug
By lizlaurenb
Real Estate

Most Renters Are Paying Far More Than Their Landlord’s Mortgage

It is not uncommon for renters to pay more in rent than their landlord's mortgage payment. This is because landlords are typically looking to make a profit on their rental properties, and they will often set their rent prices based on market rates rather than the cost of their mortgage. There are several reasons why renters often pay more than a mortgage payment: Renters are not building equity: When you make a mortgage payment, you are building equity in your home. Equity is the value of your home that you actually own. As you pay down your mortgage, you own…
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