Are you currently about to buy a house?
Or do you want to maximize your money for refinancing your current home?
We had our final five children in just seven years and while they were little, we moved eleven times in thirteen years.
We used to let the kids play in the boxes, until we almost stuck to three years in a storage box.
he thought it was funny, but his mother was mortified! From there, we let a friend babysit the herd on the day packing!
When we finally settled in a place long enough to buy a house, we were thrilled until we realized how much we did not know. on home mortgages
Here are 6 home mortgage tips on how to maximize your money on your loan:
1. the Time debt payments
Each delinquency 30-, 60- or 0 days on a loan or credit card will reduce the credit score on your report.
This is a consideration that loan officers should take into account when approving your mortgage and the loan amount.
2. If you miss something
In an effort to "hope for the best but prepare for the worst" be strategic in how you pay your bills.
for example, for military families if your COLA (Cost of living allowance) check does not catch up with you, military finance does not go by time, or you find that you're going to miss a payment loan of some sort, and be strategic in choosing the missed payment.
you should miss the payment of credit card first, followed by the payment of an installment loan that you may have and finally payment of an existing mortgage.
3. paying off debt
It is important to pay as much small debts that you can so that you will have a better chance of getting a mortgage rate to good home.
you could end up putting down a smaller amount at closing, but you'll be better off than the rate for most consumer debt high interest.
If you are refinancing a home, it is important to minimize how much you have in general.
4. Mortgage has priority
If you or your spouse has a new job and how to get multiple loans (such as a mortgage, new car and new credit cards) and fix the mortgage first.
every time your credit is scored, each credit application becomes a liability to your note.
many credit inquiries can hurt your overall credit score, especially if they are deposited in the months preceding the loan review process mortgage.
5. Save, Save, Save
It is preferable to increase the size of the deposit you are able to do by saving as much as possible.
6. Do Ask your HUD-1 A Early Day
Federal law requires lenders to give mortgage applicants a copy of their form of settlement at least one day before closing but many do not give unless you ask. Compare the HUD-1 with your GFE (Good Faith Estimate) and bring errors to the attention of your lender.
Have you refinanced your home to get better rates? Let us know in the comments
Photo credit :. Diana Parkhouse via photopin cc
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