5 tips for refinancing a mortgage today

ip No. 1: Shop around.
Mortgage rates vary widely, so experts recommend doing lots of research before settling on a deal.

"We're seeing an increase (in) pricing disparity between lenders, which means it's more important than ever to shop around for your loan," says Mona Marimow of mortgage website LendingTree.com. "Rates can vary by 1% or more from lender to lender, translating into a difference of about $140 per month on a $250,000 loan."

Lantz adds that consumers should look at more than just rates.

Finding a Mortgage - Top Ten Tips

In the last year the economic downturn has changed the face of the mortgage industry some claim for good. Banks and other lenders have cut mortgage lending severely and finding a mortgage is no longer an easy task.

Buying a house is one of the biggest purchases we make in our lives and picking the right mortgage is essential. Here is the conundrum: fewer lenders mean lesser choices, so in these tough economic times how do you still get the best mortgage deal. Below we will provide you with 10 valuable tips that will help guide you to your dream home and help find you a suitable mortgage.

1. Do your research well

There are some really good mortgage brokers that will tailor-make a suitable mortgage plan for your needs. However, before you go to one of these brokers do a little research on the internet to see what your options are, in addition, this gives you a better understanding of how things work.

5 tips for first-time home buyers

So you've decided to go for it. Buying a home can be thrilling and nerve-racking at the same time, especially for a first-time home buyer. It's difficult to know exactly what to expect. The learning curve can be steep, but most of the issues can be resolved by doing a little financial homework at the outset.

Take these five steps to help make the process go more smoothly.

Mortgage Tips For First-Time Buyers

Maybe I have written several times about tips for first time buyers, but I think this tips are the most useful.

So, First-time buyers, a phrase we categorize ourselves as when we make that all important decision to buy our first home.  People tend to feel overwhelmed, stressed and daunted with the whole affair.  I want to reassure you that it does not need to be daunting.  I want you to feel comfortable with the process, so I have put together some mortgage tips to help you successfully buy your first home.

PAYING OFF A MORTGAGE EARLY

Paying off your mortgage faster may not be your goal when you first buy a house, but after a few years your financial situation may change. If you have more income than you did when you first bought the house, you might consider paying off your mortgage early.

10 Things to Consider Before your Mortgage Renews

1. Have you explored all your options? 
Once you receive your mortgage renewal statement, there’s
nothing easier than simply signing on for another term.
But while this may makes sense in many cases, your
family or financial situation may have changed over time.
We can look for opportunities that could better meet your
needs right now.

3 Mortgage Refinancing Tips

Mortgage refinancing is a great way to take advantage of low interest rates and save a lot of money. However, many homeowners do not think that they will be able to get approved for a beneficial mortgage refinance and are scared off. Never fear! Here are some home loan refinance tips that homeowners can use to help them get approved for a beneficial mortgage refinancing.

6 Home Mortgage Tips to Maximize the Value of Your Loan

Are you currently preparing to buy a home?

Or do you want to maximize your money during a refinance on your current home?

We had our last five children in only 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 one day when we almost taped up a three year old in a wardrobe box.He thought it was funny, but his mama was mortified! From that point on, we let a friend babysit the herd on packing day!

Mortgage Top 10 Tips

1. Do your homework

If you already have a mortgage, dig out your documents and find out more about the product you currently have. It’s not enough to just know what your monthly payments are. Find out what rate you are on, when it’s up for renewal, the penalty fee to break your mortgage, and the restrictions for changing your mortgage rate (i.e. the conversion privileges for moving from a variable rate into a fixed rate).

If you are a first time home buyer, make sure you have a complete picture of your total income, debts and expenses so the lender can easily determine how much you can afford. A good rule of thumb is that your mortgage payments should not exceed more then 40% of your net income.

2. Don’t take on more debt than you can afford

It seems that Canadians (and the rest of the world) are taking on too much debt. This is partly a result of record low interest rates which have encouraged consumers to borrow more money. But interest rates have been low for a long time now and as the economy picks up pace, it is inevitable that rates will increase.

Many experts are saying rates will increase in the third quarter of 2013, so be sure to plan for rate increases when calculating how much debt you can afford.

Tips And Tricks When Looking For A Mortgage

You have made the call, you’re going to start looking for a house. Now comes the dreaded procedure of getting a mortgage. So what are the best questions to ask and some tips and tricks from experts for getting yourself a mortgage you can live with, for the house that you live in.

Mortgage lending and things you should know

  If you are thinking of buying or refinancing or just looking to give some advice to a friend or family member, read ahead.  Some words of wisdom: that we can all benefit from:

•  If you are speaking to a loan officer at a bank, a mortgage banker or a mortgage broker and they ask that you help them fill out an application without going over your financial pedigree, you may be asking for a lot of trouble.

Mortgage – Helpful Tips

1. Different Loan Types Explained

Standard Variable Rate Home Loan

The Standard Variable Rate loan is the most common type of home loan. The interest rate that applies to the loan is subject to change, depending on the official rates set by the Reserve Bank rate and the prevailing market conditions. If the rate is increased, so do the amount of your regular loan repayments. If the rate falls, your repayments will be accordingly reduced.

This type of loan is the most flexible and may include optional features such as the ability to make extra repayments, to split the loan, or to redraw extra repayments made.

Basic Variable Rate Home Loan

A Basic Variable Rate loan is usually a “no frills” version of the Standard Variable Loan, good for the budget conscious borrower. It generally offers a lower interest rate, but with less flexibility and fewer features than the Standard Variable roan. In some cases, there will also be more restrictions on this type of loan, with higher fees charged for greater flexibility. As with the Standard Variable Rate, the Basic Variable Rate is subject to official and market interest rate changes.

How to choose the right mortgage and save money

When purchasing a new home, a mortgage can be a great investment tool. Making sense of fixed, arms, reverse amortization, and interest only loans can save you thousands.

The right mortgage can save you thousands of dollars, while the wrong mortgage can put your house in jeopardy. With all the mortgage products on the market, it is more important than ever to understand real estate financing.

Mortgage advice for 2013

Here are 10 mortgage tips to help you with your mortgage decisions in 2013.

1. Stop procrastinating and refinance. If you haven't refinanced recently, you're probably paying a higher interest rate on your mortgage than you should. Take advantage of today's record-low mortgage rates while they last.

2. Buyers, get moving. With rates near the bottom and home prices on the rise, it's still a perfect time to buy a house. Get a mortgage preapproval before you start shopping.

10 Mortage Tips for 2013

Here are 10 mortgage tips to help you with your mortgage decisions in 2013.

Tip 1: Stop procrastinating and refinance

If you haven't refinanced recently, you're probably paying a higher interest rate on your mortgage than you should. Take advantage of today's record-low mortgage rates while they last. Rates are expected to remain low during the first few months of the year, but they should gradually increase. When they do, many borrowers will regret having missed the opportunity to grab the lowest mortgage rate in history.

Tip 2: Buyers, get moving

With rates near the bottom and home prices on the rise, it's still a perfect time to buy a house. If you can afford a home and qualify for a mortgage, this may be your last chance to take advantage of the market and own a home for less. To speed up the homebuying process, get a mortgage preapproval before you start shopping.