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December 2015

Found 9 blog entries for December 2015.

This month the federal government, via the Federal Reserve, increased its benchmark interest rate for the first time in nearly a decade. After years of historically low mortgage loan interest rates, what does this rate increase mean for future homebuyers? The good news is that this increase may not mean that you’ll see mortgage loan interest rates go up immediately – and certainly not at rates that correspond directly with the federal increase.

This interest rate hike was widely expected – both in terms of its timing and its amount. As with any market change, there will be some initial volatility as people react to the change and start to prepare for the future. However, because mortgage interest rates have been so low for so long, many people are

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Rates are considerably low right now, so if you are paying more than you would like for your mortgage, you may want to consider refinancing. Refinancing is great because it allows you to lower your monthly mortgage rates, which can sometimes translate into hundreds of dollars of savings per month. Here are 5 tips for refinancing your mortgage:

Do Your Research.

Before you refinance your mortgage, you will need to do some research on the new and low rates you could refinance to. You should also do some research on lenders to decide whether or not you want to refinance with your current lender or a new lender.

Do a Cost-Benefit Analysis.

While your refinance could save you money in the long run, you need to assess whether or not it's worth it

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Many mortgage lenders offer flexible repayment terms not seen in the past, including 10, 15 and 20 year repayment options in addition to the traditional 30 year mortgage loan. With mortgage loan interest rates at near historic lows, paying off your loan early doesn’t have the huge incentive it used to when mortgage rates were high, even for those individuals with great credit; but, paying off your loan early can still save you thousands over the lifetime of your loan, or even more!

Although there many ways to pay off your loan early, and different strategies that people employ based on their individual financial situations, we’re pulled together 3 of the easiest and most effective ways to pay off your mortgage loan early.

Round up your monthly

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In many areas of the US, the housing market is hot right now and when you find your dream home, you’ll need to move quickly and you’ll need to prepare an offer that shows the seller how serious you are in purchasing their home. So, if you’re ready to move forward in the home buying process, how can you put together an offer “they can’t refuse”? Follow our 5 great tips below!

Get preapproved by a lender for a mortgage

Getting preapproved for a mortgage is really a crucial step in the home buying process, as many sellers will not even review offers that don’t come with preapproval. If you live in a hot real estate market, you’ll stand very little chance of landing the home of your dreams if you have no preapproval commitment from a lender when you

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There are many advantages to owning your own home, and one of the rewards that homeowners typically enjoy comes at a normally stressful time of the year: tax season, in the form of a lowered tax bill thanks to deductions you are able to take on your home!

 If you’re a first time homebuyer, you might be unaware of the tax deductions you are able to take on property and real estate that you own, so we’ve compiled our top 3 tax tips and hints that as a first time homebuyer you should know about:

 Itemize your federal return

 In the past you might have just used the standard deduction offered to taxpayers each year when you filed your taxes. Once you own a home, however; it will likely make better financial sense for you to itemize your taxes

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When you look into the types of mortgage loans available on the market, you have either loans that are insured (or, backed) by the federal government, or those offered by private mortgage lenders such as banks, credit unions or other lending institutions. 

Loan options that are backed by the government include FHA loans and VA loans, guaranteed by either the Federal Housing Authority or the US Department of Veterans Affairs. 

All about Conventional Loans

Term: Conventional mortgages are generally offered in term of repayment periods of either 15 or 30 years, although some lenders also offer terms of 20 years. 

Credit Needed to Qualify: The credit score you’ll need to have to qualify for a conventional mortgage will vary somewhat

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You know you need to think about, and plan for, retirement, but one possible source of retirement income that many people overlook is the cash equity you’ve built in your home. When the market drops, many of us worry about our 401(k) balances, while many experts tell us that it’s a great time to buy because prices are low. How do you balance short term losses with the long term investment landscape? Can the cash equity in your home become an effective investment vehicle in your 401(k)? The answer just might be a solid yes!

What is a “cash out refi”?

When you have built equity in your home, you may be able to refinance your mortgage and receive some cash back, based on the amount of equity you have in your home. With mortgage loan and refinance

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People file for bankruptcy every day, many for reasons outside of their control such as extended unemployment, divorce or unexpected medical debt. Bankruptcy can be a stressful, demoralizing time, and many people who file for bankruptcy worry that they will be unable to keep their homes, or will be unable to ever qualify for a mortgage again.

Will I be able to obtain a mortgage after a bankruptcy?

According to the Federal Housing Administration, "A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition,

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