Early Burnout Could be Good

by plano 11. January 2016 13:15

Most of us understand the expression "burning the candle at both ends" to mean working so hard that you burn yourself out. Normally, that wouldn’t be a good idea unless it is intentional.

If the candle is your mortgage and the strategy is to get it paid off early, being “burned out” would be a good thing. One end of the candle would be your regular mortgage payments and the other end would represent additional principal
Since the Great Recession, lenders have been reporting a higher than normal number of borrowers getting shorter term mortgages not only when the purchase the home originally but when they refinance them also. It seems like the mindset of America’s homeowner has shifted a little from the belief that they will always have a house payment.

The extra $100, $200 or $500 in your checking account isn’t earning interest. Additional principal contributions with your regular payments on a fixed rate mortgage will save interest, build equity and shorten the term of the mortgage.< br> Wealth management is about making financially wise choices. If having your home paid for by retirement age is one of your goals, making extra contributions regularly could get you there. Use this Equity Accelerator to see how it will affect your loan.

Wendy Huang, MBA,SRS, GRI,CRS,IRES,e-ro,ASP,ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!! Direct: 972-365-7888
Has your home value gone up in the past 6 months? Text 972-365-7888 for a Free INSTANT Report ! '

Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate

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It's Your Advantage

by plano 11. January 2016 13:02

Technology has certainly streamlined the home buying process and introduced things that help purchasers make better decisions. Buyers have enthusiastically embraced video tours, digital signatures and the enormous amount of information available about a home, neighborhood, schools and neighbors.

The ironic thing is that buyers are ignoring the one single thing that can help them secure the “right” home. Talking to a lender or using a financial calculator is not pre-approval.

Pre-approval requires written verification on employment and income and ordering a credit report for the purpose of obtaining a mortgage. A mortgage credit score is different than what a person might see from credit reporting websites.

Pre-approval gives buyers the confidence to know the amount they can borrow which can result in bargaining power when dealing with a seller or competing against another offer. Transactions can close quicker once a buyer has been pre-approved.

If any issues are discovered in the initial process, the purchaser and lender will have more time to correct them compared to trying to get it done during the loan approval period as stated in the sales contract.

Most lenders best interest rates are only available to the best borrowers. You might get approved on a loan but at a higher rate than you expected which could make a significant difference in the monthly payments.

The “right” home without financing will never have the buyer’s address. Getting pre-approved with a trusted mortgage professional is one of the first steps in the buying process. It can definitely be an advantage that will benefit you in negotiations and ultimately, during the time you own the home.

Wendy Huang, MBA,SRS, GRI,CRS,IRES,e-ro,ASP,ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,
RE/MAX Lifetime Achievement ; Over 20 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888

Has your home value gone up in the past 6 months? Text 972-365-7888 with your address for a Free INSTANT Report ! ' Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate

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