Let’s say you’ve done your research, you want to consolidate debt, a personal loan isn’t for you, and you are comfortable using the equity in your home to pay off debt. You shop around for rates on a cash out refinance and you choose a lender. Half-way through the application process, the loan officer asks… Continue Reading
Do you have a lot of debt? Student loan, car loans, credit card debt? Are you considering taking out a debt consolidation loan where you get a new loan that pays off all the other debt? These types of loans are popular because you get to put various different loans into one payment, which makes… Continue Reading
Let’s say you’re buying a house or refinancing and you need PMI. What are your options (besides putting down 20%)? Take Two Mortgages to Avoid PMI That’s right. If you take two mortgages that add up to 90% or 95% (remaining 5-10% is your down payment), you can avoid paying PMI. How? Because your first… Continue Reading
Are you buying a house and putting down less than 20%? Are you refinancing but have less than 20% equity? Whether you’re buying or refinancing, are you getting a conventional loan? Then you will need PMI. What is PMI? PMI stands for Private Mortgage Insurance. It protects the lender from losing financially if you default… Continue Reading
If you’re buying a house, then like most people, you’ll need to get a mortgage. You talk to a few lenders, get some quotes, pick a lender, and apply for your loan. Your lender then starts the process of getting you approved. They ask you for documents, send out disclosures, and order an appraisal. What… Continue Reading
Let’s say you’re about to buy a house. You’re at a family barbecue on the weekend. The sun is out, the kids are running around, there’s burgers on the grill. Your older brother comes up to you and asks if you found a lender yet. You tell him you got some quotes, and they’re all… Continue Reading