03
Nov
By Todd Grey
Mortgage, ,

The Top Reasons To Pay Off Your Mortgage Before You Retire

As you get closer to your retirement age, you should try to discharge as much of your debt as possible. Unfortunately, many people close to the age of retirement still have a significant mortgage balance they need to pay off. What are some of the top reasons why you should pay off your mortgage before you retire? Your Portfolio Might Not Generate As Much Interest You may have a very low rate on your mortgage, which means that your money is better served in the stock market; however, as you approach the age of retirement, your portfolio might not generate…
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27
Oct
By Todd Grey
Mortgage, ,

What Do You Need To Know About Home Improvement Loans?

Do you want to make some improvements to your house? Home improvements are a great way to make your home more functional, and can also add value to your home. At the same time, performing a home improvement project can be expensive, and that is where a home improvement loan can be helpful. What do you need to know about them? The Eligibility Requirements First, just like applying for a mortgage, there are eligibility criteria that you need to meet. The criteria can vary from lender to lender, so you need to talk to your lender to figure out what…
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26
Oct
By Todd Grey
Mortgage, ,

Amortization: What You Need To Know About How Your Loan Is Paid Off

If you own a home, you will see a lot of information about your payment schedule. It specifies exactly what payments you have to make, when you have to make them, and how much of each payment will go toward your principal and interest. This is called an amortization schedule, and it is typically designed in such a way that your last payment pays off your loan down to the penny. How does this impact the life of your loan? Most Of Your First Few Payments Go Toward The Interest During the first few years, the majority of each payment…
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21
Oct
By Todd Grey
Mortgage, ,

Refinancing A Mortgage: How Does This Work?

If your financial situation has changed, you might be interested in refinancing your mortgage. In general, refinancing means that you will replace your current mortgage with a new one. The process of refinancing is similar to the process of applying for a mortgage, but you need to think about your goals during the refinancing process. That way, you can put yourself in the best financial position to be successful. Why RefinanceYour Mortgage? There are several reasons why you might be interested in refinancing your mortgage. For example, you might want to tap into the equity in your home to cover…
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14
Oct
By Todd Grey
Mortgage, ,

A Non-QM Mortgage: What Does This Mean?

If you are interested in purchasing a house, you need to review all of the offers available. The vast majority of loan officers are going to talk about something called qualifying mortgages, which is usually shortened to QM. You may be asking, what is a non-qualifying mortgage? This is usually shortened to Non-QM, and it simply means that the loan does not conform with the rules and regulations put in place by the Consumer Financial Protection Bureau, usually shortened to CFPB. What are the differences between a QM and Non-QM mortgage, and which one is right for your needs? A…
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