08
Mar
By Todd Grey
Mortgage, ,

Why Did My Application For A Refinance Get Turned Down?

If you want to save money on your home loan, you might want to refinance. During the refinancing process, you could secure a better interest rate on your home loan. You could also withdraw cash from your home’s equity value to cover other expenses. Similar to a regular mortgage application, some refinance applications are denied. Why is this the case, and what should you do next?  Your Debt To Income Ratio Is Off One of the most common reasons why an application for a home refinance is turned down is that the applicant has too much debt. The lender will…
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25
Feb
By Todd Grey
Mortgage, ,

How Can You Secure A Better Interest Rate When Refinancing Your Home Loan?

If you want to save money on your home loan, you may want to consider refinancing. During the refinancing process, you will replace your existing home loan with a new one; however, you want to secure the lowest interest rate possible. How can you get a better rate on your mortgage during the refinancing process?  Consider Refinancing Your Home Loan To A Shorter Term If you can create less risk for the lender, you can get a lower interest rate. One of the ways to do so is to refinance your home loan to a shorter term. If the average…
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23
Feb
By Todd Grey
Mortgage, ,

Everything Homeowners Need To Know About Down Payments

Buying a house is an exciting time, but homeowners also need to make the best financial decision to meet their needs. One of the biggest decisions potential homeowners will face is how much money to put down. A down payment is the amount of money that homeowners pay upfront when they purchase a home. Many homeowners believe they need to put down 20 percent; however, this is not always the case. What do homeowners need to know about putting a down payment on a house?  20 Percent Is Not Always Required The reason why homeowners often believe they need to…
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09
Feb
By Todd Grey
Mortgage, ,

Which Home Equity Loan Is The Best Option?

There are a number of significant advantages that come with homeownership, and one of the biggest advantages is the ability to take out a home equity loan. As homeowners pay off the mortgage, the amount of equity in the house increases. Homeowners can borrow against the equity in their house to fund other projects. For example, homeowners could borrow against home equity to complete a home renovation, pay medical expenses, or pay down student loans. The most common home equity loans include cash-out refinances, a traditional home equity loan, and a home equity line of credit. Which is the best…
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04
Feb
By Todd Grey
Mortgage, ,

How To Deal With An Appraisal Gap

The vast majority of people will need to go through a mortgage lender when purchasing a home. One of the last steps in the purchase process is the home appraisal. The lender wants to make sure they are not lending more money than the house is worth. If the appraisal value comes in above what the buyer is paying, then the buyer is happy because they might be getting a great deal. On the other hand, if the appraisal comes in below what the buyer is paying, this can be frustrating. What is the appraisal gap, and how does it…
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