Refinancing Home Mortgage Loan » home mortgage

Benefit from Low Mortgage Rates

Bob W. Flaxton — Sun, 11 Oct 2009 18:25:10 +0000

When financial institutions have all published their rates in 2008 and 2009, everybody known they would be at an historical low rate! For example, one can find a fixed closed mortgage rate for one year at only 3.90%.

With those cuts in interest rates, there is nothing comparable since 1980.

If you [...]

Are you better to repay your mortgage every week or every month?

Bob W. Flaxton — Wed, 07 Oct 2009 19:13:38 +0000

Have you ever hear that it is better to repay your mortgage every week or every two weeks? Is that true that this strategy could save you a lot of money in interest fees?

In order to understand this strategy, we have to define two different weekly payment options. The first one is the accelerated [...]

Is it Good to get an Open Home Mortgage Loan?

Bob W. Flaxton — Tue, 06 Oct 2009 22:29:40 +0000

In the previous article, we explain how works open home mortgages in relation with closed ones. We also discussed interest rates of that kind of mortgages. In this article, we will see examples to illustrate the difference.

1. Imagine you decide to take an open home mortgage of $100,000 and you think you will be [...]

Open home mortgage: A good strategy for one year

Bob W. Flaxton — Tue, 06 Oct 2009 20:40:48 +0000

The only home mortgage that is repayable at any time without penalty is the open mortgage. And most of these have variable interest rates.

Of course, some open mortgage have a fixed interest rate for 5 years, but this rate is very much higher. So, it might be not useful for you to get fixed [...]

How Cut Drastically the Amortization Term of your Home Mortgage?

Bob W. Flaxton — Tue, 06 Oct 2009 00:06:53 +0000

The secrets we are about to reveal you in the article could literally change your financial life in making you save thousands of dollars! Is it possible to shorten the amortization term of a 35-years home mortgage loan at 20 or even 10 or 15 years, often without paying more every year? Yes!

OK. You [...]

The best term for your home mortgage

Bob W. Flaxton — Mon, 05 Oct 2009 22:13:52 +0000

Today, when you borrow a home mortgage loan, there is flexibility in the amortization periods that are available. Some banks have even created customized strategies.

Some banks let you repay on a longer term than 25, say, 30 and even 35 years.

But don’t forget, longer is the term of your home mortgage, higher is [...]

Negotiate your Home Mortgage Loan is Profitable

Bob W. Flaxton — Sun, 04 Oct 2009 17:48:56 +0000

Very few people can buy their home cash… It is the reason why borrowing through a home mortgage loan is inevitable. And in order not to have too high monthly payments, you must assess your ability to borrow before shopping for your future beautiful house.

A house can be very expensive. And you have to [...]

Home Mortgage Credit Line: Protect yourself from banks!

Bob W. Flaxton — Sun, 04 Oct 2009 17:17:26 +0000

As said the English philosopher Francis Bacon: “The real power is knowledge”. It is the main reason why our website is giving you information and advices to avoid problems and bad experiences related to personal finance (loans, home mortgage, insurance, etc.) The more you know, the better you choose…

Thus, a third interesting point to [...]

Renegotiate Interest Rates of your Home Mortgage

Bob W. Flaxton — Sat, 03 Oct 2009 16:59:33 +0000

Another important point to consideris the renegotiation of your mortgage interest rates.

Imagine you want to renegotiate your home mortgage loan in order to benefit from lower interest rates. Here is a common scenario: you meet the consultant at your bank. After reviewing your financial situation, he goes to see his supervisor he returned to [...]

Taxes Account and your Home Mortgage

Bob W. Flaxton — Sat, 03 Oct 2009 16:24:54 +0000

There are often problems when you talk with home mortgage representatives from banks. Even if they do not seem to work for you, other banks would probably offer the same poor service…

Ordinary people could often think they do not earn enough money to get good service: they are often disappointed.

Here is the first [...]

Down Payment: a Home Mortgage problem?

Bob W. Flaxton — Fri, 25 Sep 2009 21:55:08 +0000

As we saw in the previous article, there are several ways to save enough money to get a good amount to pay on your home mortgage loan as down payment. Here is an example to save $35,000 for your down payment.

OK. You decided to set aside $35,000 for your down payment, and you allow 5 [...]

How Down Payment is related to Home Mortgage Loan

Bob W. Flaxton — Fri, 25 Sep 2009 21:31:18 +0000

In this article, we will talk about the best way to buy a new house and manage your down payment in order to pay less on your home mortgage loan and mortgage insurance.

First thing to remember: the higher your down payment will be and the lower your home will cost you in the long [...]

The down payment on your home mortgage loan

Bob W. Flaxton — Fri, 25 Sep 2009 01:40:29 +0000

Home mortgage loan is probably a topic that affects many of us. After all, buying a home is complex and important and it is logical that it arouses emotions!

Few years ago, you had to have 25% down payment to qualify for a conventional home mortgage loan.

Then, federal government decided to encourage purchase of houses [...]

Additional Costs with Home Mortgage Loan

Bob W. Flaxton — Thu, 24 Sep 2009 22:08:41 +0000

In the previous article, we saw that there are several fees you have to pay in addition to your home mortgage loan when you buy a new house and every month. Let’s continue on this subject.

Here is a universal trick in order to avoid bad surprises when you will buy a house: [...]

Home Mortgage Loan: Beware of Additional Costs

Bob W. Flaxton — Thu, 24 Sep 2009 21:46:50 +0000

Besides your home mortgage loan, several costs are to be expected when you want to buy a house. It is the reason why prospective homeowners who are about to buy their first home should not forget fees associated with a new house.

Before to start looking for the perfect house, you should first take into [...]

Costs to Pay in Addition to Home Mortgage Loan

Bob W. Flaxton — Thu, 24 Sep 2009 16:18:23 +0000

The purchase of a home is usually the largest expense you will make in your life and your home mortgage loan will be your biggest debt.

Even if you spent the time you need to calculate how much it will cost to pay off your house, many other expenses are related to the purchase of [...]

Home Mortgage Loan Buyer’s Guide: More Glossary

Bob W. Flaxton — Thu, 24 Sep 2009 15:01:43 +0000

Here is the following words of our little real estate and home mortgage loan glossary.

Open home mortgage loan: Allows partial payment or total repayment of all borrowed money at any time without incurring penalties.

Renewal: Renegotiation of the home mortgage loan at the end of its validity period for a further period.

Interest rate: [...]

Glossary about Home Mortgage

Bob W. Flaxton — Thu, 24 Sep 2009 14:38:33 +0000

To complete this little guide, here is a glossary about more useful words you must understand in order to make a good deal when you will buy a house.

Closed Home Mortgage Loan: Type of loan that requires a strict repayment timetable. A penalty is charged if you repay your home loan in full before [...]

Calculate your Home Mortgage Repayment

Bob W. Flaxton — Wed, 23 Sep 2009 22:11:34 +0000

What do you have to do when you are about to purchase your new house with your home mortgage loan? Here follow several points to consider in order to get a smooth agreement with your seller and the bank that lend home mortgage loan.

The cash down payment must cover ideally 10% of the total [...]

Which one to pay first: Home Mortgage or RRSP?

Bob W. Flaxton — Tue, 22 Sep 2009 00:07:42 +0000

To choose between home mortgage repayment or RRSP contribution is not always obvious… Unless you have debt problems, you must choice first to contribute to your RRSP.

Then, you should choose to reduce your debts. But you may consider the choice to repay your home and other debt or to contribute to your RRSP in [...]

Credit History and Rating for Home Mortgage Loan

Bob W. Flaxton — Mon, 21 Sep 2009 23:26:13 +0000

If you ask a lender about the ability of people to repay their home mortgage loan, he could tell you that, before to loan $200,000 to a person, he want to know if that person could pay a debt as low as $2000…

This show the importance of your credit history when you want to [...]

Renegotiate your home mortgage loan is refinancing it

Bob W. Flaxton — Sun, 20 Sep 2009 17:29:13 +0000

As interest rates are going lower and lower, a lot of people want to know if they can break the mortgage agreement they have with their bank to renegotiate.

Yes, it is possible to renegotiate your home mortgage loan: it is called “Home Mortgage Refinancing” !

The first thing you must know, it that “renegotiating [...]

Bridging Loan: Repay Home Mortgage for a new House

Bob W. Flaxton — Wed, 16 Sep 2009 21:34:27 +0000

The name “bridging loans” means to bridge a gap between the sale of your current home and purchase of a new one. This kind of loans is for short term and has higher interest rate.

Bridging loans are in the category of secured loans. Thus, you need to be very cautious regarding the repayment of [...]

Debt Ratio for Home Mortgage Refinancing

Bob W. Flaxton — Wed, 16 Sep 2009 18:59:16 +0000

In this article, we would like to help you to calculate your debt ratio in order to know, even if home mortgage refinancing would be a good idea to consolidate your debts, if banks would think it is a good idea too…

1. Your total income before taxes: Take your monthly pay before tax or [...]

Calculate your debt ratio before refinance home

Bob W. Flaxton — Wed, 16 Sep 2009 18:26:13 +0000

Maybe, as a lot of people, you have too much debt and you are thinking about home mortgage refinancing to consolidate them. But before to ask your bank, you can look your credit rating allows you to estimate the quality of your financial condition.

Of course, you already know that debts could be a problem [...]

Advices for Debt Consolidation with Refinancing Home Mortgage

Bob W. Flaxton — Tue, 15 Sep 2009 18:50:15 +0000

You own a house and your have too much high interest rate debts? Home mortgage refinancing could be your solution! But before to meet the loan officer of your bank, begin to list of all your current debts in order to determine the total amount and interest you pay.

When you will visit your bank [...]

Home Mortgage Loan Experts

Bob W. Flaxton — Sun, 13 Sep 2009 19:58:22 +0000

Did you know that there are constantly new trends in the mortgage loan market? One of those new trends is to see every day more and more mortgage experts who specialize in specific market areas.

The knowledge of your expert could be a great advantage for you and could help you save thousands of dollars.

[...]

Home Mortgage Loan Interest Rates

Bob W. Flaxton — Sun, 13 Sep 2009 18:08:26 +0000

The home mortgage interest rate you will get with you bank is another very important financial factor to consider when you get a mortgage loan. Why? Because it will greatly affect your payments.

If your bank grants you a low rate for your home mortgage, you can consider buying a more expensive house. But be [...]

Several financial factors related to mortgage loan

Bob W. Flaxton — Sun, 13 Sep 2009 17:40:43 +0000

Down Payment for your Home Mortgage Loan

When you think to buy a house, several financial factors have to be considered. One of those important factors is the amount of the down payment on your mortgage loan.

The down payment will make a great difference on the amount of your monthly payments. One thing is [...]

Debts and Credit Cards Problem related to Home Mortgage?

Bob W. Flaxton — Sat, 12 Sep 2009 19:49:09 +0000

If you pay the entire balance on your credit cards every month, you probably won’t have problems to afford a home mortgage loan as we described in the previous article.

However, banks do not only care about how much you owe to credit cards. They also analyze the potential of debt they could represent. More [...]

Can you Afford Home Mortgage Loan?

Bob W. Flaxton — Sat, 12 Sep 2009 18:52:37 +0000

Look at the previous article to see what calculation yourself and your bank could use to see if you can afford to pay your home mortgage loan. Here is some more information!

Can you afford a home mortgage loan? Calculate your debt ratio!

If your think to purchase a house, you must know there debt [...]

How Much to Pay for Mortgage Loan?

Bob W. Flaxton — Sat, 12 Sep 2009 18:18:22 +0000

As we saw in the previous article with Mr. Cohen, a home mortgage loan can be a nightmare if you cannot afford it. Of course, the situation of Mr. Cohen is extreme and the bank that granted his home mortgage loan is also responsible of the situation.

Mr. Cohen took too many risks… He has [...]

Home Mortgage Loan: How much can you pay?

Bob W. Flaxton — Sat, 12 Sep 2009 17:50:22 +0000

Is a home mortgage too expensive for you? Actually, several readers of this site think about buying a home. But have studied the issue actively?

Purchasing a home is one of your most important financial in your life. Paying your home mortgage loan should not be a burden, but should instead contribute to your quality [...]

How to get Mortgage Down Payment?

Bob W. Flaxton — Fri, 11 Sep 2009 15:55:31 +0000

To get the best home mortgage rate, it is good to have at least a small down payment to pay. So, your down is an important part of your application. In order to help you get a good down payment, here follow some tricks.

Where your down payment comes from? Some funding sources are obvious [...]

Repay your Home Mortgage Loan Faster

Bob W. Flaxton — Fri, 11 Sep 2009 00:19:14 +0000

As promised, here are some invaluable tricks that help you to pay out quickly your home mortgage and save a lot of money.

Pay slightly higher home mortgage payments

If we take the same example as in the previous article but it increase monthly payments to $900, we get good results! The magic result? You [...]

Faster Repayment for Home Mortgage

Bob W. Flaxton — Thu, 10 Sep 2009 22:24:52 +0000

Would you like to pay your home mortgage faster and pay less interest to your bank? Probably… Here is an example.

Visit the website of a bank or our home mortgage calculator. If we take a classic situation that applies to a lot of people: Let’s choose $130,000 home mortgage with 6% interest rate over [...]

How to Pay your House Faster

Bob W. Flaxton — Thu, 10 Sep 2009 17:00:40 +0000

In this article, you will learn useful ways to pay down faster your home mortgage. If you are like the majority of people, your home is your biggest expense, followed by your car loan.

Thus, your home mortgage should be your financial priorities and you would like to pay it off as quickly as possible.

[...]

Buy a House Refinancing Mortgage Loan?

Bob W. Flaxton — Thu, 10 Sep 2009 16:13:24 +0000

In the previous article, we saw how it could be a good time with low rates to get a first mortgage or refinancing home.

You have to know, while refinancing home when rates are low, you could keep the same monthly payment but save five, six or seven year paying your home sooner.

But be [...]

Mortgage and Refinancing Home: Time to Buy?

Bob W. Flaxton — Thu, 10 Sep 2009 15:55:18 +0000

Even if rates are very attractive, bad economic news and the recession hold back buyers to get their first home… Even if the economy is not in best health, interest rates of some banks, it could be time to get your first mortgage or refinancing home.

For few times, the phone rings a lot in [...]

Refinance Home to Invest?

Bob W. Flaxton — Wed, 09 Sep 2009 21:58:28 +0000

Refinancing home: you borrow on the mortgage loan of your house to finance investments. Even if this practice remains unknown for a lot of people, it could be potentially lucrative in the long term.

But refinancing home could also be a little dangerous… At the possibility of great rewards, you must add the possibility of [...]

Refinancing Home to get a Lower Mortgage Loan?

Bob W. Flaxton — Wed, 09 Sep 2009 20:55:15 +0000

Did you know interest rates could profoundly affect your financial situation? If you know that, you also know that refinancing your home could be a solution. Indeed, doing it in order to get lower rate with a new mortgage loan can have a significant impact on your ability to do your monthly payments.

First of all, [...]

Refinancing your Home Mortgage: a Good Decision?

Bob W. Flaxton — Wed, 09 Sep 2009 17:06:10 +0000

You have a home, you pay a mortgage loan. You worked hard to maintain and afford the monthly payments. Good news! Your home is probably your most important asset, and you can do something to get more of it through refinancing home!

Did you know that many people use their home to improve their quality [...]

Home Refinancing for better Mortgage

Bob W. Flaxton — Tue, 08 Sep 2009 16:31:59 +0000

Refinancing home: the costs of advance repayment for a fixed home mortgage rate

In order to lend you money at a fixed rate for a given period, your bank borrows the necessary funds on the market and establishes term contracts at fixed interest rates.

When you end your home mortgage before expiration to benefit from [...]

Take your Property’s Value with Mortgage Refinancing

Bob W. Flaxton — Sun, 06 Sep 2009 21:20:46 +0000

Whether you plan home improvements, consolidate your debts, lower your monthly payments or invest in your RRSP for your future, home mortgage refinancing can be for you.

Banks usually allows you to get as much as 80 or even 90% of the market value of your property. What for?

Home Mortgage Refinancing to Free you [...]

Your Mortgage Profile for Refinancing

Bob W. Flaxton — Sun, 06 Sep 2009 20:13:43 +0000

For the fourth and final article of our guide, and before to make an important decision about refinancing your mortgage, it would be wise to make a comprehensive review of your current financial situation.

This review will help you know if refinancing is a good idea for you. Here is the key information you need [...]

Calculate Benefits of Home Mortgage Refinancing

Bob W. Flaxton — Sun, 06 Sep 2009 19:30:16 +0000

In the third article of our guide, we will see how you can calculate benefits to refinance your home mortgage. Depending on your personal and financial situation, you will see which of the following methods you can use:

Second mortgage: Simply acquire a second home mortgage.

Credit line: Request to your bank a secured credit [...]

Why Refinance your Mortgage?

Bob W. Flaxton — Sun, 06 Sep 2009 18:57:03 +0000

This article of our little guide will address the question of the reasons why it could be useful for you to refinance your home mortgage.

You are better to know all good reasons for using the equity in your home with refinancing to obtain additional money witha mortgage at competitive interest rates!

Home improvements. You [...]

Introduction to Home Mortgage Refinancing

Bob W. Flaxton — Sun, 06 Sep 2009 18:33:07 +0000

Do you know that the equity you have accumulated in your home can become a powerful financial planning tool? We created this guide in this article and the next ones to help you understand the complex notions of mortgage home refinancing.

Home mortgage refinancing gives you access to the value of your home in order [...]

Renegotiate Home Mortgage Loan for Low Rates

Bob W. Flaxton — Sat, 05 Sep 2009 18:05:22 +0000

Did you know that renegotiate your mortgage is the same thing than refinancing it? Read this article before.

Do you think you can renegotiate your home mortgage in order to get better rates? More accountants, brokers and financial planners often recommend it to their customers, especially when fixed rates are so low.

Examples and advices [...]

Renegotiate Mortgage can be a Bargain

Bob W. Flaxton — Sat, 05 Sep 2009 17:35:56 +0000

Those days, if you contact any mortgage broker firms, they will probably tell you they work for the last month to “break” or “renegotiate” home mortgage for their customers.

What do you think if you could renegotiate your mortgage at lower rates and save a lot of money?

With current low rates, popularity of this [...]