Modifying A Loan Due To Financial Hardship

Modifying A Loan Due To Financial Hardship

Death in the family, illness, loss of a job, or divorce can take a great toll on our daily lives and finances. If tragedy strikes and you are unable to afford your monthly mortgage payments and find yourself falling behind, you may be able to modify your home loan to catch up and avoid foreclosure. Up Next: Boomerang Buyer? Do This Before You Purchase A Home A loan modification is a permanent restructuring of your original loan to provide you ...
Know The Difference: Mortgage Banker Verses Mortgage Broker

Know The Difference: Mortgage Banker Verses Mortgage Broker

The time has come for you get find a lender for your mortgage. In your research, you may have come across two terms: mortgage bankers and mortgage brokers. What is the difference between these two entities and which is right for you? How do they help you? Up Next: Selecting The Best Mortgage Company In Kansas City When choosing a lender for your home mortgage, it is essential to not go with the first banker or lender you come across ...
Is A 15 or 30 Year Fixed Mortgage Right For Me?

Is A 15 or 30 Year Fixed Mortgage Right For Me?

You have applied for a mortgage and are now faced with a question: Should you get a 15 year mortgage or a 30 year one? How are they different and what benefits would they have for you? Up Next: Getting A Mortgage When Self-Employed Each length of mortgage has its own pros and cons that are dependent on your current circumstances, like where you are in your life and your finances. Here is what you need to know about the ...
What Is Home Equity Line Of Credit & Will It Benefit Me?

What Is Home Equity Line Of Credit & Will It Benefit Me?

If you need money to fund a home improvement project or have experienced an expensive medical emergency, you may have heard other homeowners talk about taking out a home equity line of credit. But what is it and how would it help you, if at all? HELOC Acts Much Like A Credit Card A home equity line of credit (HELOC) is a type of loan that essentially “turns your home into cash”. That amount you borrow can be accessed at ...
Pitfalls To Avoid When Getting A Home Loan

Pitfalls To Avoid When Getting A Home Loan

Beginning the process of purchasing a home is an exciting time. You are ready to invest in one of the biggest purchases of your life and settle down in a place of your own. Congratulations! Before you plunge into the waters of homeownership, there are several pitfalls you should be aware of and know how to avoid to make the process less stressful for you: Going Through The Process On Your Own How hard can buying a home be? You ...
How To Build Home Equity

How To Build Home Equity

As a homeowner (or soon-to-be homeowner), you most likely hear this phrase a lot, “Build up that home equity!” But why build it up in the first place? Home equity is an important financial resource for you that you can take advantage of at a later date. Home equity is the amount of the home’s value that you officially own, so that value can go towards a variety of things like: Purchasing a new home Using it in a reverse ...
Repairing Pet Damage Before You Sell Your Home

Repairing Pet Damage Before You Sell Your Home

Having a pet can be a rewarding experience; you get a friend and companion that can help not only your physical health, but your mental health. Unfortunately, as much as you love your companion, others may not feel quite the same way—especially when it comes to purchasing your home. As a pet owner who is selling their home, there are steps you will need to take to ensure that your home appears pet-free. Have Someone Unrelated Walk Through Your Home ...
Getting a Mortgage When Self-Employed

Getting a Mortgage When Self-Employed

Are you self-employed and looking to get a mortgage? You may have heard that getting a mortgage when self-employed is more difficult than those who receive a W-2 since you are considered higher risk. But don’t let that discourage you! With the right financial planning, documents, and time you can get the mortgage you need while self-employed. Keep Accurate Records As a self-employed worker, it is crucial that you keep accurate records of both your business and finances. Why? Because ...
When Would I Need A Co-Borrower & Who Should I Choose?

When Would I Need A Co-Borrower & Who Should I Choose?

Making the decision to purchase your own home is a huge choice that should not be taken lightly. There is a lot of budgeting and other preparations you need to undergo to understand how much you can afford to borrow. If you find that you have less than perfect credit or not enough income, consider using a co-borrower for your home loan. A Co-Borrower Is Not A Co-Signer It’s important to remember that a co-borrower is different from a co-signer ...
Boomerang Buyer? Do This Before You Purchase A Home

Boomerang Buyer? Do This Before You Purchase A Home

Many homeowners find themselves falling behind on their monthly mortgage payments and may find themselves foreclosing on their home. When it comes time to buy a home again, you will be considered what is known as a boomerang buyer. Why Am I A Boomerang Buyer? During the housing crisis of 2007, many homeowners lost their home to foreclosure after being lent subprime mortgages. Now, these former homeowners are at a point to be able to purchase a home again. Simply ...
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The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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