MORTGAGE PROGRAMS THAT CAN WORK FOR YOU WHEN BUYING A HOME. (Non-reverse info)
BLEMISHED CREDIT
Has your credit rating dropped? Whatever the reason: bankruptcy, boreclosure, repossessions, late mortgage payments, late credit card payments, charge offs, or all of the above, you may be able to qualify for a mortgage. Of course, you may need credit repair depending on your credit history. But it is possible to find a loan that's right for you once your credit is repaired, your credit score is adequate, and your income is sufficient.
ONE MORTGAGE INSTEAD OF TWO
You can use the equity in your home to consolidate your current mortgages into one single mortgage payment rather than a first mortgage and an equity loan. You might want to take a portion of the money you'll be saving each month and invest it either into your current mortgage (pay it off faster) or establish a savings fund.
REFINANCE TO CONSOLIDATE DEBT
You can consolidate debts by refinancing your home as long as there is sufficient equity and as long as you qualify with your credit. Perhaps you would like to reduce the term of your mortgage from 30 years to 15 or 20 years. You may be able to reduce your monthly payments dramatically with various mortgage programs.
Debt consolidation can provide you with a practical financial plan if you already own a home. In contrast, credit cards charge you daily compounded interest and can range from 9% to 24% so you can actually be paying up to three times more interest on credit cards. Start saving money instantly by refinancing and consolidating all of your debts into one low mortgage payment. Again, you can apply the savings toward paying down your mortgage.
BUYING A HOME - THE CHALLENGE
Buying a home can be an exciting time. Are you looking to be pre-qualified for a new home? Sellers want to know you can afford to buy their home. Being pre-qualified is a plus. It helps your realtor when presenting information to the seller and shows the seller that you are pre-qualified to purchase the home they are selling. Your mortgage specialist can help. All your information will be kept confidential.
Don't rush into buying a home. Consider how will you pay for it. While it's true that renting is a waste of money that can be applied to owning a home, getting in too deep too soon is not a good idea. You must qualify with income and credit, and you must be able to afford monthly mortgage payments.