By

Paul Barranco
When lenders review your application, they like to see consistency in your finances. Here are six things you shouldn’t do when applying for a mortgage: Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations Don’t change or quit your job Consult with your mortgage professional before withdrawing, depositing or moving large amounts...
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Today’s adjustable-rate mortgages are a lot different than they were in the past. And they may be the best choice for your purchase or refinance. ARMs are smarter. Here’s why: Most people only stay in their mortgage for 5 to 7 years. Why not go for the lower rate? With an ARM, more of your...
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When a home buyer or investor wants to buy a cheap foreclosure, it’s easy to assume that all foreclosures sell for pennies on the dollar. However, that impression is somewhat false. It is not how foreclosures work. Especially if the home needs repairs. Your idea of a fix-up cost and the bank’s estimate might be...
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Your mortgage may come with a 15- or 30-year term attached to it, but that doesn’t mean you have to wait that long to pay it off. In fact, if you have the funds or the will to make it happen, you can pay off your mortgage much sooner than that. But is prepaying on...
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So you found your dream home. You’re ready to put down an offer, pack your things and make that place your own. It’s natural to be excited about finding a great property, but don’t submit that bid just yet. Even if your initial home tour went swimmingly, things aren’t always what they seem. Ask your...
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Your home should be a relaxing, comfortable respite for every member of your family — even the furry ones. But most homes aren’t built with the comfort of pets in mind. Want to help your furry friend feel just as cozy at home as you are? Consider making these pet-friendly changes: Give them their own...
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According to author and co-founder of AE Wealth Management David Bach, "buying a home is the escalator to wealth in America." Homeownership can also help you retire early, the self-made millionaire tells CNBC Make It. That is, if you pay your mortgage off. "I can tell you, having been a financial advisor at Morgan Stanley,...
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Determining how much home you can afford takes some number crunching. Sure, you should look at the listing price — but that’s only one part of the equation. In reality, there are dozens of other expenses you’ll face as a homeowner. So what should you consider when budgeting for a home purchase? These expenses are...
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(Photo: Getty Images/iStockphoto) You probably know your monthly bills can impact your credit, as late payments or accounts in collections can land on your credit report and bring down your credit score. But are you aware your credit score can affect the payment amount on a number of your monthly bills? Here are seven monthly...
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Is it smart to buy another home before selling your present home? That’s a loaded question given the lack of information you’ve shared with us, but we’ll try to give you some guidance. As a general rule, you’d rather know that you have a buyer in hand to purchase your home before you go out...
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