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  Are you planning to buy a new house? If so, you can understand how daunting could it be for you to create a budget and figure out the right mortgage rates.   That’s where the importance of a lender comes into play! When you choose a professional for your Chicago or New York mortgage rates , then they can make the process less intimidating. And the best part is that they can easily decode the paperwork and even offer you special grants and programs to offer reassurance when the process seems overwhelming. Now the question arises- “H ow can you choose a mortgage lender if you’re a first-time homebuyer”? Unlike choosing a realtor, you need to take many steps to consider before choosing a lender. So, without wasting any time, let’s talk about the steps! 1. Analyze Your Complete Financial Picture Without knowing how much you can comfortably spend, you wouldn’t buy a car or plan a wedding. It’s often observed that many prospective buyers don’t bother to understand the basi

  Are you planning to buy a new house? If so, then it’s incredibly important for you to use a mortgage payment calculator . This would not only help you determine how much your home will cost per month but it would let you know how much you’ll pay the total amount of interest.   To check whether you can truly afford your would-be home, estimating your monthly payment is important! When you choose a credible platform like PureLoan, you can easily determine what your monthly payments would look like. If you think using a home loan calculator is potentially daunting, then you’re probably mistaken! All you need to enter the value of your home and the amount of down payment you’re planning to make on the property, and the rate of interest. When you use a mortgage payment calculator , you can get the amount that you have to pay for your home so you can evaluate if this may suit your budget. How to Calculate a Mortgage Loan Payment To calculate a mortgage loan payment, there

  Refinancing your mortgage can lead to a multitude of things like a lower rate of interest, convert equity into funds, and shorten your term of the loan. But it doesn’t mean you would blindfold run into refinancing rates ! As a matter of fact, “you cannot overlook the importance of closing costs”. Estimating the Cost to Refinance For those who don’t know, the average closing costs for a mortgage refinance are nearly $5,000, depending on the size of your loan and your residence. In general, you might need to pay 2 to 5 percent of the amount of the loan principal in closing costs. Let’s say! For a mortgage refinance of $200,000, you closing costs could run $4,000 to $10,000. How to Lower the Cost to Refinance? If you are looking for the lowest refinance rates , there are many ways you can do to lower your costs. 1 . Increase your credit score Always remember that “When refinancing, the better your credit, the low

  So the 2020 election is over! And Joe Biden is the new president-elect and these results could let the market reach differently. As per the Mortgage Bankers Association’s associate vice president of economic and industry, Joel Kan, made a statement that “Markets, over the last few days, have certainly reacted positively and it is going to be a blend of a range of things: the vaccination being one yesterday, and the biggest news that has been lost between vaccination and election over the few days is nothing but the jobs report. He further added that you could see mortgage rates descend or stagnant even as other rates increase. What Could Be the Next for Mortgage Rates? With so many aspects significantly impacting the broader economy, predicting mortgage rate trends could be potentially daunting. According to the vice president of economic and industry, mortgage interest is likely to rise again by 2021. For this year, Kan predicted that rates are unlikely to stay this l

  If you’re looking to buy a home, you’re likely to find a mortgage to fund the purchase. Since technology has taken the industry by storm, you can now leverage handy instruments to find the best refinance rates . But now the question arises- How do you shun paying more than you need to for your mortgage? In fact “ The terms you get can make or break the deal in what you pay to borrow the same amount of money”. That’s why this post has come to the rescue!! Without wasting much time, let’s discuss that may let you find the lowest refinance rates . 1. Prepare Before You Start: If you’re looking for a home, getting your finances could be potentially daunting. So, be future-focused; maybe even postpone your search for a house until you can clean your financial house. Remember that “The further you put down, the less interest you’ll pay and the lower your mortgage payment will be over time”. Also, a higher down payment could even result in a lower interest rate. If you

  Are you looking to get the lowest rate of interest for your mortgage loan? If your answer is affirmative, you’re certainly not alone!! If you want it, you need to determine your actual rate of interest. And admit it or not, that could be a potentially daunting task even for experienced mortgage shoppers. As a matter of fact, when you know what things may influence your current mortgage rates , you’ll know better about the process of home purchasing and you may even negotiate your mortgage loan. Did you know? Saving a little percent on your rate of interest may let save you thousands of dollars. So it is important for you to prepare, compare offers, and find the right deal. When you do so, you’ll have a fair idea of whether an interest rate quote you get is under the limit of general rates or if you may need to continue to look for the best offers. In this post, we’ll discuss the five important factors that would determine your current mortgage rates . 1. Location of

  If you’re planning to buy a home, make sure you know how you will finance it as even a small decision can make or break the deal. Because it’s one of the largest investments anyone could make, it should be done with utmost patience. But before you run into home searching, you need to set up a budget upfront. This would help you prevent breaking your bank and you may end up choosing the home that suits your needs and budget.   And when it comes to setting up the right budget, nothing could beat the importance of a mortgage calculator !! For those who don’t know, a mortgage payment includes four important components, namely Principal, Interest, Taxes, and Insurance (PITI). It’s often observed that many homebuyers are well aware of these costs but they tend to overlook the hidden cost of ownership. From private mortgage insurance and the fees of a homeowners association (HOA) to larger utility bills, major repairs, and consistent maintenance, there could be multiple hidden costs

  Are you looking to save significant bucks by switching your home loan? If so, your search ends here! Since you bought your first home, if you’ve not thought about your mortgage, then you might be surprised to know that refinance can help you save potential time and money. Yes, you heard it right! Let’s discuss it! Using a Refinance Home Loan Calculator If you are looking to use a refinance mortgage calculator, it’s important for you to find out what exactly you’re looking for in your home loan.        Reducing your Repayments: Using a refinance calculator can help you get the best refinance rates that you may be able to afford. Also, your repayment would be significantly reduced.          Paying off Your Loan Faster: No matter whether you need ten or even twelve years into paying off your home loan, refinancing to a lower interest rate may significantly help you to shorten your loan term.   If you, however, keep making the same repayments just like you’re doi