Last updated 1 day 19 hours ago
Getting a home mortgage loan to buy a home is a truly exciting and momentous event in your life. However, buying a home is also an important financial decision that shouldn’t be made without doing your homework. This informative video offers tips on what you can do to ensure that your home mortgage loan is a sound financial decision.
When you’re looking for guidance through the mortgage loan process, turn to the superb help of an Absolute Mortgage loan officer. Our loan officers will use their industry knowledge to assist you in finding a home mortgage loan that is best suited to your financial needs and goals. Call Absolute Mortgage today at (425) 296-8834.
Last updated 8 days ago
A home equity loan is a second mortgage on your home that offers you a way to utilize the equity in your home. You probably recognize that the equity in you home, when used wisely, can maximize your financial situation. Taking out a home equity loan can be an excellent way to put your home’s equity to good use.
Avoid Private Mortgage
When buying a new home, most banks will loan you 80% of the home’s value. If you require more financing, the bank will often force you to get private mortgage insurance (PMI). An alternative to paying for PMI is to use a home equity loan to refinance the remaining 20% of the home’s value. For individuals who cannot put down 20%, this is a viable option for avoiding PMI.
Consolidate Debt
Credit cards often charge interest at a rate of 15 to 28 percent or more. On the other hand, a home equity loan will charge interest at half, or even less than half, the rate of a credit card. Using a home equity loan to pay off high-interest debt can save you thousands of dollars over the life of the loan. In addition, the monthly payment for a home equity loan will be far less than for high-interest credit card debt.
Pay for College
Paying for college can be a substantial expense for parents. However, parents can tap into the equity in their home with a home equity loan to help finance their child’s higher education.
Avoid High-Interest Debt
If you are considering a major purchase in the near future, from a dream vacation to home improvement projects, a home equity loan can help you avoid paying with a high-interest credit card. The interest rate on a home equity loan is far less than most credit cards and can save you thousands in interest.
Would you like to learn more about how a home equity loan can help you make the most of the equity in your home? Contact one of the expert loan officers of Absolute Mortgage in Bellevue today at (425) 296-8834.
Last updated 11 days ago
Understanding the key aspects of a home mortgage can assist you in evaluating new home mortgage loan options. When you understand your mortgage loan choices, you will be able to choose a mortgage that you can afford.
Getting Started
Before trying to select a home mortgage loan, you need to make a full assessment of your current circumstance and any changes that may occur in the future. Think about:
- How much money can you put down on the purchase of a home?
- How much can you afford on a monthly basis for your home mortgage payment?
- How long do you plan to stay in the home?
- What are your financial goals?
Once you understand your circumstances and goals, you’ll be able to evaluate which mortgage loan will satisfy your needs.
Deciding on a Type of Interest Rate
Mortgage loan rates can be either fixed or adjustable rate. The interest rate of a fixed home loan will not change over the life of the loan. This means that your monthly payment will stay the same over the term of the loan. An adjustable rate mortgage (ARM), however, has an interest rate that can change depending on current loan interest rates, and your monthly payment can fluctuate. If you plan to stay in your home indefinitely, a fixed rate is usually a better option. However, if you know you’ll move within three to five years, an ARM may be a better financial fit.
Considering the Term of the Loan
Typically, home mortgages are offered in 15- and 30-year terms. A 30-year term will give you a lower monthly payment, but you’ll pay more over the course of the loan. A 15-year term will increase your monthly payment, but cost you less overall.
Determining Loan Flexibility
Look at the finer points of a loan to see if they meet your needs, as well. For example, can you make overpayments when you have extra money? Or does the mortgage loan have a penalty for overpayments?
Call Absolute Mortgage, serving the Bellevue area, at (425) 296-8834 to learn more about mortgage loans that meet your financial goals. At Absolute Mortgage, our loan officers provide valuable professional advice and exceptional customer service.
Last updated 22 days ago
Buying a new home or applying for a mortgage loan doesn’t have to be a difficult process. Check out these great resources for more information on essential mortgage terminology and the importance of getting pre-approved for a loan.
Call the mortgage loan experts in Bellevue at Absolute Mortgage by dialing (425) 296-8834 for more information.
Last updated 29 days ago
The
mortgage loan process can be broken down into several different components, as explained in this video.
The first step to obtaining a mortgage loan is the pre-qualifying process, in which you speak to a lender and provide information regarding your income, debts, and expenses so that he or she can help determine how much home you can afford. The next step is the actual application process, in which you fill out a formal loan application and provide any documents that the lender requests, such as your tax returns and pay stubs. Check out this clip for information on the underwriting, pre-closing, and closing processes.
Here at
Absolute Mortgage, we provide customized solutions to help you find the mortgage plan that best suits your needs. Contact one of our Bellevue loan officers at (425) 296-8834 for more information on our refinancing and mortgage loan services.
