Tagged : Mortgages

There are currently 28 blog entries matching this tag.

What if you could accelerate the mortgage payment on your Santa Cruz home so that you own your property several years earlier than your 15 or 30 year term? Making your final mortgage payment and owning your house is an incredibly feeling and there is a simple way that you can bring about that rewarding day much sooner.

By making one extra mortgage payment every year, you will be able to pay off your mortgage years earlier without putting a lot of stress on your present day finances. Although it might not seem like a lot, just one extra payment per year can help you to significantly reduce the length of your mortgage.

For example, if you have a 30 year mortgage with a fixed rate, it could be possible to pay off your loan in 25 years instead of 30

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Being self-employed can sometimes make it trickier to secure a mortgage on your Santa Cruz property. However, it is not impossible.

One of the main reasons that being self-employed works against you when securing a mortgage is if you have a lack of proof of income in the form of tax records. If you are not an employee somewhere, you will not have a regular paystub that allows you to prove your earnings. You will likely receive your income from a number of different sources which can be difficult to track. Also, your freelance income or the profits from your small business will fluctuate over the years, making it even more difficult for the mortgage lender to assess.

This is why keeping your personal tax returns up to date and filed on time will be

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When you are looking for a mortgage for your Santa Cruz Home, your credit score is very important. Any potential lender will check your score and will use the number to assess the interest rate that they offer you. The better your credit score the lower the mortgage interest rates will be available to you, as the lender will be able to see that you can handle credit well. However, if you have a very bad credit score it could be causing you to be offered high interest rates on your mortgage that could cost you thousands over the years.

Improving your credit score before searching around for a mortgage will ensure that you get the best rate possible. But what can you do to improve your credit score?

Be Patient

Remember that improving your bad

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When it comes to buying their first Santa Cruz home, many people are unaware of the basic facts of how their mortgage works. A survey by Zillow indicated that more than one third of potential first time homebuyers don’t understand the most fundamental details about their mortgages. This lack of understanding could cost you thousands of dollars, so make sure that you understand your mortgage before you make a serious financial commitment.

Here are a few of the important things that many people don’t know about mortgages and how they work:

Mortgage Rates Can Vary Depending on the Day

Did you know that mortgage rates can change daily? Simply by monitoring the changes in these rates, you could enjoy the benefit of saving a lot of money. Even a small

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Taking the time to hunt around for a better mortgage rate on your Santa Cruz home could save you thousands of dollars in the long run. Recently mortgage interest rates have been at record lows, which mean that you have a chance to secure a great rate. All you need is to do a little bit of research, take the time to compare prices and ensure that you are getting the best rate.
Here are some tips for finding the ideal mortgage rate for you:

Improve Your Credit Score

The better your credit score, the better rates will be available to you when looking for a mortgage. However, if you have bad credit there is no need to panic; there are many ways that you can improve your credit score before searching for a mortgage.
Start by ordering your credit report

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Paying off the mortgage on your Santa Cruz Home faster means that you will not only have the satisfaction of owning your own home sooner, you will also have the benefit of paying much less in interest over the years. The faster you pay off your mortgage, the more money you can save, so here are some tips to accelerate your payment.

Pay Bi-Weekly

Did you know that if you take your monthly mortgage payment and divide it into two bi-weekly payments; you will end up making a full extra month of payments every year? You won’t notice the difference, but over the years this will end up saving you thousands in interest.

Put Any Windfall Toward the Mortgage

Was your tax rebate larger than you expected? Have you received an inheritance from your great

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There are many reasons why a mortgage loan for your Santa Cruz real estate could be declined. It doesn’t have to be the end of your real estate dreams. Here are a few things to consider if you’ve been turned down for a mortgage:

Loan-to-Value Ratio
The loan-to-value ratio (LTV) is the percentage of the appraised value of the Santa Cruz real estate that you are trying to finance. For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is 75%.

Lenders don’t like a high LTV. The higher the ratio, the harder it is to qualify for a mortgage. To reduce the percentage, you can save up a bigger down payment. Some lenders may approve the loan if you buy mortgage insurance, which protects the lender in the

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April 15th seems a long way off, but it will be here before you know it. Now is the perfect time to start getting your ducks in a row — and your paperwork too. Owning real estate can make a big difference on your tax return, so make sure that you’re taking advantage of all the deductions you’re entitled to. We’ve outlined a few below.

Mortgage Interest
Unless you paid cash for your purchase, you probably took out a loan to buy your Santa Cruz home. Mortgage interest is one of the best tax deductions out there, so be sure to hang on to that 1098 form from your bank. You can almost always deduct the entire amount of interest paid per calendar year.

Real Estate Taxes
Depending on where your property is located, you are likely paying real estate tax,

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Paying off the mortgage on your Santa Cruz home faster not only means that you’ll be able to enjoy the peace of mind that comes with completely owning your property earlier, but you will also save thousands of dollars in interest payments. Below are seven clever tips to help you get your mortgage payments on the fast track.

1. Save for a large down payment
Pay as large a down payment as you can reasonably afford. The more you can put down, then the less you’ll have to borrow from the bank.

2. Read the fine print
When you are choosing a mortgage, look at the fine print to find out if any restrictions apply to paying early. Some lenders will charge you for making extra payments.

3. Prepay early in the life of the mortgage
This is when the loan is the

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Homebuyers have many choices to make when purchasing a Santa Cruz home and one of those choices has to do with the length of the loan.  There are pros and cons to both the 15-year mortgage and the 30-year mortgage and the answer may not necessarily mean that one is “better” than the other is; it simply depends on what the homebuyer’s needs are.

The 15-Year Mortgage

If you choose the 15-year mortgage, your monthly payments may be higher than a 30-year loan would be, but your interest rate will be lower.  Additionally, by going with the shorter loan, you will build equity faster than if you went with the longer loan. 

Equity simply means the amount of ownership in your Santa Cruz home.  If you have 25% equity, you own 25% of your home.  You pay a

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