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Homestead Financial Mortgage

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Is Paying Off Your Mortgage Early a Good Idea?

It’s a question that weighs on many homeowners’ minds these days. Is it wise to pay off your mortgage early? The answer depends on your financial situation and there are good arguments that can be made either way. Here are several reasons why you should and shouldn’t pay off your mortgage early. Continue reading “Is Paying Off Your Mortgage Early a Good Idea?”

Very frequently, we get borrowers who have gone through a divorce and due to lack of awareness of the items still on their credit report, are unable to qualify for the refinance or purchase mortgage they were hoping to obtain. You can still get a mortgage after divorce. Here are some tips to make sure this isolated event doesn’t affect your credit score, causing you to miss out.
Continue reading “Credit Qualifying for a Mortgage after Divorce: 3 Tips”

Spring is the busiest real estate buying season and if your home is on the market you might be a little stressed wanting your home and your “curb appeal” to look amazing. With so much rain and cooler temperatures in the Midwest, it may be tempting to let the outside appearance of your home slide until the warmer and dryer weather comes. Here are some ways for attracting buyers and increasing your homes curb appeal despite the weather. Continue reading “Attracting Buyers: Increasing Your Home’s Curb Appeal”

Underwriting a mortgage loan is as much an art as it is a science. Whether you’re in the market for a mortgage on a new home or refinancing, it helps to know what mortgage underwriters look for so you can meet the lender’s parameters for loan approval. Here are some things to keep in mind.

Mortgage underwriting is the analysis process an underwriter performs when trying to determine whether to approve or decline a mortgage loan. Mortgage lenders create mortgage programs with guidelines for acceptable risk factors to underwriters. When your loan reaches underwriting, an underwriter is ensuring your loan meets the mortgage lender’s parameters. Every financial situation is different which makes every loan unique. Continue reading “The Basics of Mortgage Underwriting”

Interest rates are still at historic lows and refinancing could save homeowners a bundle. Trouble is many homeowners aren’t refinancing because the process can be a bit tricky. Here are some refinancing mistakes to avoid.

Before starting the refinancing process it’s a good idea to know your credit score. Job loss and a tough economy have taken a beating on many homeowner’s credit scores. Seeking a way out of debt, many homeowners attempt to refinance only to receive refinancing offers that were actually worse than their existing mortgage and in extreme cases were rejected by lenders all together. To improve your credit score in the months before you refinance, don’t make big purchases like a car or a boat, pay down your credit cards and check your credit report for errors, like debts you’ve already paid off. Continue reading “Typical Refinancing Mistakes You Should Avoid”