Mortgage brokers can help you save time and moneWritten by Syd Johnson
A good mortgage broker can help you search through hundreds of mortgage products, and lenders to find perfect fit for your financial situation. The average buyer does not have years of experience in evaluating financial products and services.The average mortgage broker spends their entire day doing these types of evaluations and can point you in right direction, for a small fee. Buying a home is a relatively short, one time activity that can be completed in as little as thirty days, and as much as a one year time period. Regardless of your schedule, it is highly unlikely that you will have enough information to make best decision on your own. A mortgage broker can take away some of your anxiety and handle most critical part of buying your home. A mortgage broker is a trained professional with access to many different lenders and loan products. They can handle first round of negotiations with national and local lenders to see what kind of interest rate you can get on open market. It is much easier for a broker to get an accurate picture of your options when dealing with forty or fifty lending sources. If you do this work on your own, you might not have energy to go beyond two or three sources. It is possible that you are getting best deal, but it’s hard to be sure when there’s no third party working on your behalf.
| | The Power of Home Equity LoansWritten by Syd Johnson
A home equity loan is a great way to consolidate your debts, get a lower interest rate and manage your household budget. After a few years of paying down your mortgage you can use your new home equity to eliminate all your other debts. A home equity loan allows you to get a loan using equity in your home as collateral. This makes it a secured debt because you have an actual possession, house that can be sold if a creditor needs to reclaim money that you borrowed. How does home equity loan help you? Consolidate your bills. If you are like most homeowners, you are juggling several different debt payments including student loans, credit card bills, car loans and more. If you want to consolidate all of your debts then a home equity loan is probably best way to go. You are borrowing against stored cash, equity in your home, so you can usually get a better deal from your bank and borrow larger amounts than if you tried to get a personal loan with no collateral. In addition, you will probably get a low interest rate that is great for cutting down credit card and other high interest debt.
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