Should you Refinance your Mortgage Plan

If you have decided to refinance your Bethany beach mortgage plan, you may find in Steve Morgan, a reliable Bethany beach lender.  This is the best time for refinancing mortgage plan with housing market looking favorable for home buyers. Increasingly more people are now investing in real estate with lower interest rate on mortgages.

Deciding on refinancing 

You will end up saving significantly with a reduction in your mortgage interest rate provided they are not clubbed with overwhelming charges and fees. So, you need to be careful with the math. Fees are a part of mortgage broker services. In addition, some other costs include home appraisal, insurance and credit reports. To get a sense of the actual cost, begin with a good faith estimate that shows projected cost with loans. The loan officer should be able to inform you about the total monthly payment for you post-refinancing.  As a general rule of thumb, you should be able to shave-off about 1.5 to 2 percentage points for refinancing to be favorable to you.

The rate you get should be low enough. You must have a proof of income and the ability to invest 20 percent equity. However, some lenders may require 30 percent equity for jumbo loans. When deciding on refinance do your math carefully and determine when you will break even. Explore different options with different lenders.

The current days is the best time for mortgage refinance with interest rate pendulum swinging in favor of homeowners. The location like  Bethany beach is top in demand, where you will have access to the top notch home lenders including Steve Morgan.  However, to get the best choice you need to do some math and shop around for favorable rate. 

Heading Towards Retirement? Buy a Second Home!

The majority of people heading towards retirement prefer to buy a second home in calm and serene places such as Bethany beach, Ocean city, and Panama City beach. Financial experts suggest buying a second home 5 to 10 years before you retire. So, you might want to look at your options for investing if you plan on retiring in the next decade or so.

What do you gain?

One of the benefits of buying a second home well before your retirement is its ability to generate rental income. If you plan to move into your vacation home once you retire, passive income generated from renting it will certainly be useful. Another benefit is that you get to live in a calm place which will keep you healthy.

If you are planning to buy a second home in Bethany beach, mortgage lenders like Steve Morgan can help you to qualify for a second home loan even under stringent regulations. They usually suggest you to make a down payment greater than 20 percent of the price. This significantly slumps down the monthly payment for vacation home and easily allows you to qualify for the mortgage.

If you feel that investing in a vacation home is what you need and afford right now, then by all means do. Having a home where you can spend your post-retirement days in peace is a dream for many and truth for a select few.

Why you should Buy a Second Home

Lower interest rates on mortgages, in recent years, have encouraged more and more people to invest in real estate. Most of them are opting for buying vacation homes. In fact, a recent survey from National Association of Realtors suggested that vacation home sales surged as much as 30 percent in 2013 compared to 2012. Popular places for buyers include Bethany beach, Ocean city, and Panama City beach.

Investing in second homes

Some people buy vacation homes as a place for relaxing with their families. Some buy it for generating passive income. Others purchase it to spend their post-retirement days in a calm and serene place. It’s all about personal preference.

Getting mortgage for a second home has been difficult for an average borrower after the new mortgage lending regulations. Now, mortgage lenders screen consumers’ complete financial picture before lending them home loans. The regulations also suggest that a borrower’s entire debt payment should not exceed 43 percent of their gross income prior to tax withdrawal.

If you are planning to buy a second home in Bethany beach, mortgage lenders like Steve Morgan can help you to qualify for a second home loan even under such stringent regulations. They usually suggest you to make a down payment greater than 20 percent of the price. This significantly slumps down the monthly payment for vacation home and easily allows you to qualify for the mortgage.

If you feel that investing in a vacation home is what you need and you can afford it right now, then by all means do. Having a home where you can spend your post-retirement days in peace is a dream for many and reality for a select few. Having a second home in a popular vacation spot can have its own perks in terms of a healthy passive income. 

Vacation Homes Preferred by Locals and Tourists

A growing number of people now prefer to invest in vacation homes to live in style. More importantly, vacation homes in calm and serene places like Bethany Beach are being preferred by people to avoid the pollution in the busy cities.

Reason behind the interest 

There are a number of reasons for the increasing popularity of vacation homes. The first is that vacation homes have become good investment opportunities as the tastes of people are becoming very expensive. The second reason is that vacation homes can be rented out to others during the times when the owner is not using them. Rents of vacation homes in places like Bethany Beach can range from US$ 250 to US$ 1,000 per night depending upon the range of facilities available. Just like the normal houses, vacation homes too are bought on a mortgage due to their higher prices. Going through the paperwork involved in the mortgage process can be time consuming and difficult for busy professionals to manage on their own. Hiring a good mortgage lender like Steve Morgan can ease the mortgage process as they can guide through the whole process.

Buying the vacation home in locations like Bethany Beach has emerged as a good investment option for many rich and middle-class people. However, managing the mortgage process for buying a vacation home can be an excruciating process without help from a professional mortgage lender. So, pick a decent mortgage lender before you start looking for your dream vacation home.

What you should Know Before Getting a Vacation Home

A quick rejuvenating get away thrusts the life back into us. Vacations are as important as work days. In 2013, there was a 30 percent increase in the number of Americans who invested in buying a holiday home. There are many great escapes like the calm, serene and picturesque Bethany Beach area.

Before taking the big step 

Location of your vacation home is as important as the location of your regular home. Explore and find the ideal place where you will love to go and de-stress. Check out the locations personally. It is always better to first talk to someone who is a resident there than relying on the internet.

The next step after identifying the location is to raise the required capital. The market offers several mortgage options and mortgage lenders. Steve Morgan is a mortgage consultant who works with Bethany Beach lenders, a well known mortgage firm.

A vacation home shouldn’t be too far from your regular home making frequent commuting hard. Renting out vacation homes is a good idea too. They aren’t lived in for most of the year and it could add to your income.  Do look into the different tax laws because rental agreements are governed by different laws when compared to owner occupancy.

When it comes to a vacation home always think of the future. Do not over rent or under rent. Think of the market fluctuations. Consider the assistance of a mortgage broker to handle your mortgage application for the purchase. Make your holidays memorable, choose wisely and enjoys your time offs!

Buying and Paying for Your Second Home

When you already have a home of your own, buying a second home is more of a choice than necessity. So, the way you go about buying and financing one of these is also quite different. You tend to be more selective from various choices and review every aspect associated with the transaction in detail because you have the time and lack of urgency to do so.

Financing options

Steve Morgan at Bethany Beach Lender explains the differences in purchasing a second house. Interest rates and monthly payments are higher on these houses because lenders are aware that this is not your first home and you are not too worried about losing your shelter if mortgage payments are defaulted. So, they keep their payments high to keep their lending risks low. Show them your commitment to keep up payments by making larger deposits on the home. While other application procedures such as income and credit checks remain the same, the terms on which the loans gets approved differ.

You can choose to refinance on your first home, but only if you are confident that you can keep up with the increased mortgage payment on that along with the new commitment you will have in the form of your second home mortgage payment. Larger down payments can make you eligible for short term finances for about 15 years at low APRs. Others can go for the traditional 30 year mortgages. Many banks are happy to lend for such houses too, and as always, hiring a mortgage broker to deal with the shopping around, negotiations, and several application and closing documents makes the process all the more simpler and quicker.

Keep the loan term short so you can enjoy good mortgage rates, and go for this option if you know you can keep up with the payments. Try to avoid putting additional liens on your primary home and if you are a retired person, think more carefully before you use up your saved money in this venture. All said, with many people choosing to smartly invest their spare money in this manner and to have tax benefits, if applicable, buying second homes are a popular trend.

Four Mortgage Loan Types and its Affect on your Credit Score

Loans can be broadly classified into secured and unsecured loans. While the secured loans are backed up by assets, the repayment of an unsecured loan is not guaranteed by any assets and hence carries higher interest rates.

Impact on your credit-worthiness

There are different kinds of mortgage loans that are available in the market. The first is the fixed-interest mortgage where the interest rate remains the same all through your loan period. The second type of mortgage is the adjustable-rate mortgage where the mortgage rates keeps changing during the loan tenure depending upon the prevalent market conditions. The third type of mortgage is the hybrid mortgage where a fixed portion of the mortgage carries a fixed interest charge and the remaining is floating interest charge.

The last of popular mortgage plan is the Federal Housing Administration loan which enables borrowers to get loan on a low down payment. Credit-worthiness of the borrowers depends on the mortgage selected where fixed interest mortgages have a positive impact on the credit-worthiness. Going for a second mortgage can also have a negative impact on the credit-worthiness of the customers. Selecting a good mortgage lender like the Steve Morgan a popular Bethany beach lender can help in selecting a good mortgage plan that is most appropriate for you.

When looking for buying property on hot properties like Bethany beach always remember to select the right mortgage lender so that you get the best possible deal in terms of the interest rate paid and post purchase service. 

Talking to Bethany Beach Lender for Vacation Home

Having a house of your own in a city is one of the biggest achievements in life for many. However, wouldn’t it be great if you could also have a place to rest, away from the hustle-bustle of a metropolis? If you are looking for a vacation home or second home to occasionally take a break from your hectic city life, you should invest in a property at Bethany Beach.

Why Bethany Beach?

Home to one of the best beaches in the Middle Atlantic, you know time is going to just fly by when you are sunbathing at the shore or enjoying a quick game of volleyball here. By hiring a mortgage broker to get you the desired property at an affordable price, you will have one less thing to worry about.

Steve Morgan, who has been helping people looking for property in Bethany Beach by providing them suitable mortgage schemes, can help you with a plan that suits your needs the best. He will guide you through the various options, explaining you the details of each. He will also recommend a scheme that will work for your budget, based on which you can make a choice.

You will also be able to save yourself the trouble of going to various offices and banks to get your loan sanctioned. Your mortgage broker will take care of all of that. So, isn’t it better to hire a mortgage broker and let him look into the related formalities, while you can start calling your friends and family to have a relaxing stay at your new vacation home?

Why Should Retirees Invest in a Beach Side Home

Not many things come close to the pleasure of owning a house by the beach. In fact, the natural setting gets even more pleasing when you are retired and don't have much to look after apart from deciding which game to play with your grandchildren. A home in Bethany Beach is an investable asset for baby boomers looking to settle by the sea side. There are also several health benefits of living on an oceanfront property.

Here are some reasons why you should choose living in a house near the sea:

Long-term profit

The biggest advantage that beach homes offer is that they often retain their value. In fact, they are likely to appreciate in worth because of being located at a popular destination. So even if you decide to sell your beach house, you are certain to get a great deal on it.

Place of retreat

Staying at a property by the seaside is like being on a vacation for 365 days. You can laze by the shore, soak up the sunlight and much more. Also, beach houses are accompanied by several other attractions like resorts, water sports and so on.

Hire an experienced local mortgage broker to get the appropriate loan scheme for the property. Bethany Beach lender Steve Morgan can help you make an informed choice with the kind of mortgage to opt for. Do ask your lender about the specific mortgage guidelines for retirees to get a good deal.

Why you Need a House by the Seaside

A house on the coast of Bethany Beach is a much sort after location for home buyers who are looking for a home, away from the hustle and bustle of city life.  A house by the beach is a perfect idyllic living that especially appeals to retirees and baby boomers. Homes, condos, villas and more are available at Bethany Beach. Take your pick!

Why get a house at Bethany Beach

Getting a house by Bethany Beach is a great decision indeed! Oceanfront houses or villas at a walking distance from the beach, are  great choices. It depends on what you expect from your home. The strongest plus point that stands out is the opportunity to live and be  with nature. Every day is greeted with wafts of ocean breeze, the sound of the rushing waves, the awe-inspiring sunrise, or sunset, and the serene beauty of it all. It’s tranquility right at your doorstep. You can quickly step out and have a splash in the waters, an evening out with kids for some fun, or take a walk on the wild side by trying your hand at some water sports like kayaking, surfing or sailing.

If you are keen to invest in a beach house, now is a great time, given the low interest rates! At present, the market in Bethany offers favorable conditions for interested buyers. Well renowned mortgage lenders like Steve Morgan can ease the entire process of house buying, by tailoring the right loan process that’s best suited for you. The Bethany Beach lender hosts several loan application options. Based on your requirements, a suitable one will be recommended for you. Take advantage of these commendable mortgage lenders!

In conclusion, a house by the beach is perfect either as a home or as a vacation beach house. The perfect getaway from the stress of everyday living, at a place you can call your own, where you can keep your feet up, relax and unwind. With favorable market conditions prevailing right now with no certainty of how long it’s going to last this way, now is an excellent time to invest in a beach house!

Advice from a Mortgage Expert

Having a place to call your own is something that everyone wants. With the soaring realty prices, taking out a mortgage is the only available option. Many mortgage companies like Bethany Beach Lenders offer attractive interest rates. Mortgage brokers like Steve Morgan will also assist you with all the paper work and legal documents that are synonymous with buying a home.

What do the experts suggest?

The market is constantly fluctuating. The rates that are prevalent today are replaced tomorrow. Experts suggest that there is no better time to invest in property than today! Two experts: NY1’s Tara Lynn Wagner and Ross Kenneth Urken say that the best time to buy a house will be within the next five months. The prices are going to soar  which  in turn will increase the interest rates. They speculate a rise of 5 percent in the interest rates over the next twelve months.

Urken says, "I really think it's chicken and egg”. People are seeing interest rates rise so they are more compelled to get into the market . If you are looking to buy a home, your biggest priority right now should be getting your financial house in order. Credit score is really your golden ticket to getting a great rate from lenders and thus a more affordable mortgage.

Choosing a mortgage is as important as choosing a house. Mortgage brokers help in shopping for the best deals. They also handle all the legal paper work and assist through-out the entire process. Steve Morgan is a certified mortgage broker who has clients in Delaware, Maryland, Virginia and Washington DC.

Bethany Beach, the quiet town in Delaware is gaining popularity as the ideal retirement and/or second home. The booming real estate industry has made this small town into a  perfect get away. Waiting on the interest rates to drop is as good as shooting arrows in the dark- unpredictable! Once you have your finances in order and a good credit score start shopping for the perfect home.

Mortgage Mistakes to Avoid

Everyone needs a quiet retreat away from the hustle-bustle of the city life. Be it a vacation home or a retirement home Bethany beach is gaining popularity for its quiet and scenic atmosphere. Once you have a house you would like to buy, it is important to get the legal and financial aspects in order. 

What not to do

There are many types of loans and mortgages. It is important that you consider all the options and compare different mortgage rates. Acquiring a mortgage is a tedious and time consuming process. A few common mistakes that most of us do can be easily avoided if:

• We check our credit card to ensure that we don’t have a bad credit score that can increase mortgage rates. It should also be noted that applying for a new credit card at the same time is risky. 
• Mortgage payment is the sum of principal, interest, taxes and insurance. Do not overlook property taxes and insurance. The borrower also needs to have seasoned assets.
• Job hopping may reduce your chances of getting a mortgage because its approval depends on a steady income. 
• It is advisable to get the mortgage pre-approved. Mortgage brokers, like Steve Morgan can help you choose.
• Be practical and do not fall prey to an offer that sounds too good to be true. 
• Lock the interest rates so that you don’t pay different rates each time.
• Most importantly, ensure that you read through the offer document carefully, understand all the clauses before you sign the documents.

Steve Morgan a mortgage broker, for Bethany beach Lender, can help you choose the right mortgage. A broker will help you find the lowest interest percentage. They compare multiple banks and lenders to get the best rates while guiding through the paper work and the legal aspects.

Should I still consider a mortgage?

When you have a reliable mortgage broker like Steve Morgan and you have found the perfect retirement home in the beautiful Bethany Beach, don’t hesitate, start your paper work immediately. When we have experts who can help you get the best deals, why not make the best use of it?

Finding a Mortgage Lender for your Second Home

For people who wish to invest  heavily in the real estate sector by buying a second home, one part of the task is to find the right house and the second part is to find a suitable lender. Many aspects such as the mortgage amount, interest rate, repayment type and term need to be looked into before the right one is chosen.

Hiring a lender

Experienced mortgage brokers, such as Steve Morgan at Bethany beach Lender, can point customers in the right direction. Details of their credit history, repayment ability and type of investment are collected before they are provided with options. Some of the best ones  approach banks of credit unions in which they already hold an account or have a loan. Talking to other people who have already been through this process is a good option as they are great source of information and guidance.

Hiring a mortgage broker would be beneficial because they can make the application process easier and simpler for you. Moreover, they have access to information about mortgage deals with various small and large scale lending institutions which you may not have access to. If you were to have a chat with your real estate agent, you will realize that mortgage brokers make the process smoother and can help you during periods of booms and recessions alike. After all, they are obliged to find the best deals for their customers at any given time.

So having an experienced mortgage broker is definitely beneficial if you are looking to increase your real estate portfolio. Get the best deals based on your credit score and the type of house you want to invest in under the guidance of a broker with more information and options for you, provided you choose your broker carefully.

Second Homes vs Investment Properties – Which Option is Better

If you have money to spare and would like to invest it in properties, you should understand the concepts of second homes and investment properties well. Steve Morgan, a Bethany Beach lender explains the difference between the two. Investment property generates income on a regular basis because you buy it to let it out. A second home on the other hand, is more of a vacation house which you may hope to sell when real estate prices in the area are booming.

Weighing both options

Now that you know the difference between these two types of properties, think about what would best suit you. If you have money as well as time to spare to look after the rental properties and attend to it various demands such tenancy agreements, repairs of utilities and collection of rent, then an investment property is the best option for you. It is an additional source of income. As people tend to buy these properties as close to their current residence as possible, communication and travel should not be an issue.

Vacation homes of course, are a little away from homes and may or may not be rented out. People who want a change of place from time to time, who like playing long investment shots, the ones who don’t want the hassle of maintaining another home and who don’t want their money to sit idle in a bank account should consider consulting a reputed mortgage broker to scout for and buy such homes with a reasonable mortgage.

Your Second Home Mortgage Options

Are you planning to buy a second home for vacation in exotic places like Bethany Beach or in a city that you frequently visit? Buying a second home is the time when you need to exhibit some sound financial skills.

Choose wisely

Mortgages on second homes also offer the same tax benefits as those offered by the first homes. If the decision to purchase the home is taken before retirement, it is advisable to opt for longer repayment periods of up to 30 years so that the mortgage repayment will not eat up much of your monthly budget. Opting for the right mortgage lender like Steve Morgan, one of the top mortgage house lenders in Bethany Beach, can ease the process of loan application and repayment.

A good mortgage lender can give you the right advice at the time of applying for a mortgage so that you can make an informed choice. Lenders like Steve Morgan also give  multiple loan application options like quick, standard, and 5-step application depending on your need as well as requirement.

Rules for applying for a second mortgage are generally tougher than for applying the first mortgage. However, banks allot second mortgages easily if you have good payment record for your first mortgage and any other loans. Choosing a right mortgage lender for your second home is more crucial due to the limited repayment period that come with these homes. A second home in an exotic location is after all an indicator of your achievement in your life and career.

Questions to Ask Your Mortgage Lender

Mortgage lenders help you in finding the exact mortgage loan that will suit all your needs. The lenders have every kind of information on mortgages and should be willing to share the information with you. So, it is important to get to know what questions you should ask to your Bethany Beach Lender, before signing a mortgage contract.

Answers you need to know

The first question you should ask is about the Annual Percentage Rate. Lenders could hide small fees and charges that might lead you to paying more money. The APR takes into account all of the extra charges, so it is better to know it before getting a loan. Your second question should inquire about escrowing your insurance and taxes. Some prefer to pay them all at once, others over a period of time, and hence talk with your lender about whether you have to make an escrow account or the lender will sort it out for you. Other questions you could ask is about prepayment penalties on the loans, or whether to not do something that changes you financial information or credit report before the closure of your loans.

Such questions, if asked correctly, can lead to a better experience when applying for a mortgage loan. Steve Morgan says to get your facts right before making any applications for loans on Bethany Beach, Delaware. For more information on how to get a mortgage loan, get Bethany Beach Lender to help you out. 

Tips to Lower your Mortgage Interest Rate

Mortgage rates at Bethany Beach are at their lowest this year, being quoted at about three percent. Getting an even lower mortgage rate is easy; you just need to know how the lenders of the loans are assessing the rate given to you.

Paying less for your FHA, VA, or conventional mortgage

Federal Housing Administration insures FHA mortgages and so has guidelines on how the rates are done. A high credit score means lower rates, and vice versa. Hence, it is advisable to get a credit report before applying for a mortgage from a lender, so that any discrepancies in it can be sorted out and your credit rating can be raised.

VA mortgages leave very little room to get that lower rate, but it is possible. It can be done by reducing your loan’s length or by getting energy efficiency benefits from VA. Currently, a reduced time in years of a mortgage can get you rates almost a point lower than say double that period.

Conventional loans are assessed on their Loan Level Pricing Adjustments model, which means the rates are determined by your credit rating and purpose of the loan. So, comparison of a conventional loan to a FHA loan is advised to get the lower interest rate.

Getting lower rates on your mortgages is actually easy. The rates are the lowest they have been this year, and reducing them only takes a little bit of effort. Contact Steve Morgan at Bethany Beach Lender to know your best rates.

Cutting Down Your Mortgage Payment

Purchasing a home can be a cumbersome and difficult process to maneuver around. Fortunately for property buyers in Bethany Beach, there are now a variety of loan schemes on offer that help reduce both their down payments, as well as their monthly Private Mortgage Insurance (PMI). A PMI is an additional sum that is integrated into the overall mortgage payment. Schemes that allow individuals to place under 20 percent of a property’s value as a down payment, typically involve a PMI. 

80/10/10 scheme

PMIs can amount to significant monthly sums depending on the total value of the property. However, there are a variety of ways in which buyers can avoid or reduce their PMI premiums. The f80/10/10 scheme permits buyers to put down just 10 percent of the total property purchase value at first. The lender will then place down 80 percent of the property value. Buyers can then use the same Bethany Beach lender or another lender to place a second mortgage of the remaining 10 percent of the property’s value, thereby taking care of the monthly PMI. 

Gift of equity

For individuals who live in family-owned properties, or those looking to purchase properties from their landlords, there is the gift of equity scheme. This scheme allows the current owner of the property to place 5 percent down payment on behalf of the buyer. However, to do this, the buyer will need to provide a letter of motivation from the owner of the property, detailing the reason of sale. 

It is important to remember that most of these schemes require individuals to have a credit score greater than 700. Before availing of these methods, it is always advisable to consult an experienced mortgage professional like Steve Morgan. 

Home Loan Mortgage Interest Rates

The first thing you look for when shopping for mortgages is the APR. With so many mortgage providers, it is a well-known fact that the plethora of APRs offered are vast. They all tend to circle around the general rates levied by the big banks in the USA such as BOA, but specialized mortgages such as those provided for Veterans or by the US Dept. of Agriculture have different APRs and their applications.

Interest rates for different home loans

Steve Morgan of Bethany Beach Lender has made a few observations in respect of some of these mortgages:

1. Mortgages provided by Federal Housing Administration are useful for people with average credit scores of about 580 and pay a 5 percent deposit for the house. Their APRs are also comparatively lower. Their monthly mortgage insurance premiums (MIP) however are higher and so it is at the time of closing so that should be accounted for when you review this mortgage option.

2. Provided by the Department of Veteran Affairs, these mortgages having everything going for them – their APRs are the lowest, they do not require MIP no matter how low our down-payment is, you can get 100 percent financing under this mortgage (no deposit payable at all) and the deal-clincher is the mortgage portability to the new buyer, should you choose to sell the house. Your course should have some military background to consider this mortgage.

3. Conventional Mortgage APRs – Provided mainly by Fannie Mae and Freddie Mac, this lending duo provides mortgages at reasonable APRs provided your credit score is above 680 and you make at least 20 percent of the asking price as the down payment. Lower your deposit, higher your APR goes except under special rate schemes.

4. Department of Agriculture mortgages – Loans are made available to people of rural backgrounds at extremely low APRs even with zero deposit. Their main criteria are the credit score (more than 620) and the debt-to-income ratio must be reasonable.

With so many options available in the mortgage market, it should not be too difficult for you to choose the right one provided you are able to furnish all necessary documents and keep a track of your credit score. Depending on your background, see if there are concessional APR-backed mortgages available before you apply for one.

When Can Your Mortgage Application Get Rejected?

Filling out mortgage application can be a tedious job that not many of us like doing. It is important to give it a few extra minutes and complete the application carefully with all details correctly and fully mentioned. There are several reasons for a mortgage application to get rejected, a few of which are discussed here.

Areas where you went wrong

Baffled with a mortgage rejection? Well, one of these may have been the reason!

1. Unsuitable credit history – A lender will check your past records to see how well you have managed your finances – both incoming and outgoing, to decide if you will be able to manage a mortgage. Poor credit history equals rejection.
2. Insufficient credit history – Quality and quantity matter with this one. Those who have been using only cash for all transactions and have never had a loan or credit card in the past don’t have any credit history to be checked.
3. Employment issues – Be sure to be gainfully employed for a good amount of time, on a regular basis before you apply for a mortgage. How stable you are with your earnings is a deciding factor for mortgage lenders.
4. Incorrectly filled application form – By deliberately hiding information or omitting to mention important details, you are giving an opportunity for the lender to reject your application. For this issue, using a mortgage broker is beneficial as he/she can check your form and give you advice on filling it before submission.

Steve Morgan of Bethany Beach lender is a reputed mortgage broker who helps you understand the reasons of a loan rejection before helping you to tackle them. Be sure to hire the right broker to avoid frustrating mortgage delays and rejections.

Things you Must Know Before Refinancing your Mortgage

News from the Mortgage Bankers Association has put many home buyers and mortgage shoppers on the alert. They have estimated that the APRs may go up by a percent from the current 3.4 percent for a long-term fixed mortgage of 30 years. Does that imply you should refinance quickly? Steve Morgan at Bethany Beach Lender gives you a few helpful tips.

What to expect while mortgage refinancing

There are a few simple but vital things you must do before you rush to get a better finance option.

1. Be prepared – Financing means money and a financer would like to ascertain that your repayment ability is up-to-the mark. Documentary evidence is mandatory, so it would help if you keep copies of pay stubs, proofs of your assets and liabilities and tax returns filed handy.
   
   
2. File an application – With all documents ready and an impressed financer, the next few steps are relatively easy for you. Fill out the lender’s application accurately and honestly. You must make time; shop around for the best financers. Approaching your current provider, provided you have a good payment history, would not be a bad idea too, if they offer better refinances. Once an application has been submitted, be patient. Processing applications takes a while. They need to verify your suitability and go over every aspect of your finance with a fine-toothed comb.
   
   
3. Choose a rate and seal the deal – Once approved, choose an optimum mortgage, preferably with a locked rate for the initial months so you do not worry about soaring APRs. Make sure you clarify every small doubt you have before the mortgage closing takes place and you land a new deal.

As you see, it’s not that easy to choose a better mortgage. Helpful personnel like Steve Morgan at Bethany Beach ensure that you understand every stage of the process. So follow these basic steps and enjoy a more convenient mortgage for a long period of time!

Managing your Mortgage Smartly

Smart Ways of Managing Mortgage

In these tough times, managing your mortgage should be an essential part of your financial planning. Whether you are comfortably paying off your mortgage or are struggling to make the payments, there are always smart ways that you can utilize to make your financial health better and your life easier.

Mortgage management tips

Keeping an eye on your  finances is essential for everybody and your mortgage is one of the most important part . So whether you are trying to cobble together the monthly payments on your first home or are comfortable paying off that vacation home in Bethany Beach, here are a few tips that everyone can use.

• If you are having problems in making your mortgage payments, contact your lender and try to work out a payment plan that is more suitable for you. Remember that the bank is as interested in getting back the money from you as you are of paying it back. In most cases, they will support you fully and in whatever way they can.

• If you are not having any problems paying off your mortgage, but have some money leftover that you are not utilizing, consider talking to your lender to increase the monthly payment and pay off the debt quickly

Whether it’s a private Bethany Beach lender such as Steve Morgan, or a bank, everyone is interested in getting their money back as soon as possible and they will certainly help you set up a plan which will reduce your payment term and help you save thousands on interest payment.

A home is one of the biggest investments of our lives, and it is a great feeling to pay off the mortgagee and become debt free. Following these tips will help you reach this goal faster and without any problems in the way.

Interest on Mortgage Loans Remains Firm

Here’s some good news for you if you are looking to buy an attractive house! Mortgage interest rates have remained steady for the year. So cast those worries of wildly fluctuating interest rates and exorbitant monthly payments. Read on to know why Bethany Beach lenders think this would make a vast difference to you.

Good opportunity to buy home   

Big players like Bank of America, Sun Trust and Wells Fargo are offering term loans for 30 years at an average APR of 4.14 percent and short-term mortgages at 3.31 percent. Whether you are looking to refinance or buy a new property using a mortgage, steady rates for this year as compared to the last year indicate a healthy property market. 

Steve Morgan, a Bethany Beach lender thinks this is an ideal time for opting for a mortgage. Whether you are looking for a fixed or flexible APR mortgage, short-term finances, term mortgages, refinances or plan to consolidate some other debts while  refinancing your home, keep a sharp eye on the APR caps and the base rates so you get the best out of the deal that affects your monthly payments.

The residents of Bethany Beach can make the most of this favorable period in the real estate markets boosted by steady, low rates offered by banks. By using the opportunity now, you can ensure that you move into your dream house with an affordable mortgage that does not throw alarming curves down the long repayment lane.

When Can Your Mortgage Application Get Rejected?

Filling out mortgage application can be a tedious job that not many of us like doing. It is important to give it a few extra minutes and complete the application carefully with all details correctly and fully mentioned. There are several reasons for a mortgage application to get rejected, a few of which are discussed here.

Areas where you went wrong

Baffled with a mortgage rejection? Well, one of these may have been the reason!

1. Unsuitable credit history – A lender will check your past records to see how well you have managed your finances – both incoming and outgoing, to decide if you will be able to manage a mortgage. Poor credit history equals rejection.
2. Insufficient credit history – Quality and quantity matter with this one. Those who have been using only cash for all transactions and have never had a loan or credit card in the past don’t have any credit history to be checked.
3. Employment issues – Be sure to be gainfully employed for a good amount of time, on a regular basis before you apply for a mortgage. How stable you are with your earnings is a deciding factor for mortgage lenders.
4. Incorrectly filled application form – By deliberately hiding information or omitting to mention important details, you are giving an opportunity for the lender to reject your application. For this issue, using a mortgage broker is beneficial as he/she can check your form and give you advice on filling it before submission.

Steve Morgan of Bethany Beach lender is a reputed mortgage broker who helps you understand the reasons of a loan rejection before helping you to tackle them. Be sure to hire the right broker to avoid frustrating mortgage delays and rejections.

Myths About Mortgages

Save on years of rent by buying your much awaited Bethany beach dream house. Relax! There’s no immediate hurry to pay your mortgage back as quickly as possible. Get a mortgage loan without a 20 percent down payment.

Here are some traditional mortgage myth busters from Steve Morgan that will set you on the right track from the start.

Top myths

Why rent a house or an apartment, when you can own one of your own. Save on your home by owning it as well. Double the perks with fewer downsides, owning a house makes for more savings in the end.

Build on equity along with standards; as a new home owner, you can build your wealth over time by saving on rent premiums and expenses.

A pre-approved mortgage isn’t a guaranteed mortgage. Once you’re pre-approved for a mortgage, the best course of action would be to avoid ruining your credit by celebrating with your soon to be mortgage.

With new age mortgage options out, budding home owners don’t need to put a 20 percent down payment in order to get a mortgage. Institutions like the Federal Housing Administration (FHA), lets out mortgage loans that accept around 3.5 percent as minimum down payment.

Since mortgage conditions are much approved, the myth which presumes your mortgage has to be paid off  at the earliest isn’t quite true. Intelligent home-owners invest the extra savings instead, so earning more rather than losing out on their mortgages.

With mortgages now available at affordable interest rates, hopeful Bethany beach house owners can take advantage of current market situations. Increase their earnings by investing money saved on mortgage payments, as well as get great options tailored to suit viable budgets and requirements. 

Turning your Vacation Home into an Investment

A vacation home at Bethany Beach is a source of great joy and can be a good investment that can be leveraged by renting out the property, when you are not using it personally . The act of turning a vacation home into an investment property has the added advantage of getting tax breaks along with the extra income that it brings in. A property is recognized as an ‘investment’ according to IRS Pub 527, if it is rented out for more than 14 days in a year or 10 percent of 365 days, whichever being the most.

What to consider?

People who are keen on investing in a beachfront property must figure out the maintenance costs and other related details like tax and insurance. A beach house is prone to wear and tear owing to the  sand and salt that it has to withstand, which means it will need a coat of paint every two or three years.

The thought of building a beach house from scratch can be an exciting prospect which again will need time and effort on your part along with the limitations of sticking to the budget. This is where a real estate agent comes in handy as they can help you acquire that beautiful beach house with little to no efforts.

The location of a beach home is crucial for it to make a great rental. A beach house  that suits the needs of an average vacationer should be fully furnished and must be ideally located within walking distance from the beach. Although such properties tend to cost more, they do make up for great rentals that bring in more money.

The low interest rates and easy mortgage programs in the state of Delaware, particularly around the Bethany Beach is a good reason to buy that lovely beachfront property you have been dreaming of. Steve Morgan at Fairfax Mortgage Investment, Inc. is a Bethany beach lender and a mortgage broker who can help you realize your wish of acquiring the best beach property to spend some quality time with your loved ones.

Undertaking a Mortgage Loan in Bethany Beach

If you are searching for a place where you can escape for a peaceful weekend and where nature’s beauty will allow you to relax to your heart’s content, Bethany Beach is your ideal destination. The place is also ideal for retirees and those looking for a second home away from the bustle of city life.

Making the choice

There are mortgage lenders like Steve Morgan, a Bethany beach lender who can help you decide on the mortgage amount. But even before you meet a lender, it is better to do a self assessment and see how much you can pay.

You may have prior commitments which the mortgage lender will not take into account. He will ask you questions related to your credit profile, income, debts and give you an estimate. But whether you can pay back that borrowed amount after satisfying your hobbies or passion and saving for your family depends entirely on you.

If you buy a home, say at Bethany Beach, other than the mortgages you will also have to pay property taxes, principal, interest, and homeowners’ insurance. Also know that if your down payment is less than 20 percent, you may have to pay for additional mortgage insurance. Moreover, set aside money for repairs and maintenance. Lenders mostly allow a 41 percent to 43 percent debt-to-income ratio.

If you are confused as to what the safe mortgage limit for you is then consult an experienced Bethany beach lender like Steve Morgan. He will calculate the amount for you based on your tax returns. He will also take into account any outstanding loan or premiums you may have to pay to come to a realistic figure.

What You Need to Know about Mortgage Loans

Retirees often look for places where they can settle for a peaceful life. They also prefer quite and scenic locations like Bethany Beach De. People looking to buy a vacation home or a second home also find Bethany Beach De a great option because of its location and weather.

Factors to know

If you are also among those who wish to buy and own a home at Bethany Beach, you must ensure that the required legal and financial aspects are taken care of properly. Once you find the right house, you will need to obtain a loan to finance your purchase. You need to understand the various types of loans available and select the right loan for you.

Loans come with different interest rates and you will find that almost every Bethany Beach lender offers a more or less similar rate. However, you can push for a lower rate without much hassle. All you need to do is ask for the daily rate card, which gives you the lowest rates charged for various loans.

Also make it a point to understand the mortgage insurance terms in a precise manner. Make sure you know the conditions you need to meet before it is fine to stop paying for the insurance.

It is important to find a reputed and reliable Bethany Beach lender like Steve Morgan, who will not only offer you mortgage at affordable rates, but also guide you through the maze of paperwork and legal angles.  

Getting a Mortgage Loan

Bethany beach has gained immense popularity among property buyers, especially those who are looking for a second home or a vacation home. If you are planning to buy a home here, you should equip yourself with all the relevant information about mortgages so that the process of buying a home, getting mortgage and the required paperwork don’t become a bothersome task for you.

What to concentrate on

When buying property on Bethany Beach, you need to concentrate on a few important things about the mortgage for the property. Checking the cost of the mortgage and comparing it with the benefits will help you get the maximum return on investment. There are many Bethany Beach lenders who will offer you competitive mortgages, but comparing them will give you a fair idea about what suits your budget and needs.

First, you must check the mortgage rates - the difference in mortgage interest rates can make all the difference in making your home an affordable one or a really expensive one. Rates also depend on the current economic conditions and realty prices.

You should also inquire with your Bethany Beach lender about the type of mortgage he or she is offering. Lenders like Steve Morgan offer various types of mortgages to suit your needs as well as your financial profile. Also make sure that the mortgage is affordable for you over a long period of time, even if you will not be working.

Finding a good Bethany Beach lender and getting the appropriate mortgage for your dream house is not all that difficult - you should be prepared to do some ground work and compare different offers before you settle for the right mortgage.

Qualifying for a Mortgage Loan in Bethany Beach De

It is not very easy to get loans from banks and they look for certain factors when it comes to granting a mortgage loan. This is because they want to make sure that the applicants are financially capable of paying back the loan. Banks therefore assess loan takers thoroughly before loans are sanctioned to them.

What can you do to qualify for a loan?

If you are planning to get a mortgage loan for a Bethany Beach home, some of the factors that you need to keep in mind when applying for your loan are:

• Get adequate cash reserves for the mortgage down payment.
• Have an acceptable credit score.
• Be employed in the same field for two years or more.
• Have a monthly income that is higher than your monthly mortgage loan amount.

Apart from banks, there are also other ways of getting a mortgage loan easily. You can take the help of an owner to completely or partially fund the expenditure of your new home. Another option available is to take the help of a family member or a friend either as a co-signor or as the person purchasing the house in his or her name.

Utilizing the services of a mortgage broker is another way of acquiring a mortgage loan. Since they have a vast network of lenders at their disposal, they are the best people to help you find a lender who will give you the required loan amount. In this context, you can engage the services of well-known Bethany Beach lender, Steve Morgan.

Although the bank route is the most preferred option, you need to plan accordingly to save time, as well as to avoid the rejection of your loan application. At the same time, remember that there are options apart from bank loans that you could try.

What Makes Bethany Beach De a Popular Real Estate Pick?

A new home is always welcome, especially if that home at in a beautiful and scenic location, where you can while away your time, enjoying nature’s beauty and grandeur. Bethany beach is one such place and to pick the right homes, you can take the advice of real estate experts like Steve Morgan who can help you negotiate with a beach lender.

Why choose Bethany Beach De?

If you have always dreamed of owning a quaint seaside second home where you can relax and forget all your earthly worries, head straight to Bethany beach. This place has been named one of the “Best Secret Beaches on Earth!” by Travel + Leisure Magazine.

Here, you will be welcomed by Chief Little Owl who has welcomed visitors since 1976. This place is a part of the state’s seven-mile stretch of Atlantic beach. Its beauty has led an increasing number of people to buy properties here. And real estate gurus like Steve Morgan can give you the best deals against beach lender opportunities.

There are various attractions surrounding the beach, like stand-up paddling, kayaking, windsurfing or surfing and boating. You can indulge yourself in tax-free shopping or try your hand at the delicious seafood in the restaurants around the beach. There is a nature’s trail and an ecological reserve as well. If you go on the Fourth of July, there is a parade complete with fireworks.

If your heart is inclined toward this scenic place, then do not delay in buying a property here and become a proud resident of this place. To take care of all your technicalities, get in touch with Steve Morgan who can negotiate with your beach lender to help you secure your desired property. 

Why Choose a Mortgage Broker in Bethany Beach

Bethany beach is rising in popularity among those looking for summer homes or second homes. The reason could be that Bethany Beach offers a remarkably beautiful as well as suitable option for such property buyers. Numerous recreational activities, shopping centers and exciting nightlife - all beckon people to come and settle in this beach town.

How can a mortgage broker help you?

If you are also planning to buy a home in Bethany Beach, you can do so with the help of a mortgage broker. You might not know which Bethany Beach lender to approach for the home loan or may not be aware of how to go about the entire process of getting a loan to buy a house. You might end up wasting considerable time, money and efforts in finding the right lender. This is where a mortgage broker, with his numerous connections, can help you.

A good mortgage broker will not only help you reach the right lender to buy your house at Bethany Beach, but also get you lower rate of interest on your loan than what you might be able to negotiate on your own. You might also be able to save some money which you might otherwise be charged in the name of various fees associated with the loan, like processing fee or application fee.

Reliable mortgage brokers like Steve Morgan can help you get the right loan from the right lender at right rates as well as help you understand the entire mortgage jargon and go through the process smoothly, without making you pay where you need not. What more could anybody ask for?

Buy a House on Mortgage in Bethany Beach

Buy a House on Mortgage in Bethany Beach

The pleasant town of Bethany Beach is not heavily populated, but is a hit among the tourists. It is a favorite among visitors in summers looking to spend quality time on the beach with their family and friends. Many visitors have fallen in love with the beauty of the place and even invested in summer vacation homes and second homes in Bethany Beach.

Steve Morgan is a well-known Bethany Beach lender who can provide you easy mortgage solutions if you are looking to buy a house in this beautiful town. He can help you get a good deal in your budget, at a minimal fee.

Importance of hiring a mortgage broker

If you may think you would be able to do just fine without the help and service of a mortgage broker, you need to think again. Finding a beautiful house in Bethany Beach may not be difficult, but getting it for the right price will certainly be a little tricky. Figuring out the right mortgage price is especially difficult for the ones who are not well-aware of the housing trends and rates of Bethany Beach. A mortgage lender who is updated with the knowledge of various mortgage options and market rates will guide you through the whole process smoothly.

Steve Morgan specializes in residential mortgage loans and can help you get your desired house without any hassles in Bethany Beach at a good price.

Tips for Home Staging

If you are selling your existing home to buy a house at Bethany Beach, you should stage your home to get the maximum possible price. As Steve Morgan, a Bethany Beach lender says, you cannot escape the powerful impact of the first impression when it comes to selling your home. The aim is to amaze the potential buyer the moment he or she walks in through the door.

Tip # 1: Bathroom walls must be clean

A dirty bathroom wall puts off most buyers. The main culprit of a dirty looking bathroom walls is the presence of surface mold on them. To get rid of molds, mix equal parts of bleach and water and pour the solution into a spray bottle. Spray the solution on to the wall, and see the mold disappear. For awesome results, give the walls a fresh coat of paint.

Tip # 2: Scour a bad looking shower door

A dirty glass shower door will go against you when it comes to the asking price of your home. There is no need to replace it. Mix muriatic acid and water in the 1:10 ratio and scrub the glass with the solution with steel wool. After you wipe the glass, reinstall it and you will have a shower that again becomes the pride of the house.

Tip # 3: Paint old tiles to give a fresh appearance

There is nothing worse than old tiles in the house. There is no need to replace the tiles. To paint them, coat tiles first with high adhesion primer. Then brush  it with a special covering of ceramic epoxy. This will result in tiles which look fresh and raises the sale price.

Following these simple tips will help you to get the maximum price available in the market. The best part is, there is no need to hire somebody, you can do this all by yourself. 

What is Staging and How to Go About It

Have you made up your mind to sell your current home and buy your dream house in Bethany Beach? Then you should consider staging your house to get the maximum price. Staging is the technique of decorating a residence so that it appears similar to a model house. According to Steve Morgan, a Bethany Beach lender, staging is a vital part of any house selling process.

A majority of buyers would prefer to buy a property that is neat and appears ready to be moved in at a moment's notice. Buyers try to look for properties that do not require them to make any kind of major or minor repairs. The best staging methods create a home that is warm, inviting and capture the soul as well as the heart of the potential home purchaser.

Before you advertise your home for sale in the market, put yourself in place of the buyer. Do remember that the first impression is vital and it can make or break the sale. Ensure that you have more than a presentable home. It is possible to achieve this by sweeping the driveway, wiping down the front door, trimming the hedges and moving the recycling bins out of sight. If there is a brick patio, use a coat of paint to brighten it up. Wipe the coat a bit to impart a well used but carefully cared appearance. Such highlights will add to the beauty of your house and make it attractive to any purchaser.

Why Use a Blanket Real Estate Mortgage

A blanket real estate mortgage is the one that encompasses two or multiple real estate pieces. The real estate can can be held as mortgage collateral, but individual slices of real estate could be sold without closing the entire mortgage. For example, if you have three properties at Bethany Beach, you can take a blanket real estate mortgage and may sell off one of them if you need to do so.

It is possible for blanket real estate mortgages to be a great financial tool. Under the right conditions, and when both the sellers and buyers understand the available options, lenders could make effective blanket mortgage loans.

Reason for the popularity of  a blanket mortgage loan

• The requirement of consolidating properties for the purpose of refinance: This is particularly applicable when an investor owns a number of properties which are not financed at the same time and each property has a different mortgage term compared to others. In case of low rates, it can be possible for all the properties to be grouped together  aiming towards a blanket mortgage refinance. Aggregate payments will then be lower. The extra cash left could be utilized by the owner for promoting more investments. 

• Increase the financing for new purchases: If an investor wishes to develop a particular property, and the amount of cash needed is more than what can be borrowed on that property alone, then other properties belonging to that investor can be clumped together to make a blanket real estate mortgage. Necessary funds can be easily raised this way.

It is clear that it makes excellent sense to go for a blanket real estate mortgage. If all criteria are met, all the three players in real estate-sellers, buyers and lenders could consider this option. 

Leisure Activities in Bethany Beach

The name Bethany Beach is synonymous with swimming, walking and lazing in the sun. Indeed, these are the only activities that a visitor will see as these are what the locals normally do during the fabulous summer months. The more adventurous engage in water sports and bring out their surfboards, beach kayaks, stand up paddle boards and skim boards. These sports are also allowed in the off season and if you are a true enthusiast, you can buy a house adjacent to the beach. There are a number of Bethany Beach lenders like Steve Morgan who are more than happy to help you to do so.

A walker's paradise

Bethany Beach is a walker's delight any time of the year and any cyclist will enjoy the pedestrianized beach. A smart visitor will leave the car at the hotel or at the house and will walk into town.

The beach is considered by most as the most attractive beach in the Middle Atlantic region. The area is made more attractive by the excellently maintained boardwalk, blessedly free of blatant commercialism that dominates other bigger resort towns in the Atlantic Ocean region. There is nothing more enjoyable than to view the sunrise from the boardwalk itself.

Other attractions

The other attractions of Bethany Beach include the 24 foot height totem pole and the Town Museum, which inside the Town Hall, at Garfield Parkway near Delaware Avenue . Visitors can learn about the history of the town and how it developed over the years. 

Understand the Ins and Outs of Mortgage

Mortgage is described as a loan to finance the buying of your home and is probably the biggest debt you will shoulder in your life. In this kind of debt, your home will be the collateral and you will sign a legal contract where you will promise to pay back the debt, plus interest and other charges, over a period between 15 and 30 years. For example, if you want to buy a home in beautiful Bethany Beach, you have to mortgage the home you will buy to the lender.

The mortgage process can be a little cumbersome, but a good Bethany Beach lender like Steve Morgan can ably guide you and negotiate with the lender for the best mortgage deal ideal to your financial status.

Principal: It is the amount of money you borrowed to purchase your home. Before you get the principal, you must give your lender a certain amount of cash termed a “down payment” to lessen the quantity of money which will be financed.

Interest: It is generally expressed as a percentage and is the charge levied by the lender to utilize the money you have borrowed. In addition to the published rate, the lender may also levy on you points and extra loan costs. Each point is usually one percent of financed amount and is also financed with capital.

The principal along with interest forms the bulk of the monthly payments and the process is termed “amortization”. This lessens the debt over a time period.

Taxes: This is determined on the value of the home and is a percentage of that value. It is used to finance the expenses of managing your community, like roads, schools and infrastructure. You have to pay property taxes even after the mortgage is paid off.

Insurance: Lenders will not permit you to complete the deal on home purchase unless you have home insurance that covers the home and also your personal property from losses by theft, bad weather, fire and other problems. It is recommended that you go for home insurance when you purchase your home.

Why Pick a Mortgage Broker

Buying property is not an easy task. You may have found the house you have always wanted in glorious Bethany Beach, and thought that the days of hard decision making are finally over. But in actual fact, you are quite very wrong. It is time to banish all thoughts of buying wallpapers and appliances and instead focus on something which may probably outlast all your appliances and even your furniture - the mortgage.

Selecting the correct mortgage has always been a troublesome affair, and as recent years reveal, the market has changed beyond anything that was anticipated. The days of choosing between a fixed rate and a variable rate are long gone. Every lender nowadays appears to have created their own financial services, which range from offset mortgages which set savings interest against the mortgage interest to self certification mortgages for the self employed. It is almost impossible to make sense of all the various options available to figure out which one suits your needs the best. This is where a mortgage broker comes into the picture.

A mortgage broker, like Steve Morgan, (steve@steve-morgan.com) is a financial adviser with expert knowledge about the mortgage market. Steve will isolate the mortgage ideal to your financial plan, negotiate with the lender for you, and get you a much better deal than you would get if you had done it on your own.

A good mortgage broker is a boon, as having a good mortgage option means less stress in the long run. However, a great mortgage broker may not come cheap. You must ensure that you have selected the right person or company, and make sure that you get the worth of what you have paid when you are negotiating with them.