Wednesday, August 27, 2014

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.

Wednesday, August 20, 2014

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?

Thursday, August 14, 2014

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.

Thursday, August 7, 2014

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.