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Securing the American Dream: Understanding Mortgage Prepayment Penalties

Here’s what to look for and how to avoid them. Millions of homeowners across the United States rely on mortgages as a crucial financial tool to achieve their homeownership goals. However, some home loans come with costly prepayment penalties that can significantly impact borrowers if they decide to pay off the loan early. These penalties […]

Should You Pay Off Your Car Prior to Applying for a Mortgage?

Calculating and managing your debt-to-income ratio is crucial when applying for a mortgage. To calculate your DTI, add up all your monthly debt payments, including rent or mortgage, car payments, credit card bills, student loans, and any other recurring debt, and divide that number by your gross monthly income. Your DTI measures how much of […]

The Most Common Mistakes When Shopping for a Mortgage

When searching for a mortgage, it can take time to find the right one, but it’s worth the effort. Before you start, it’s essential to be aware of the most common mistakes people make when mortgage shopping. The first mistake to avoid is overestimating how much you can afford. Before starting your search, you should […]

Reasons Why You Should Re-finance Mortgage Rates Above 5%

Although some may not agree, there are still opportunities to refinance, and ultimately, anyone with a mortgage should consider it. An excellent time to re-finance is negotiating a new rate (minimum 0.75%) as soon as a drop in interest rates occurs. Most mortgage professionals advise this since the overall savings exceed the refinance costs. Mortgage […]