Australian Seniors Advantage Group’s Post

A few mentions on financing a home. Do not overextend yourself to invest in real estate. There can be a large ourlay if cash and there are closing costs involved. They can be around 5% to 8% of the offered price. Watch the 100+% financing products. Don’t deplete your emergency savings for a down payment. If you are just hoping to buy a home and have limited funds, a good mortgage professional is what you need to begin. Dreaming is downright fun. You may go online and look usually in bed, late at night. Maybe at $500,000 homes because “YOU” think you can afford it. Well, we say enjoy the journey! But it is in considering your cash on hand, knowing what your monthly payment will be BEFORE YOU BUY will put your investing in real estate into a reality mindset. Lenders will check your credit and will guide you and share information on the many programs and loan products for you to consider. #buyers #finance #homebuyers #home #realestate https://lnkd.in/evdfNR9S

The difference between a primary residence loan and a first-time homebuyer loan lies in their eligibility criteria: Primary Residence Loan: This type of loan is available for purchasing a primary residence, which is the property where you plan to live most of the time. It can be used by both first-time homebuyers and repeat buyers. First-Time Homebuyer Loan: This loan is specifically designed for individuals who are purchasing their first home. It often comes with special financing options and benefits, such as lower down payment requirements or assistance programs, to help first-time buyers achieve homeownership. While a primary residence loan can be used by anyone buying a primary home, a first-time homebuyer loan is exclusively for those purchasing their first property. Understanding these distinctions can help you choose the right loan for your home buying needs. Let’s explore your options and find the best fit for you! 🌟🔑 📍115 West Century Road Suite 115 Paramus,NJ 07652 BSM NMLS: # 191351 Deserae Sequeira Advisor NMLS: # 2121851 https://lnkd.in/guC_jUNe Licensed by the NJ Dept of Banking and Insurance. #BondStreetMortgage #MortgageAdvisor #LowCreditScore #HomeOwnership #SmartHomeBuying #FinancialHealth #BondStreetMortgage

Applying for a home loan is a significant step towards homeownership. To ensure a smooth application process, here are key practices to observe: 1) Refrain from applying for new credit, as this can negatively impact credit scores and debt-to-income ratios. 2) Avoid making major purchases, such as cars or furniture, as they could affect your debt-to-income ratio and raise concerns with lenders. 3) Do not close existing credit accounts, as this can impact credit utilization and history. It is advisable to keep accounts active with zero balances. 4) Stay in your current employment situation, as lenders prefer stable employment history as a sign of financial stability. 5) Maintain a timely payment schedule for all financial obligations to uphold a strong credit profile. 6) Do not co-sign loans for others, as this can increase your debt-to-income ratio and influence your creditworthiness. For additional guidance on the mortgage application process and prudent financial practices, please feel free to reach out. #mortgageadvice #homeownership #realestateadvice #homeloanapproval #personalfinance

If you would like more information about Reverse mortgages, please message me. I have a great lender referral to give you to answer all of your questions. #Susanbaltaragisrealtor #coldwellbanker #reversemortgagetips

For many homeowners, the prospect of being ‘mortgage free’ is appealing. The sense of wellbeing that comes with owning your home outright is powerful. Therefore, it can make sense to overpay your mortgage if you’re able to – either on a monthly basis or by contributing lump sums as and when you can. This can save you a considerable sum in the long run; by eating into your mortgage debt faster, you’ll reduce the amount of interest you pay overall. You could consider investing instead. If you pay the extra money into a pension, for example, you could benefit from tax relief at the rate you pay Income Tax. Plus, a lender may penalise you for overpaying your mortgage, which could negate any financial benefit. On the other hand, overpaying may mean you access a lower rate when you come to remortgage (by reducing the ‘loan to value’ ratio on your property). Plus, investment returns aren’t guaranteed, and there is always a risk that they lose value. Your home may be repossessed if you do not keep up the repaymenst on your mortgage. The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

When it comes to reverse mortgages, there are a lot of acronyms to know. So, what the heck is a HECM? Check out the article below for all you need to know about Home Equity Conversion Mortgages (HECM) – also known as, reverse mortgages.

The 𝙢𝙖𝙜𝙞𝙘 number of home buying... There's one crucial number you absolutely need to know – and it's not just your credit score. It's your 'magic number' for home-buying affordability. Financial experts advise keeping your mortgage payments at or below 28% of your pre-tax income if you're carrying minimal debt. 𝘽𝙪𝙩 𝙞𝙛 𝙮𝙤𝙪'𝙫𝙚 𝙜𝙤𝙩 𝙤𝙩𝙝𝙚𝙧 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙤𝙗𝙡𝙞𝙜𝙖𝙩𝙞𝙤𝙣𝙨, 𝙩𝙝𝙚 𝙜𝙖𝙢𝙚 𝙘𝙝𝙖𝙣𝙜𝙚𝙨. Now, it's about ensuring your TOTAL debt payments – spanning from your mortgage to student loans and credit cards – don't surpass 36% of your pre-tax income. Example: let’s say you're bringing in $5,000 each month. According to the 28% rule, you could earmark up to $1,400 for your mortgage assuming no other debts exist. But if existing debts demand $600 monthly, the 36% rule nudges you to adjust your mortgage budget to $1,200, aiming to cap total debt payments at $1,800 or less. 👉🏼So that's the magic number folks. It's the number that ensures you can live comfortably while owning. So, what's your magic number? Call or send me a message - I can recommend a great lender to help you crunch exact numbers. Matt Cheney Cheney & Co. at Compass m: 202.465.0707

When it comes to reverse mortgages, there are a lot of acronyms to know. So, what the heck is a HECM? Check out the article below for all you need to know about Home Equity Conversion Mortgages (HECM) – also known as, reverse mortgages.

When it comes to reverse mortgages, there are a lot of acronyms to know. So, what the heck is a HECM? Check out the article below for all you need to know about Home Equity Conversion Mortgages (HECM) – also known as, reverse mortgages.

Home equity & rates for second mortgages: How they go together