Tagged : real estate financing

Found 2 blog entries tagged as "real estate financing".

How you manage your home ownership finances affects your credit score—and your ability to refinance later.

\Your credit score affects how much you’ll pay for a mortgage or refinance—or even if you can get one at all. Master the six ways to manage home-related spending to keep your credit score braggingly high.

1. Postpone that refinance until your credit is squeaky clean.

Even a small blemish on a credit report can cost you at closing. Money expert Denise Winston found that out firsthand: Her husband hadn’t paid a $40 pager charge. The unpaid bill was turned over to a collection agency and ended up damaging his credit score.

Because of that one small unpaid bill, the interest rate on the couple’s mortgage was 0.25% higher than if he’d had a

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BY BARBARA EISNER BAYER

You can refinance or recast your mortgage. Or you can create your own DIY mortgage restructuring plan. We compare so you can decide.

The way your mortgage is structured today doesn’t have to be the way it’s structured tomorrow. What are your goals? To free up funds, reduce your monthly nut, or pay off your loan more quickly?

These three strategies offer something for most everyone.

  • Send in extra money to pay down principal.
  • Recast your mortgage.
  • Refinance your loan.

Send in Extra Money to Pay Down Principal

In the mid-1970s, Marc Eisenson coined the term “banker’s secret,” which promoted a cost-saving idea: Pay more than required on your monthly mortgage, and you’ll save a pile of money. Eisenson says,

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