Short term financing will help you cover your immediate short term financial obligations. People commonly use short term financing when buying a new home. They need the cash from selling the existing home to buy the new home. Short term financing allows you to meet your financial obligations on two mortgages along with the other […]
How Do I Fund My Major Home Improvement Project?
Major home improvement projects can really put a dent in your wallet. To avoid the financial stress associated with repairs and upgrades, many homeowners turn to home improvement loans. If you lack the cash, a home improvement loan allows you to make the renovations you want by borrowing the funds to do it. Like any […]
Should You Apply for A Debt Consolidation Loan?
What Is A Debt Consolidation Loan? A debt consolidation loan can be one of the best ways to pay off your outstanding debt. It allows you to consolidate multiple unsecured debt obligations into a single new loan, called a “debt consolidation loan”. This type of loan is designed to pay off your existing creditors. Once […]
Percentage of Income That Should Go Towards Your Mortgage
As a general rule of thumb, your monthly housing payment should not exceed 28 percent of your income before taxes. When determining what percentage of income should go to mortgage, a mortgage broker will typically follow the 28/36 Rule. The Rule states that a household should not spend more than 28 percent of its gross […]
How to Get Pre-Approved for a Mortgage
Buying a home is a major commitment. To ensure that you are a responsible applicant, most mortgage lenders suggest getting a pre-approval before starting the home hunting process. Before pre-approval can be granted, lenders will look at your financial history, including your credit score and amount of debt you owe. They will also look at […]
Should You Pay Off Your Mortgage Early?
Buying a home is one of the biggest investments you will ever make. Unfortunately, most people do not have the cash to purchase a home outright. While homeowners generally try to avoid debt, a mortgage is different. Home loans are considered a type of ‘good’ debt as they increase your net worth and provide future […]
Selecting a VA Home Loan Lender
If you are a retired or current member of the military, you are entitled to certain benefits like VA home loans. With their low rates and favorable terms, Veterans Affairs (VA) loans have helped service members and veterans affordably buy homes and refinance mortgages for many decades. Unfortunately, the bulk of these individuals do not […]
Understanding Collateral
When applying for home loans, one of the first questions your lender will ask is if you own any collateral. Collateral is property or other assets that a borrower can offer to secure the repayment of a loan. With enough collateral, a lender is more equipped to approve your loan, often at a lower interest […]
VA Home Loan Benefits and Requirements
Fairfax Mortgage Investments has decades of experience helping members of our nation’s military to obtain the home they’ve always dreamt of. VA Home Loans are special loans with unique benefits to help active service members, veterans, and eligible surviving spouses become homeowners. Although VA Home Loans are provided by private lenders, they are guaranteed by […]
