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Myth Busting: Refinancing Edition

When it comes to refinancing home loans, a lot of misinformation is passed along as fact. This blog will debunk some of these myths and give you a clearer picture about refinancing. Read more

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The Importance of Homeowners Insurance

According to the National Association of Insurance Commissioners, 85% homeowners in the U.S have a homeowners insurance policy. This is basically a kind of property insurance policy that covers any damages and losses that a person’s home may sustain, and protects their assets.

Typically, the policy covers interior and exterior damage, loss of belongings, and injuries sustained on the property. The homeowner is obligated to pay a deductible when a claim is made, and the insurance policy takes care of these costs. Read more

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Adopting Healthy Financial Habits

Setting yourself up for a content financial future requires much diligence. One step at a time, one healthy financial habit after another is how you secure a better grip on your spending, and reach your financial goals.

Poor financial habits may seem to have minor impact at this point, but imagine making huge purchases in the future—such as a new car or a new home—only to find you do not have enough financial strength to back your payments.

As you move further along the year, start incorporating discipline practices to secure your finances.

Create a budget

Financial troubles start when you lose track of your income and spending. Forming a financial plan is a crucial practice for every household, seeing as how it helps individuals organize where their money goes.

There is no hard-set way to form a budget plan. Make a plan that paves the way toward a certain financial goal, and make sure to stick to it.

Set aside and save

When you have a certain goal in mind, such as fulfilling a down payment for a potential new home, work on it by saving up money. The earlier you start, the more consistent you are, and the more likelihood you are of amplifying your finances.

Pay off those debts

The future of your finances is hinged on the level of your debt. The longer you withhold credit card charges, or utility bills, the more you add to your financial stresses.

Pay off all credit card charges that are due at the beginning of the month. Don’t forget, your debt fulfilling habits determine your credit score performance.

Adhere to spending limits

Spending over your income capacity is a sure-fire way to drown you in debts and other financial burdens. Keep track of your income, and determine spending limits for reducing expenditures over a certain time schedule.

Build up a rainy day fund

Changing socio-economic conditions, familiar obligations, job and income responsibilities—a number of such aspects are quite impactful on your life, and quite unforeseeable.  As strong and as meticulous of a financial plan you form, there is always a chance that things will go sideways.

Accumulate an emergency fund over a few months, and set it aside for a potential drawback in your finances.   

Do your research

Step outside savings and budget, and look for external opportunities which aid you in managing huge investments. If you are opting for a loan to finance a new home, look up low and convenient loan rates.

Loan and other financial support programs have differing terms, thus figuring out which best serves your needs is essential in managing finances.

Let our financial experts help you organize your investments. At e-Finance Mortgage, LLC, we help clients achieve maximum benefits in securing terms for conventional loans and FHA loans.

Get in touch with us today at (844) 433-4626. Our services are available throughout California, Colorado, Iowa, Illinois, Michigan, and Washington.

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Bad Credits And Other Mortgage Loans Faux Pas

Buying a home is actually a drastic change in your life, especially financially. That being said, most homebuyers have little to no knowledge of housing market trend, of how loan rates, debt rations, and credit checks work. It is imperative that you know of practices that may get you stuck in a financial swamp
Watch out for these 8 blunders you might make before applying for a mortgage loan:

1.Not Paying Attention To Credit

It is important to start off analyzing credit because this is your financial reputation. Mortgage loan brokers and banks consider your credit score performance before determining your loan rate.
Bad credit often equates bad loan deal; make sure to monitor your credit report prior to loan application.

2.Low (Or No) Down Payment

While having a loan rate with minimum down payments sounds more comfortable—and it is for the time being—but the decision maybe the wrong one in the long run. Not only does it take a longer time for you to complete mortgage payouts, but you may receive a higher interest rate on each payout.

3.Not Considering Non-Mortgage Costs

Down payment and monthly premiums are not the only expenses incorporated when you purchase a home. You need to realize the significance of home repairs and maintenance, insurance, and tax cuts.
Homebuyers who ignore these homeownership costs often end up choosing a property too expensive for their financial strength.

4.Too-High Loan Terms

Mortgage loans are conventionally termed up to 10, 15, and 30 years. Homebuyers may agree to loans termed over 30 years, which is frankly financially damaging in terms of higher interest rates. Moreover, buyers may end up with less equity on their property.

5.Carrying More Than One Mortgage

Homebuyers who do not sell their current property before they buy a new one find themselves burdened with two mortgages. The stress of excessive financial responsibilities often leads to them selling their old property at a considerable loss.

6.Seeking Financial Advice From Banks Alone

Banks will observe your financial history in terms of gross income. They do not financial contributions for maintenance, utility bills and other miscellaneous expenses into evaluation.
The financial analysis you receive by a bank to determine your home-buying power may not be quite accurate.

7.Carelessness Before Closing

The biggest mortgage holdups are caused when a homebuyer is either carrying incorrect documentations, or their financial situation has faced a drastic change.
Once your loan rate in finalized, make sure to have all documentations in place and NOT make any financial moves till after closing your home.

+1 More Blunder: Disregarding Financial Future

When buying a home, consider your future; you need a clear-cut plan of how familial and professional life will pan out. Responsibilities such as education fees, vehicle purchase and maintenance costs, and career changes should be taken into account.
Need more advice regarding home loans? At e-Finance Mortgage, LLC, we will help you streamline your VA loans, FHA loans or conventional loans. We offer our services throughout California, Colorado, Iowa, Illinois, Michigan, and Washington.
Reach out to our specialists to find a great home loan!