Next Door Lending’s Post

"Discover Your Ideal Mortgage Path: Choose from Fixed for stable payments, Adjustable for flexible rates, FHA for first-time buyers, VA with exclusive perks for veterans, USDA for low down payments, Interest-Only for initial lower payments, and Reverse to leverage equity without selling. Expert guidance for every step of your home finance journey! 🏡💼🔑 #precisionhomeloans #teamphl #mortgagelender

Mortgage Offset Account – What’s All the Hype About? 8. If you don’t have funds held in your account regularly, then you may not receive all that much benefit from an offset account. In many cases an offset account may have some type of additional fee for the product, if you don’t use your offset account regularly as part of your mortgage reduction strategy then you need to ask yourself the question ‘am I paying extra for this privilege and is it costing me more than it is savings me?’. If you want to know more about offsets then checkout our full blog: https://lnkd.in/g69ecsCB #offset #homeloan #save

What to know about a Home Equity Line of Credit ⬇️ There are advantages and disadvantages to a HELOC. They can be good because of the interest only payment (typically low) and you pay only what you use. Great to have for an emergency and to use as a “bridge loan,” BUT you need to be careful as it could hurt you in qualifying for a new mortgage. They can also be bad because if you don’t have the extra income to pay down the balance it’s similar to a credit card, where the balance never goes down. It’s also an adjustable rate based on Prime (prime is what Feds cut or increase when they announce rate cuts...or increases). This is definitely an example of something you want to discuss with a trusted lender! Reach out for answers to your HELOC questions! #mortgagelender #locallender #refinance #HELOC #realestatetips #thisgirlmeansbusiness #homebuyer #homeownership #mortgageadvice #homeownershipgoals #homebuyertips #mortgagetips #mortgagewithmona #homebuying101

With competition for homes remaining high, there’s no time for rookie mistakes. With that in mind, let's debunk some of the most common real estate myths! MYTH: You need to be debt-free with perfect credit to buy a home. Debt is a factor in the loan eligibility equation, but the lender is actually looking at a combination of factors. First, your mortgage lender will take a look at your debt to income ratio. This is the formula that will determine your spending power, or “how much house” you can afford. After that, your lender will discuss with you your FICO credit score and what it needs to be to secure a higher-priced home. Depending on the type of loan, the requirements for your FICO credit score may vary. Talking to your mortgage lender will bring clarity to the steps you need to take to become eligible for a loan - if any! #facts #realestate #longisland #debunked #theexecutivegrouprealty #tegrlty

With competition for homes remaining high, there’s no time for rookie mistakes. With that in mind, let's debunk some of the most common real estate myths! MYTH: You need to be debt-free with perfect credit to buy a home. Debt is a factor in the loan eligibility equation, but the lender is actually looking at a combination of factors. First, your mortgage lender will take a look at your debt to income ratio. This is the formula that will determine your spending power, or “how much house” you can afford. After that, your lender will discuss with you your FICO credit score and what it needs to be to secure a higher-priced home. Depending on the type of loan, the requirements for your FICO credit score may vary. Talking to your mortgage lender will bring clarity to the steps you need to take to become eligible for a loan - if any! #facts #realestate #longisland #debunked #theexecutivegrouprealty #tegrlty

🏠 Ever wondered how your mortgage payments work? It's called amortization! 💡 Over time, your payments chip away at both interest and principal, but early on, more goes to interest. Keep those payments steady, and you'll see the principal shrink! 📉 #MortgageMysteries #HomeFinance

Unlock the secrets to buy-to-let mortgage affordability! 🏡✨ Discover how understanding rental yield and ROI can lead to smarter investment decisions and maximise your returns. Dive into our latest blog for expert insights and tips. Click the link to learn more! 🔗 https://lnkd.in/dKa5bdwG #MortgageAdvice #BuyToLet #PropertyInvestment #RentalYield #ROI #FinancialFreedom #InvestmentTips #RealEstateUK #VisionaryFinance #SmartInvesting #WealthBuilding

What happens if there are multiple interest rate cuts over the next few years? Well, if you participate in our Replace Your Mortgage program, or if you have a variable rate home equity line of credit...  You should get ready to have some fun. #realestateinvestor #realestateinvesting #propertyinvestment #investments #investmentproperty #realestateinvestment #financialfreedom #financialliteracy

Your mortgage broker will be able to talk you through the process of switching from a variable to fixed rate, while providing advice on whether the change of loan type is in your best interests. There are several factors that your mortgage broker will consider when assessing if switching from a variable to fixed rate is suitable for you, such as: 🏠Whether you are eligible to change your home loan, based on your repayment history and having sufficient equity. 🏠Weighing up the costs of changing to a fixed rate, and if these fees and charges outweigh the benefit of changing loan types. 🏠Fixed rate offerings are changeable, and your broker will be able to assess if you’ll be getting a competitive deal making the switch at that particular time. Read more about switching from a variable to fixed rate home loan on our blog: https://lnkd.in/gJpsCQmQ Book an appointment with one of our Borro brokers today at https://lnkd.in/gcceFTNg or call the team on 1300 1BORRO. #mortgagebroker #brisbanemortgagebroker #borro

Current #buytolet mortgage products come with high fees in order to cover the Interest Coverage Ratio. people are going for these products as it means putting less equity in. It is not only the cost of servicing the interest that is high. Lots of these products are interest only which has a risk that some are not pricing in. That is the loan to value of what you owe the lender will be higher (all else being equal) than when you take it out. eg if you take out a 75% LTV mortgage on £1mil House. This is likely to come with a 5% fee. This means at the end of the term you will owe £787,500 and your LTV will be almost 79%. If house prices have not increased over that time or lending isn't available to you then how will you repay the capital. It doesn't translate to DEATH PLEDGE for nothing. #overleveraged #propertymarket #UKproperty