While hiring a mortgage broker is more advantageous for most new homebuyers than working directly with lenders, it still pays to screen them for professionalism. Taking a few minutes of your time to ask your broker some serious questions can you save you from experiencing problems when you are ready to buy your dream home. Following are 10 questions that you should ask your mortgage broker before committing to any terms.

1. Are you affiliated with any lenders?
Some mortgage brokers work with only a limited number of brokers, which places a limit on your available options and prices.

2. Are you licensed or certified by the state?… Read the rest

If you’re like most homeowners you probably spend about 30% of your net income on your mortgage.  That’s normal but bit still is a large chunk of your earnings and, if it can be lowered, why not lower it?  With that in mind we have an excellent list of the best ways to save on your mortgage this year so take a look and, if you see something that may help, by all means please use it and save some money.  Enjoy!

Use your tax refund to make a bigger payment on your mortgage or use the extra money from a windfall to do the same. … Read the rest

Have you ever heard of a debt consolidation mortgage? Do you know how it works? I guess you have already heard a lot about debt consolidation because of the growing advertisements everywhere. However, a debt consolidation mortgage is a complete different concept. In a debt consolidation mortgage, you use your home mortgage or a refinancing (second mortgage) on your home as collateral for the mortgage loan. Here, you can use the equity of your home to pay off other debts as credit card debt.

A debt consolidation mortgage may be an efficient instrument to resolve debt. However, it is actually a medication with many risks and side effects.… Read the rest