loan Archives - Indiana USDA Mortgages

5 Reasons to Pay More Than the Minimum

Being able to pay just a small percentage of your balance is one of the reasons we use credit cards. The minimum payment is a lot easier to make, but at the same time can come at a higher cost. There are multiple reasons you should make more than the minimum payment, but here are just a few… Save Money When you make the minimum payment, you end up paying much more in interest. You could be saving hundreds or even thousands in interest charges by raising your monthly payments. Pay It Off Sooner When you make the minimum payment, not only do you pay more in interest, it takes to longer to pay it off. With a credit card balance of $5,000 and an APR at 14 it would take you over 20 years to pay it off when you only make the minimum payment. Improve Your Credit...

How To Refinance Your Mortgage Loan

In simple terms, refinancing your home mortgage means paying off your current loan by taking out another loan. Most people decide to refinance if they feel they can get a better rate then what they are currently paying, thus reducing their monthly payments. Another reason to do a home mortgage refinance is to change the terms of your current agreement or to get away from binding restrictions in that loan. For example, you may currently have an adjustable rate mortgage but wish to change it to a 30 yr fixed mortgage. Refinancing would allow you to do this if the proper conditions exist. In order to find out if you are eligible to refinance or if it is beneficial, meet with a lender or bank. You may meet with the current owner of your loan or shop around for another...

How to Qualify For A Home Mortgage

If emotions are involved when buying a home it can cause great trouble. The reason is that there are already so many stressors included when it comes to purchasing a home that when emotions also factor in, things might get out of hand and chances of closing a wrong deal increase. Where emotion is a kind of stress that you can fight back, getting a housing loan on the other hand is a stress which has to be faced by almost everyone who plans on buying a home. Being a first time buyer, you may be unaware of the process that it takes to qualify for a house mortgage and this is what ignites your stress level. To get a mortgage loan you need to remember that financial institutions do not just give loans to everyone, or least they don’t anymore. These lenders...