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mortgage loans for nurses stress
A few years ago, my mom and dad (both nurses) were in a tough spot financially. Living off of a small pension and an even smaller Social Security Check, they were having trouble keeping up with their bills.
They were still paying off their mortgage and a home equity loan they had taken out for some much-needed repairs. Faced with expensive trips to the doctor, a half dozen prescriptions between them, a rising cost of living, and outrageous New Jersey property taxes, they were deep in the red and falling deeper every month.
I wanted them to sell the house and move to a smaller condo or even a retirement community, but they refused. They’d say, “This is our house and this is where we’re staying!” [click to continue…]
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When you plan to buy a new home and start looking for a mortgage loan for nurses, you want to save as much as possible for a down payment. Hopefully, you can put at least 20% twenty percent of the purchase price down.
If you don’t have 20% to put down as a down payment, then you’ll need to purchase private mortgage insurance (PMI) from your lender. PMI protects the lender in the event that you default on the loan. It doesn’t protect you from anything – so it’s just an additional cost that increases the rate of your mortgage loan. [click to continue…]
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When searching for mortgage loans for nurses, it’s always a good idea to track interest rates. Mortgage loan rates will have more impact on the monthly payment than any other factor. Of course you want the best interest rate! Even tiny differences in mortgage rates can have a large impact over the life of the mortgage loan.
Every nurse wants to keep their interest rates as low as possible. The lower the mortgage rate is, the more buying power you have. Many factors affect what the interest rate will be for your mortgage loan. Some of these factors are more easy to control than others. [click to continue…]
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Should you use a mortgage broker? More consumers than ever are choosing to hire a mortgage brokers instead of going through a local bank or using an online lender. But are you aware of what a mortgage broker does? There are specific advantages and disadvantages of using one?
Mortgage brokers can appropriate money for loans directly from the lenders, add their cost, and then sell it to
borrowers. They act as a middleman in the mortgage loans for nurses process. [click to continue…]
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Refinancing mortgage loans for nurses allows you to save money on interest rates, extend the amount of time that you have to repay the loan, and even receive better loan repayment options than the ones that you currently have available.
To learn if loan refinancing is right for you, you need to understand exactly what refinancing is. Loan refinancing involves a second loan to be taken out, which covers the remaining balance of the original loan. The first mortgage loan is paid in full, with the new loan replacing it. Hopefully, the new loan has a lower interest rate and requires a lower monthly payment than the original loan. Sometimes refinancing loans can also allow you to borrow an additional amount which is used to cover other expenses, or consolidate several smaller loans into one monthly payment. [click to continue…]
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