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mortgage tips

Marriage or Mortgage: How Do You Choose? (Or Can You Have Both?)

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On Home.com, I and others talked about how you can have both a wedding and a buy a new home. Check out what we said in the article and video below.

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Home.com

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@khariwashington #Marriage or #Mortgage #realestate #personalfinance ♬ original sound – Khari Washington

Marriage or Mortgage? There’s actually a show about it that came out, and one of the questions that we talked about on Home.com is should you do a marriage or a mortgage? And the overwhelming consensus was you can actually have both. If you want to pare down the wedding. You should never sacrifice buying a house for an elaborate wedding, in my opinion. So some of the tips we talked about a lot of times when people are getting married, they buy expensive, elaborate food. When a lot of times people like simpler foods. Instead of having a far-flung destination wedding, all over the United States, there’s very inexpensive lakes and mountains that you can get a great deal on. Weddings are also short, so a lot of times things like chairs aren’t even needed. So you don’t forsake being with the one you love, but also don’t give up that financial security. Let me know your thoughts. Also, check us out and the Home.com article. I’ll put a link somewhere around this video so you could check it out. Please also like this video if you found it helpful.

Credit Secrets- Mortgage without Credit

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Lowermybills.com did an article about how you can buy a house without having any credit. Check out what I and others said in the article and video below.

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Lowermybills.com

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TikTok

@khariwashington Mortgage Secrets#mortgagetips #nocredit #homebuyer #personalfinance ♬ original sound – Khari Washington

So there’s something that a lot of people don’t know about. You can get a mortgage even if you have no credit. None, none at all. You can get a mortgage. The federal government has made it mandatory that Fannie Mae and Freddie Mac, the government insurers to mortgages, allow people to use alternative forms of credit to get a mortgage. That means if you don’t have a credit report, you can get a mortgage with your cell phone bill, your rent payments doctor’s bill. All sorts of stuff can be used as alternative proof that you can make your payments on your mortgage. So if your lender says that they cannot get you a loan because you have no credit history, go somewhere else. Because the government has made it that you can use alternative forms of credit to get a loan.

Home Equity Loans and HELOCs Come With Closing Costs. Here’s What to Expect

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In Time Magazine, I and others talked about Home Equity Lines of Credit and their costs. Check out what we said in the article and video below.

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Time Magazine

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@khariwashington 2nd Mortgage On Your House #realestate #mortgagetips #personalfinance ♬ original sound – Khari Washington

So here’s a scenario for you. You have equity in your home, but you don’t want to refinance your first mortgage, but you want to get cash out of your home. How do you do it? Most people do it through what’s called a HELOC or second mortgage. What if this is if you take a loan against your house, it has a lower interest rate, but the bad part is now there’s a lean against your house for this money. So a HELOC allows you a line of credit. It’s called the home equity line of credit, almost like a credit card tied to your house with the lower interest rate than a credit card. A second, a regular second mortgage, is taking out a lump sum of money that you make monthly payments that you can’t re-borrow again. So what do you think? Are those good options for people to do? The bad part again, is you have a lien on your house and you’re going to be able to do great things like get into a car, redo your home, but you’re borrowing against your house. Do you think it’s a good idea? What about using a second mortgage to invest in other properties? Some people think it’s good. Some people don’t. What do you think?