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How can debt consolidation through refinance benefit you?

Turn your monthly payments into one low payment and pay less overall. Unlike credit card interest, your interest on your mortgage can be tax delectable. If you have two mortgages we can consolidate them in order to significantly reduce your monthly mortgage payment through refinancing.

Refinancing can help you consolidate your high interest debt by possibly using your equity to refinance your current mortgage and receive cash at a low interest rate to pay off your debt.

Your home equity is the appraised value of your home, not including the amount you still own. The more equity you have, the more money you may receive from options like a cash-out refinance.

Purpose Funding can help you pay off your higher-interest debts so you can improve your credit rating.

What are some loan options to consolidate your debt?

  • FHA loan- refinance your debt into one low-cost loan today.
  • 15-year fixed-rate loan- pay off your mortgage in a 15-year timeframe.
  • 30-year fixed-rate loan- pay off your mortgage in a 30-year timeframe.
  • VA loan- specialized for veterans and active military members to consolidate debt with a low fixed rate.

Give us a call for more information on how we can help consolidate your payments and ultimately reduce them! (844) 427-3863

New Year, New Homeowner Tips

Welcome the new year with a new home! As one of the biggest investments many of us will make is buying a home, mistakes can be costly. In order to help new homeowners here are some useful tips that will help you begin the home buying process.

Determine how much home you can afford and what you would like your payments to be – Before you start looking for a place to call home, strategically think about your price range.

Check your credit – This can determine your interest rate and loan terms, check to see if there are any errors that may be bringing your score down. You can also take a look at what opportunities you have to improve your credit, such as paying any large outstanding debts. You can also avoid opening any new credit accounts during the mortgage process to keep you score up.

Know that there will be closing costs – In addition to saving for a down payment, you should budget for an additional 2% and 5% of your loan amount. These costs can be lowered by negotiating with the seller or your real estate agent’s commission.

Money for after move-in day- Set aside a buffer to pay for what will fill you home; furnishings, appliances, rugs, updated fixtures, new paint amongst other things.

Consider HOA- decide what type of property you are looking to purchase, be sure to research and ask if there are any homeowners associate fees (HOA) on the home.

Pick the right neighborhood- take a look at local safety and crime statistics, proximity of the nearest hospital, pharmacy, grocery store and other amenities you will frequently use. It is recommended to also research local schools, even if you don’t have kids as this affects the home’s value. You may also drive through the neighborhood on various days at different time to see how traffic, noise and activity levels are.

Be prepared to compromise- nothing is perfect, think carefully as to what you are willing to compromise and what you wouldn’t.

Schedule your Purpose Funding consultation- take some time to speak with one of our mortgage experts and learn about the different options that fit your needs. Our Mortgage Experts can look at your situation and structure the loan to your specific needs and situation.

Learn more about your free personalized consultation from our Purpose Funding Team

 

Here at Purpose Funding, our Mortgage Experts we are driven by our mission and building relationships with our clients through personalized consultations and one-on-one planning with our experts.

What is our Mission?

Our Mission was inspired by one simple question: What would we do if this was our own personal loan?

Since each loan has its own set of circumstances, we gather information, ask questions and then, we listen to our customer’s needs. From there, we can provide all the options available to each client and recommend the option we would choose if it were our loan. We will earn your trust by hearing your needs and putting a plan together to meet those needs. We will earn your business by providing you the best deal for your unique situation. You will use our services again because of our straight forward and honest approach. You are not just a customer for a day, You’re a client for life!

Let us provide you with a free personalized consultation and begin the steps to your mortgage planning process.

Here is how, Give us a call and set up an appointment to meet with one of our experts and discuss your needs and how Purpose Funding can help. Let us provide you with options and tools to success that meet your specific needs. Everyone is different and we have options made just for you.

Give us a call today to set up your free consultation! (844) 427-3863