Month: April 2019

How You Can Build Up To Receive Home Equity Loans

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Home equity loans are beneficial, since they allow you to use your home’s equity for several different purposes, but you have to be careful what reasons you use the loan for. Every individual has different financial circumstances, but there are some main do’s and don’ts when it comes to home equity.

Improve your home– Making improvements to your home is a safe way of using home equity loans. Using the funds to modify your living space will increase the overall value of your home. Completing a one-time project in your home is another safe way to utilize home equity funds.

Consolidate debt– Minimizing balances, like high-interest credit card debt is another way to put good use to your home equity loan. Lowering the percentage of interest you have to pay with the home equity funds can end up saving you thousands of dollars. Be sure to make financial changes, so you do not end up in more debt than you were before.

Do not splurge on luxury items– Using your home equity funds for vacations and expensive material items is not beneficial in the long run. Home equity loans should not be seen as extra spending money, but rather as an investment. Irresponsible spending with home equity funds can lead to you losing your home.

Do not use home equity funds for basic expenses– Your basic bills like, grocery, utility, and clothing expenses should be covered by your household budget. Changes in your financial life need to be made if you cannot afford to pay for these regular expenses.

For more information on home equity loans and financial guidance, contact Chang Legal today.

The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.  The transmission of the Website, in part or in whole, and/or any communication with us via Internet e-mail through this site does not constitute or create an attorney-client relationship between us and any recipients.

The Most Helpful Tips When Buying A Home For Spring

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Spring is beginning, which means lots of people are in the market looking to purchase a new home. With the buying market looking sufficient in most areas, this is the most ideal time to buy a new home. Before purchasing a property, it is essential to have your affairs in order, like credit history and employment status. Chang Legal is here to help you excel at your home-buying odds with these important tips:

Have a good credit history:  

The most crucial aspect of a borrower is an excellent credit history. Lenders are more likely to fiance money to someone with a solid credit history. Building a good credit history includes paying off credit cards on-time, cell phone bills, and  student-loan debts. It is also recommended to limit your monthly subscriptions to ensure your credit remains stable.

Build a solid career status:

When reviewing a mortgage application, one of the first things a lender will look at is employment history. Lenders do not like to see a laundry list of jobs for short periods of time. It is beneficial to have little to no gaps in employment history of the last two years if you are looking to purchase a home in the spring/summer seasons.

Avoid large purchases:

Whether you are planning to go on vacation or buy a new car, it is crucial you get this approved by your lender. Your debt-to-income ratio will have a great effect on how much money your lender is willing to finance. It is recommended to clean-up your financial resume before giving it to your lender, this will not only make you look more reliable, but will also grant you more money.

For more information or any questions about the most helpful tips when buying a home for spring, contact Chang Legal today.

The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.  The transmission of the Website, in part or in whole, and/or any communication with us via Internet e-mail through this site does not constitute or create an attorney-client relationship between us and any recipients.