Showing posts from June, 2014
Tips for a frugal 4th of July
The Fourth of July is just around the corner. Many Americans celebrate by buying fireworks and sparklers. Others host elaborate BBQ feasts with prime cuts of meat, and cases of beer and wine.
If your family is on a budget, know that there are plenty of ways to celebrate America's independence cheaply. Here are nine frugal Fourth of July ideas from Majestic Home Loan that are sure to help your day be a hit: 
1. Host a potluck. Ask each guest to bring a different dish. Everyone will spend around the same amount of money, but each person gets to enjoy a wide array of goodies.
2. Search online for free fireworks. Many cities list the best public spots (such as parks or hillsides) where you can watch fireworks on the Fourth. Find the closest location, and arrive early to secure free parking.
3. Talk to the butcher. Ask your butcher (or deli counter clerk) about any unadvertised specials. Certain cuts or packages of meat might be less expensive, but are just a…
What Kind of Payment Plan Should You Choose? Are you worried about the interest you are paying for your home loan? Do you want to save some money? Well, I don’t think I will hear anyone saying no to that. Did you know that there's a way to reduce down the overall interest amount? We at Majestic Home Loan want to introduce you to biweekly payment plan.
Biweekly payment plan? Is it what I think it is? Yes. As the name states, you will be paying your mortgage payment once every two weeks instead of once a month. You will be paying half of your monthly payment every two weeks. In typical monthly payment plan, you will be paying 12 monthly payments per year, but in biweekly payment plan, you will be end up paying total 13 monthly payments per year (52 weeks per year, and a half payment per 2 weeks, then it's 26 half payments, resulting in 13 full payments per year). This may sound very unattractive because  you are spending one extra payment each year. But remember, when you make a pa…
Home Appraisal Tips for Refinancing
With how the current real estate market is, many current home owners are looking to refinance to take advantage of the current mortgage rates.  The refinance process can be overwhelming for those who are unsure about what goes along with it.  In order to refinance, an appraisal needs to be done on the home to assess its current value. Let Majestic Home Loan help you with some quick tips on what to expect from this process. One of the top reasons that mortgage or refinance applications are rejected is due to the home appraisal.  When a home owner is looking to refinance their current mortgage loan, they are required by lenders to get a verification of the value of the home.  In worst case scenarios, if the appraised worth is lower than the expected value of the home, banks may charge higher interest rates, require mortgage insurance, or deny the loan altogether. Appraisal values are determined based on a variety of factors, including: The current age …
Energy Saving Tips for HomeownersSummer is finally upon us. Almost everyone looks forward to the summer, at least until we open our utility bills. When the humidity and thermometer rise in warm coastal states such as Florida, Alabama and South Carolina, air conditioners work overtime and utility bills often skyrocket. Unless you live in the Yukon Territory, you have probably noticed the temperature is rising. Rising temperatures impact utility bills. Today’s average homeowner spends almost $2,000 per year to cool and heat his or her home. Of course, in the warmer Atlantic and Gulf Coast regions, homeowners allocate most of their utility expenditures toward cooling their home. You will reduce your energy costs significantly if you follow a few tips in this list curated by Majestic Home Loan:
When you leave home, set your thermostat to 82 degrees. If you are gone for an extended length of time, do not turn off your air. This can lead to mold growth in humid coastal regions.Set your hot wat…
3 Ways to Pay Down Your Mortgage More QuicklyDon’t like the idea of paying down your mortgage over the span of 30 years? Nothing can trigger that sinking feeling in the pit of your stomach faster than looking at your mortgage statement and seeing those dreaded lines: “360 payments” and “Payoff Date: 2044.” The notion of taking out a loan in your 20′s or 30′s and finishing the payoff in your 50′s or 60′s can be daunting. But you don’t need to adhere to a 30-year schedule. Here are seven ways you can accelerate your repayment clock, courtesy of Majestic Home Loan. #1: Refinance Into a 15-Year or 20-Year LoanAlthough a 30-year mortgage is considered the “normal default,” most financial institutions offer the option of taking out a 15-year or 20-year loan as an alternative. These loans are amortized on an accelerated schedule, which means that your payments will increasingly be applied to principal reduction, rather than interest. Contrary to popular misconception, a 15-year loan isn’t double…
Looking to refinance? Now may be the best time
For years, millions of Americans have been prevented from undertaking a mortgage refinance because their home loans were "under water," "upside down" and in "negative equity." Those three terms all mean the same thing: the value of the home on which a loan is secured is lower than the amount owed on that loan.

Refinancing now possible for millions more
However, as house prices rapidly rise, that situation is changing quickly. Reports have  revealed that the number of "underwater" loans plummeted by 41 percent during the 12 months ending March 2013. That means that literally millions of homeowners can now, for the first time in years, once again seek out the best home refinance deals.And, if current house-price trends continue, millions more should soon be following them. On May 7, CoreLogic, a company that tracks and analyzes the residential property market, announced the latest figures for its monthly…
Refinancing your Home: A Beginner's Guide
Refinancing your home can be a great financial move in the right scenario. Unfortunately, too many homeowners don’t understanding how refinancing works, so they never find out how to use this option effectively. Don’t make this same mistake. Take one minute and read through this beginner’s guide from Majestic Home Loan to refinancing your home. What Does Refinancing Mean? Refinancing your home means swapping your current home loan for another one with different terms. It’s called refinancing because it changes the current financing of your property. Essentially, the bank providing your new loan will pay off the original mortgage and set up a new one for you based on the changes you want. The ability to refinance gives you the change to change and update your loan terms when you see a good opportunity. How Do I Refinance? The refinancing process isn't complicated. Contact Majestic Home Loan and let us know that you are interested in refin…
What’s in Your Wallet?
A good friend of mine recently decided to buy a home.  He has great credit, a down payment, and a stable job.  Thinking he was ready to go, he visited our website at: and was overwhelmed with the amount of information on the page.  Note Rate vs. APR stopped him dead in his pursuit.  “Why are there two different rates posted, and what do they represent?”
Many people, especially those entering into home ownership ask this same question.  Although the note rate and APR are similar, there is an important difference.  This difference is so important that it is required to be disclosed to every consumer shopping for a loan. The note rate is what determines your monthly payment amount.  The APR considers the costs incurred by the consumer that are spread out over the life of the loan and expressed as a yearly percentage. 
The devil lay in the details.
Would-be homebuyers should consider both the note rate and APR when shopping for a loan that meets …
Top Tips For First-Time Home Buyers: Part 2The Buying Process

Now that you've decided to take the plunge, let's explore what you can expect from the home buying process itself. This is a chaotic time with offers and counter-offers flying furiously, but if you are prepared for the hassle (and the paperwork), you can get through the process with your sanity more-or-less intact. Here is the basic progression you can expect:
Find a home.
Make sure to take advantage of all the available options for finding homes on the market, including using your real estate agent, searching for listings online and driving around the neighborhoods that interest you in search of for-sale signs. Also put some feelers out there with your friends, family and business contacts. You never know where a good reference or lead on a home might come from.Consider your financing options and secure financing.
First-time homebuyers have a wide variety of options to help them get into a home, including federally-bac…