Unfortunately, the majority of distressed homeowners do not qualify for Loan Modification Programs. Most struggling homeowners, as well as mortgage experts, are of the opinion that the US Government is still not well enough equipped and armed to fix the housing problems within the nation. According to recent reports, it has been established that almost [...]
Mortgage Insurance – Home Loan Insurance
Buying your home is certainly one of your most significant financial decisions. It would take most, if not all of your savings. You are very likely one of the numerous home buyers who has taken advantage of home financing to acquire the property. In doing so, you have also increased your own financial risk, especially [...]
Differences in FHA Loans vs Conventional Loans
Federal Housing Authority (FHA) loans and Conventional loans both refer to different types of home mortgage loans, with conventional loans encompassing all mortgages regulated by the current Fannie Mae (Federal National Mortgage Association) and Freddy Mac (Federal Home Loan Mortgage Corporation) lending limits. There are two main differences between these two types of mortgage loans: [...]
Moving Checklist
There are a number of things you have to keep in mind when you are moving to a new home. The stress and exhaustion can cause you to ignore or forget some important tasks, which can cause a great deal of hassle when you move in to your new home. This is why you need to [...]
Refinancing a Home Mortgage Loan
Home loan refinancing comes with a lot of extra work. There is quite a bit of paperwork you will need to fill out and all the various fees can definitely put a lot of additional pressure on your finances. However, many times refinancing a mortgage can prove to be very helpful. The huge reduction in interest rates in recent years has led to [...]
Reverse Mortgages
What is a Reverse Mortgage? When the concept of reverse mortgages first came about, many were confused and a lot of people were very leery about such a mortgage. The term ‘if it sounds too good to be true, it probably is’ can definitely be linked to the opinions of many about reverse mortgages. Seriously, [...]
Understanding Closing Costs
What are Closing Costs? First-time home buyers are often shocked when they see the list of closing costs they must pay when purchasing a home. Some of these fees are charged by the mortgage company, while other fees are payable to different parties. Your realtor should explain all of this to you, as well as [...]
Adjustable Rate Mortgages – ARM
What is an Adjustable Rate Mortgage? Mortgages are sometimes difficult to understand and if you don’t know what you’re getting into, you could end up hurting yourself in the long run. Adjustable Rate Mortgages, or ARM, are one of the various types of mortgages available for home buyers. Normally, rates are adjusted annually, although this [...]
Interest Only Mortgages
Interest only mortgages became extremely popular during the early 2000′s when the economy was booming and housing prices were rising higher with every passing week. With the prices of homes consistently going up, an interest only mortgage seemed to be the only way to afford the home you wanted. In parts of the country where [...]
HELOC – Home Equity Line of Credit
HELOC stands for ”Home Equity Line of Credit”. A HELOC is a unique kind of mortgage which enables you to make use of the equity you have built up in your house without having to refinance your entire home loan. That is, it is a specific type of home loan. A second loan against your home.. or a “second mortgage” as it [...]