Do you hear the words “mortgage down payment” and start shaking in the knees? For many millennials and first time homebuyers, thinking of how to come up with a home down payment seems like a far off dream in Neverland. Well it’s like anything in life, once you actually learn about it, understand it and … Continued
The month is off to a great start, your neighbor won’t stop blasting annoying teen pop and your landlord is raising rent. But seriously, if you’re starting to get the feeling, that renting just isn’t cutting it anymore, it’s time to put your head down, and find out what you need to do to buy … Continued
If you’re like me (a renter), you may keep asking yourself this one question, “Is now a good time to buy?” Both loan officers and Realtors hear this question very frequently. Prospective homeowners wonder about the economy, higher prices, as well as their budget. For those committed to purchasing a home, first-time buyers or even … Continued
Selecting the right mortgage loan for your financial goals may seem to be overly complicated, but with a little advanced homework, you’ll be much more prepared. Below are some great starter basics to understanding home loans. Fixed-rate versus ARM—With a fixed-rate loan, the interest rate stays the same throughout the life of the loan. The … Continued
Most of us are extra busy during the last couple months of the year —shopping, decorating and attending holiday parties. However, it’s also a time many of us reflect to set goals, make plans, and decide the fate of 2016. Other than the usual, lose weight, save more, travel, or learn a new hobby, here … Continued
1. Your interest rate reflects the true cost of your mortgage. Your annual percentage rate (APR) is actually the figure that represents the true cost of your mortgage. It is inclusive of your interest rate, points, mortgage insurance (when applicable) and other fees, including origination and underwriting fees. The APR is typically higher than your interest … Continued
The Neighbor Next Door initiatives are a collection of FHA’s home sales programs designed to help communities and promote homeownership. Help a neighborhood! Buy a home through HUD’s Good Neighbor Next Door initiative designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase … Continued
A conventional home loan is one that is not insured or guaranteed by the federal government. This distinguishes it from the three government-backed mortgage types FHA, VA, and USDA. Understanding the difference between FHA and conventional loans can help you avoid unnecessary time and expense when you try to qualify for a mortgage. FHA, or … Continued
The FHA loan program offers two key benefits to homebuyers (1) smaller down payments and (2) more flexible qualifying guidelines, when compared to a regular “conventional” loan. If you use a FHA loan to purchase a home, your down-payment could be as low as 3.5% of the purchase price. With a conventional loan mortgage you … Continued
An FHA home loan is a mortgage that is insured by the federal government, through the Federal Housing Administration. This insurance protects the mortgage lender who makes the loan against losses resulting from a borrower default, or failure to repay. The program is managed and overseen by the Department of Housing and Urban Development (HUD) … Continued