As the nation’s housing market continues to improve, U.S. Housing and Urban Development announced on January 9, 2015 the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. The reduced annual mortgage insurance premium (MIP) rates will apply to FHA-insured purchase and refinance loans with loan … Continued
Since mortgage interest rates are relatively low, now might be the perfect time to purchase your first home. Unfortunately, the excitement of buying a home can end abruptly when a lender denies your mortgage pre-approval. A mortgage pre-approval is the best way to know whether you qualify for a home loan, and how much you can spend on a house … Continued
If you secured a home loan with less than a 20% down payment, chances are your lender required mortgage insurance to cover the exposure in case you default. Once your equity position in the home reaches 20%, you will want to stop paying mortgage insurance (unless you have a FHA-insured loan, requiring premium payments for … Continued
“U.S. mortgage rates fell for a fifth week, reducing borrowing costs as home-price gains slow” reported the Bloomberg News, May 29, 2014. “The average rate for a 30-year fixed mortgage was 4.12 percent this week, down from 4.14 percent and the lowest since October, Freddie Mac (FMCC) said in a statement on 5/29/2014. The average … Continued
Do you wonder where all of your money goes each month? You’re not alone. A sample of American workers were surveyed said they are determined to save more and spend less: 34% are determined to save a set amount each month. 28% plan to pay off credit card debt. 23% resolve to reduce monthly spending. Whether … Continued
If you’re looking to build and finance your primary residence or vacation home, OneTrust’s Construction-to-Perm loan may be right for you. One loan – one application. One time close – one set of closing costs. One-unit, single-family detached home. Primary residence or vacation home. Purchase a lot, build and finance construction. Interest-only payments during construction. … Continued
FHA’s 203(k) loan program is designed to finance the purchase and renovation of your home, all in one loan. Could a 203(k) loan be right for you? Buy a “Fixer-upper” or REO property needing renovation Get funds to both purchase and upgrade your dream home Refinance and renovate your existing home What are advantages of … Continued
The word conjures up wonderful visions of being on vacation all the time. Sleeping late. Taking trips. Finally having enough time to indulge in whatever hobby or interest catches your fancy. We save for retirement in a variety of ways, working and waiting until the day when we decide that it’s time, whether that’s at … Continued
To actually lock your interest rate, you must confirm that you intend to lock-in your rate with your lender. You’ll then most likely have to sign a rate lock agreement. If you submit a loan application without a rate lock agreement, your interest rate is usually referred to as “floating” which could change until it … Continued
1. Plan Ahead Walk through each room and criticize the home from a buyer’s perspective. Consider getting a professional home inspection to see if any repairs are needed. Hire a contractor to handle any major projects. Consider getting an appraisal to find out your current market value. Hold a yard sale. Sell, donate or trash … Continued