Veterans Affairs (VA) loans are invaluable for homebuyers. Their advantages include little or no money down, qualifying with a lower credit score, competitive interest rates, potentially lower closing and auxiliary costs, and no private mortgage insurance requirements.
VA loans are administered through approved lending institutions and backed through an entitlement of up to $36,000. This
Mortgage Refinance
The home appraisal process can be one of the most nerve-wracking parts of a home sale. A single independent party is assessing the fair market value of your home, and the appraiser’s conclusion can sink the deal. Banks will not approve the loan if the appraisal does not give them sufficient collateral.
The primary factors
When you decide to revamp your home, the goal is usually to suit your lifestyle and create an ambiance more to your own taste. In a world of financial uncertainties, however, it is crucial to consider the effect on the resale value of your property. Home improvement projects that enhance sought-after features can make your
Refinancing your home can be a difficult task under any conditions, but with a low appraisal value, it is especially challenging. The recent housing crisis left many homeowners in this position – the overall drop in home values produced loan-to-value (LTV) ratios that were unacceptably high to banks, putting refinancing out of reach.
Even without
According to the Federal Reserve Board, there are three things to consider when determining whether refinancing your home is a good idea:
How long you have already been paying your mortgage.
How long you plan to remain in your home.
Whether or not your current mortgage has a prepayment penalty.
When you
Are you considering refinancing your home? You may want to act before interest rates rise further.
The refinancing plan that’s right for you and your family depends on your current financial situation. Is your home underwater (that is, you owe more on your home than it is currently worth) and you need to secure a
Interested in buying a fixer-upper? There are several different methods of acquiring a renovation loan, but two federally backed renovation mortgage programs will allow you to do a combined purchase and repair mortgage loan – the FHA 203(k) loan and the Fannie Mae Homestyle Renovation mortgage. They are perfect for rehab work on foreclosed properties,
Mortgage Protection Life Insurance (MPI) is designed to cover your mortgage payments in case of a catastrophic life event. Policies can vary, but MPI generally covers your mortgage payments if you are disabled or lose your job, and will pay off the mortgage if you pass away.
Note: Because of the close acronyms, people sometimes
You probably comparison-shop for items such as shoes or computers and prioritize your choices – “I’ll buy the merchandise at vendor X if I cannot get a better deal at vendors Y or Z.” Why wouldn’t you do the same comparison-shopping for mortgage lenders on arguably the largest purchase you will make in your life?
Conversation | 12 Comments You must be logged in to comment Submit Brittany | 04.14.16 @ 23:04 Saving money when it comes to mortgages is seriously extremely beneficial. Especially when it comes to today’s current market. Kamie | 04.14.16 @ 23:12 I know you definitely want your realtor or even a mortgage
The loan approval process may seem convoluted with confusing language and odd delays. In a way, it does have its own language – and understanding that language can give you a better feel for where you are really at in the process.
Let’s draw an analogy while we look at things from the lender’s perspective.
By Dawn Springer
Mortgage rates may be rising but there’s still room to refinance your home loan. You might have heard much said about the constant rise of interest rates over the past year, with some blaming that for a recent dip in home sales. Yet mortgage rates remain near record lows, presenting an opportunity
When it comes to dealing with risk, America’s housing market struggles with balance. How can lenders offer affordable home mortgages for more Americans and still maintain proper safeguards?
The Great Recession was driven in part by overly risky loans that were packaged as securities and sold to investors who were unaware of the underlying risk.
Times aren’t great in the mortgage refinancing market. According to the October 2018 Origination Insights Report from mortgage application software provider Ellie Mae, refinancing homes make up 32% of October’s closed mortgages – continuing a drop in refis that began five to six months prior.
It’s likely that mortgage rate increases are to blame for
Since 2009, the Home Affordable Refinance Program (HARP) has helped qualified homeowners with limited equity in their homes find affordable refinancing. After seven program extensions, HARP is scheduled to end December 31, 2018, when new assistance programs from the mortgage-loan-backing agencies Fannie Mae and Freddie Mac will take its place.
In the wake of the
The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. According to HousingWire, almost 3.5 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it was
A construction lien, otherwise known as a mechanic’s lien, is a claim that is made against a property by a contractor, subcontractor, or other professional party involved in a construction project. These liens exist to protect construction professionals from non-payment for materials or services rendered.
If you are withholding payment to a contractor for a
You want to know exactly what you are getting when you make any large purchase, especially when you are buying a home – the largest purchase that many Americans will ever make in their life. That’s why a real estate disclosure statement is a fundamental part of any real estate transaction.
By law, home sellers
If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for mortgage relief services.
Distressed homeowners don’t have to resort to third-party mortgage services. Free counseling is available at the Department of Housing and Urban Development (HUD). HUD programs such as the
Veteran’s Administration (VA) loans are invaluable for homebuyers. Their advantages include little or no money down, qualifying with a lower credit score, competitive interest rates, potentially lower closing and auxiliary costs, and no private mortgage insurance requirements.
VA loans are administered through approved lending institutions, and backed through an entitlement of up to $36,000. This
The Home Affordable Refinance Program (HARP) was established in 2009 as a way to help struggling homeowners refinance in the aftermath of the housing crisis. Because of lower down payments and the sharp decline in home values, many homeowners were left with very high loan-to-value (LTV) ratios that left them ineligible for refinancing under Fannie
Electronic closing of a mortgage loan has been around for years – in a manner of speaking. Generally, some element of the transaction still requires traditional methods such as the physical presence of a notary public or signing of original documents in ink. Most, if not all, of the parties involved are still in the
When you are shopping for a home mortgage, you will probably be given the opportunity to “lock in” an interest rate when you are initially approved for your loan. This enables you to fix the interest rate you’re quoted upon loan approval for a limited period of time.
Mortgage interest rates can be volatile, changing
The era of historically low mortgage interest rates may be coming to an end, but it doesn’t appear to be winding up anytime soon. As of this writing, interest rates on a 30-year fixed mortgage have once again dropped to 4%, despite the Federal Reserve’s interest rate increases.
Low rates present an excellent opportunity to
You’ve decided to pass your home on to your children, but you haven’t settled on the best method to transfer ownership. You are also questioning whether you want to stay in the home or downsize to a smaller place. What factors should you be considering as you make your decision?
Start by reviewing the typical
For most homeowners, mortgage costs are the largest regular expense in the family budget. How can you manage those costs in the most efficient way? We offer a few suggestions for reducing either short- or long-term mortgage expenses to fit your needs.
1. Refinancing – According to Casey Fleming, Mortgage Advisor at C2 Financial and
The housing market has shown signs of strength recently, but momentum remains elusive. Will this be the year that housing breaks out? Expert opinions vary, but most see a moderating market that will continue to pose a challenge for new homebuyers.
Mortgage rates – Most estimates for mortgage rates suggest the post-election trend of sharply
You have agreed to terms with the seller for your new home, and are now preparing to enter the closing phase. Unfortunately, closing on a house is considerably more complicated than buying a new appliance, or even a car.
The closing process typically takes 30-45 days and requires several preliminary steps before the actual closing
With U.S. mortgage rates increasing, homeowners with variable loans will be the most affected at first. The rises will have a ripple effect across the sector, however, because experts expect more increases from the Federal Reserve.
News from the mortgage sector is that average rates for a 30-year fixed-rate mortgage have now reached 4.38 percent
The U.S. Securities and Exchange Commission oversees cases involving mortgages, but the Federal Trade Commission (FTC) has recently stepped in to ban several companies from operating in the mortgage industry after finding them guilty of making false claims to homeowners. The companies, Redstone Law Group and Surety Law Group, voluntarily agreed to the ban in