One mortgage loan program popular in the last few years is the USDA loan. The program allows for you to buy a home with no money down and low monthly mortgage insurance. Here’s what you need to know if you’re interested in this type of financing. What the program entails The US Department of Agriculture…
Changing jobs is a natural byproduct of an ongoing career. If trying to look good for a bank, here is what you need to know for your new job to count for a mortgage. Mortgage companies typically want you to have the same field of work for the most recent last two years. A solid…
It is no secret getting approved for a mortgage loan requires a fair amount of paperwork. Here is what you should know if there if there is anything questionable in your past… When you apply for a mortgage for the first time or you’re a little rusty on the process, it’s reasonable to expect some…
Buying home is probably the largest financial transaction you will ever do life. Where you store your down payment funds can mean difference between a smooth or dicey process… Buying a home does require a down payment of at least 3.5%. While there are programs which require no money down, most have more restrictive income…
How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
Each year in the wintertime interest rates tend to worsen about .25% across-the-board. Here is what it may mean for your home loan application… Beginning each year around December 5, mortgage rates typically, worsen due to heavy bond market activity and the trend continues till approximately January 15 where rates trail back down. Consumer confidence…
If you have been on the fence about buying a home or refinancing the one you already own, the 2016 FHA loan limit increases may financially benefit you. Here’s how… The Federal Housing Administration continues their mission in helping consumers realize the dream of homeownership. In today’s mortgage lending environment there’s three buckets of loan…
Not sure when to lock your interest rate on your mortgage? Here’s a few things to consider in getting the best possible combination of rate and price… The biggest things that determine the final rate and pricing are: loan size occupancy loan program i.e. Conventional, Jumbo, FHA, VA credit score property type loan to value…