Getting a mortgage anytime soon? Two types of home loans are inherently pricier than their traditional mortgage counterparts and we’re not talking subprime or private money. If your credit score is beneath 680 or you have little equity or you have credit blemishes, fact is borrowing money will cost you… FHA Loans and Conventional Loans…
For anyone who has tried to apply for a mortgage and had student loans, they know whats it’s like to be scrutinized and questioned by the mortgage company over the validity of the those obligations. Like other forms of debt, like car loans or credit cards, student loans fall into the same classification, debt made…
Own an investment property? Thinking about buying a property for income producing purposes? It’s going to cost…. For years, Fannie Mae and Freddie Mac have charged premiums for individuals purchasing property for the purposes of generating income than for primary residence homes and rightfully so, higher the risk, higher the cost. Conversely, opposite holds true,…
Homeowners who went through difficult financial times in recent years, actually can still refinance their homes so long as their situations have changed for the better. Many banks offered loan modifications to homeowners who otherwise couldn’t refinance due to equity position or repayment ability. Two government programs have helped homeowners stay in their home and/or…
A program made popular in the height of the subprime lending environment was no-cost mortgages. No-cost loans have gained strong interest as consumers are savvy in deciphering loan terms, rates and how to qualify for credit in a constrictive lending environment. Whether buying a home or refinancing a mortgage, following are key differences between the…
With more home buyers entering the market, competition increasing, driving prices in most pocket areas up, consumers begin to place more emphasis on sustainable payment over time considering they could be paying more for the property than anticipated. Such real estate market conditions are also causing many buyers to switch mortgage loan programs during the…
Mortgage Insurance is like the plague to a monthly mortgage payment. It makes the cost of homeownership rise over time, only benefits one party… the lender. Mortgage insurance also known as private mortgage insurance (PMI) is an intergal component of many popular loan programs today; FHA Mortgages, USDA Mortgages and yes even standard Conventional Mortgages.…
As many now know, the Making Homes Affordable Program aka Harp 2 Refinance allows people to refinance if their loans are owned by Fannie Mae or Freddie Mac, with out any loan-to-value restriction. Successfully refinancing any occupancy home despite being underwater is quite common these days under this program. While this program, is helping many…