FHA loans and conventional loans remain the most popular financing type for today’s mortgage borrowers. Here’s how to determine which program makes the most financial sense for you… FHA loans are insured by the Federal Housing Administration. The program contains two forms of mortgage insurance; an upfront mortgage insurance premium calculated at 1.75% of the…
Many homeowners are often inundated by the amount of junk mail offers they receive each month. Here is what to think about if you’re considering refinancing with a direct-mail solicitor… Confusing pitch You receive a letter in the mailbox about a refinance offer saying the mortgage offer is a fixed rate loan with an ultra…
Refinancing can shave years off your loan and help you pay off your home faster. Here’s what to consider when refinancing… When you refinance your home your loan amount can be whatever you choose it to be. It can be a lower than what you currently owe on your home which would require bringing in…
New changes coming to Fannie Mae’s automated underwriting system June 25 could change the way you get a mortgage. Here’s how… Fannie Mae has announced the way they look at credit is about to change for all loan applications dated June 25, 2016 or after. Lenders use Fannie Mae’s automated underwriting system (Desktop Underwriter) for…
Lending guidelines were recently loosened on cash out refinance transactions. If you’re looking to refinance and pull out funds for home improvement, or another project, here’s what you should know if your loan size exceeds $417,000. Mortgage loans bigger than $417,000 are going to cost more. Here’s why: when a mortgage loan exceeds $417k the…
There is no limitation to how frequently you can refinance your home. Do it as often and freely as you like as it financially makes sense to do so. Following are some things to consider when pulling the trigger… Closing Costs Are you throwing good money after bad? If you recently paid fees on your…
Do you want to combine your first and second mortgage into one? Here’s 4 smart some money savings tips to be aware of when you submit a loan application. When you apply to refinance your home with the intent of financing more money beyond the balance of your first mortgage, your total loan amount could…
Consumers looking into the possibility of buying a home should know you need less money than you think. Here’s the amount of cash you need to buy a home, and what you need to know using as little down as possible… Cash Needed Contrary to popular belief, you don’t need 20% down. The minimum down…