Low down-payment loans have been around much longer than most people realize. 2008 was the re-emergence of the FHA, only requiring 3.5% down. Today loans backed by the government requiring even less down are becoming popular. Here’s what you need to know if you’re working with a low down-payment loan to purchase a home… Low…
One of the financial programs aimed at homeowners wishing to refinance in the economic downturn was Making Homes Affordable Harp 2. The program to this day allows people to refinance even if they are underwater. Here’s what you should know about this program… How the program works If you took out your loan May 31,…
If you have some credit challenges preventing you from getting mortgage with competitive rates and fees, read on. Here are some tips you can take to the bank… Know this: you need not have perfect credit to buy a home or get a mortgage. Your credit just needs to be sufficient; good, bad, ugly or…
Most people who apply for mortgages base their decision on how much they can afford while keeping costs low and manageable. Here are some things to consider if you’re looking at a shorter-term financial picture… Fixed Rate vs. ARM The mortgage king is still the plain old 30 year fixed rate. On such a mortgage…
When shopping for a mortgage, it’s critical to have a general understanding of how the fees, rate and payment all connect to your bottom line. Here are tips better to identify your net tangible benefit on a home loan… Rates & fees The cost of an interest rate (mortgage pricing) moves with ebb and flow…
Mortgage interest is a double edge sword, on one hand it’s a tax-deductible expense, but by and large it is the heaviest cost of homeownership. What to pay attention to if you have not done a mortgage in a few years or bought a home before. Interest Works The Opposite Of Rent The amount of…
Most strategies to pay off your home involve making radical principal prepayments or moving to a shorter-term debt structure. Here is a way to refinance your home using your lender’s money. Quick Finance Lesson: Lenders generate more revenue on higher interest rate loans. The catch is, the additional revenue is not kept by the lender,…
No one actually wants a mortgage. A mortgage is simply a means to an end, if you don’t have the cash. Ridding yourself of the financial obligation is the next best thing, but could it come at the expense of your credit score? What to know… Mortgage Affects On Credit Score Nothing can help or…