What are today’s record high affordability rates for home buying doing to rent prices? Courtesy of Quizzle Free Credit Score and Report
What is an FHA Mortgage?
May 3, 2011 By
An FHA mortgage is a home loan insured by the Federal Housing Administration. The FHA does not provide money directly to borrowers; rather they insure the mortgage against a default. This makes Federal Housing Administration borrowers particularly attractive to lenders. The lenders know that if the borrower fails to pay, they can come after the [...]
What is a Rate Lock?
May 3, 2011 By
A rate lock is a short-term agreement for a lender to “hold” an interest rate on a home while the buyer negotiates the actual sale. Rate Lock Requirements Requirements for rate locks vary from state to state. Within states, individual lenders often set their own individual policies and practices. For instance, a broker may require [...]
Should You Be a Homeowner?
May 3, 2011 By
Before you become a first time homebuyer, it’s a good idea to stop and ask yourself a few questions. Depending on your circumstances, renting for a few more years may be the sound financial move to make. How Long Do You Plan to Stay in the Home? If you’re taking out a 30-year purchase mortgage [...]
Rent or Buy a New Home?
May 3, 2011 By
Is it wiser to rent a home or to take out a mortgage and purchase one? In the past, conventional wisdom has held that buying is more sound financial decision. In today’s market, however, there are some cases where you might actually come out ahead renting your home. When making the rent versus buy decision, [...]
When is the Right Time to Refinance My Mortgage?
May 3, 2011 By
With interest rates at all time lows, many homeowners are attempting to refinance their mortgage, and with the economy in a spiral it makes perfect sense to refinance or seek a home loan. ItÕs also important to remember the many factors that go into the process. Below we have highlighted some things you need to [...]
How to Spot Check on Your GFE
May 3, 2011 By
Within three days of receiving your loan application, your lender must give you a good faith estimate that clearly describes the terms and fees for mortgage you selected. As of January, 2010, HUD provided a standard three-page form to make it easier for borrowers to compare loans. Basic Information Among other things, the GFE indicates [...]
How to Shop for the Best Mortgage
May 3, 2011 By
Most people who are in the market for a new car would never dream of going to only one dealership, yet those same people often neglect to shop around to find the home loan that works best for them. If you are in the market for a new home loan, try the following tips to [...]
How to Search for Foreclosed Homes
May 3, 2011 By
The historic foreclosure level is no secret these days, and many homebuyers are seeking to find the best deal possible. Buying a foreclosed property might just be the offer of a lifetime! With interest rates at historic lows and refinancing prices low, passing up on a chance to buy a foreclose home might just come [...]
Getting Ready to Refinance Your Mortgage
May 3, 2011 By
Its hard to look at todays rates and not wonder if its time to refinance your mortgage. You also might be asking yourself if you have the credit ranking, and financial ability to do so. This economy has affected everyone, and having a lower mortgage payment might be what the financial doctor ordered. The refinancing [...]