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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 [...]
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 [...]
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 [...]
Going through the process of getting approved for a mortgage loan can be intimidating, but there are a few things you can do to make sure the whole process goes as smoothly as possible. 1. Familiarize Yourself with the Mortgage Process Do some online research, or even buy a book that lays out the mortgage [...]
We are a credit-driven society with everything revolving around its importance. From buying a home or car, renting an apartment and sometimes and even opening a bank account. That’s why it’s important to know what to do to maintain a good standing. 1. You first need to know what you’re starting with. Everyone is entitled [...]
For some shopping for a mortgage online can be daunting task. Add in all facts, rates, values, and now it becomes a stressful challenge. WeÕve all had someone tell us ÒdonÕt believe everything you hear?Ó Well, if youÕre in the market to refinance your mortgage or buy a new home youÕre certain to hear everything [...]
Before the current mortgage crisis, lenders routinely allowed borrowers to purchase a home with less than a 20 percent down payment. These borrowers had to agree to purchase mortgage insurance, sometimes referred to as private mortgage or PMI. Unlike most types of insurance, these policies do not pay homeowners in the event of a loss; [...]
Veterans of our armed forces should be honored for their service and one way that the government does that is by offering them their own kind of mortgage. Its called a veteran’s assistance, or VA loan, and it is a good loan that many veterans often overlook having access to. A VA loan is available [...]
Deciding whether to rent or buy a home is an important decision. Since there is so much to take into consideration it is best to have all of the facts to make an informed decision. When you rent you have to look at it from a monetary standpoint, as well as from other aspects. First, [...]
If you are in the market to purchase a new home, you need to know that one of the most critical components to getting your offer accepted by the seller is having a pre-qualification or pre-approval letter from a reputable lender. In fact, it can make or break whether or not the seller takes your [...]