Fannie Mae and Freddie Mac Conventional FHA Alternatives

January 31, 2014

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The changes in FHA-backed financing have many homebuyers seeking an alternative and, although it’s been around since 2006, Fannie Mae’s My Community Mortgage Program’s time has come. This is a conventional loan product, ideal for first-time homebuyers lacking a large down payment and with limited credit histories. With flexible underwriting and a 3 percent down [...]

Understanding FHA-Insured Loans

December 20, 2013

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One of the few blessings to come out of the Great Depression was the FHA-insured loan. Although, contrary to what many think, it wasn’t created to help low-income buyers get into homeownership. Just as during our recent Great Recession, during the Depression foreclosure rates skyrocketed, leaving lenders in the lurch. The FHA-insured loan was created [...]

Steps in the Mortgage Loan Process

November 8, 2013

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You walk into the local bank and ask to see a mortgage specialist. Palms sweating, heart leaping – you are about to apply for what may be the largest loan in your life. A lot is riding on an approval: the ability to purchase a home, a new start in life, or the first steps [...]

The Advantages of Getting a Mortgage Preapproval

October 18, 2013

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The homebuying process can be exciting, but also stressful. When there are a large number of buyers in the market for real estate, the odds of being able to purchase your desired home can be low. However, getting a mortgage preapproval prior to home shopping can dramatically increase the odds of success. Make Mortgage Preapproval [...]

Factors Affecting Mortgage Interest Rate Changes

October 11, 2013

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There’s more to the cost of owning that dream home than the price the seller is asking for. The interest rate on your mortgage loan affects the price and how much you’ll pay every month to your mortgage company. Comparing mortgage interest rates is important because they may change daily, and different rates may be [...]

Decoding Mortgage Terms

September 6, 2013

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Ah, the home-buying process. It feels as if someone scooped you up and dropped you in a country where you don’t speak the language. From your real estate agent to the lender, a lot of what you’ll hear may sound like gibberish. Busy real estate professionals who use the acronyms and foreign-sounding terms on a [...]

Retirement Planning: Will Owning a Home Help You Retire?

May 31, 2013

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There was a time when nobody had doubts about the value of owning a home. It was considered an incredible long-term investment and ideal for retirement. Today we know that real estate isn’t as safe as we once thought it was, at least as a short-term investment, and Americans, young and old, are leery of sinking [...]

The Advantages of Getting a Mortgage Preapproval

May 28, 2013

in Home Buying Guide | Tagged , , , , ,

The homebuying process can be exciting, but also stressful. When there are a large number of buyers in the market for real estate, the odds of being able to purchase your desired home can be low. However, getting a mortgage preapproval prior to home shopping can dramatically increase the odds of success. Make Mortgage Preapproval [...]

Applying for a Mortgage? Avoid These Common Mistakes

February 15, 2013

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If you’re a first-time buyer, an itch to start looking at homes typically starts just after you make the decision to buy. The feeling may be so overwhelming that it’s the very first thing you do. That’s mistake number one: Looking at homes without knowing how much you can spend on a home isn’t just [...]

Is a Debt Consolidation Home Equity Loan Right for You?

November 2, 2012

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Maybe you’ve indulged in impulse shopping one too many times or actually found yourself in an emergency where paying with a credit card was the only option. Either way, if you’re a homeowner who is struggling to pay those monthly bills, debt consolidation could make sense for you. Homeowners who have equity in their homes [...]