Fannie Mae and Freddie Mac Conventional FHA Alternatives
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
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 […]
Factors Affecting Mortgage Interest Rate Changes
October 11, 2013
in Mortgage Interest Rates Tagged bank, Federal Reserve, investors, loans, mortgage, mortgage interest ratesThere’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 […]
Is a Debt Consolidation Home Equity Loan Right for You?
November 2, 2012
in Mortgage Loans Tagged consolidation, debt, equity, interest, loan, loans, mortgage, rates, refinance, refinancingMaybe 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 […]