loan

Did you pay attention when you signed your closing documents? Do you know the fine print that was provided to you? If so, do you know if your loan has a demand feature? Compare Offers from Several Mortgage Lenders. Don’t worry if you don’t know, as many borrowers are not aware. It is something you should understand though and moving forward, you should consider if your mortgage loan has this feature. THE DE...

If you have a VA loan now, you may have a way to refinance it even if you have bad credit. Compare Offers from Several Mortgage Lenders. Typically, lenders require you to have a minimum credit score in order to qualify for a refinance. It makes sense since the lender needs to decrease their risk of default. But with the VA streamline refinance, the VA doesn’t require lenders to verify your credit score, home ...

Your credit score could fall anywhere between 350 and 800. It’s safe to say, though, if you fall on the lower end, you’ll have a hard time finding a mortgage from any lender. That doesn’t mean you won’t find a loan, but finding a conventional loan would be next to impossible. According to Ellie Mae, the average borrower has a 752 credit score when buying a home with Fannie Mae financing. The average bo...

Fannie Mae has new rules that could help you catch up on your mortgage payments. It is important to note the difference between restructuring and refinancing to understand what the updated policy means for you. Loan restructuring, also known as loan modification changes the terms of the original mortgage. This could be a change in the principal loan amount following forgiveness, change in the loan term from...

Have you ever thought of refinancing your home equity loan? It’s not a common practice, but it can definitely have some benefits. Because your home equity loan might change over time, you may want to reevaluate your situation to see if you should consider refinancing your home equity loan. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the top reasons you may want to think abou...

Do you plan to buy land that doesn’t have a home on it yet? You may not be able to get a mortgage, even if you have the good intention of building a home on the land ‘someday.’ Mortgage lenders don’t like to take the risk on unimproved land. It doesn’t hold its value and it certainly doesn’t appreciate like a home would. Looking for Current Mortgage Interest Rates? Click Here. So where does that lea...

Buying a home that is in perfect condition and has the exact layout you desire is no easy task. In fact, some people find it near impossible. Rather than giving up or giving in to purchasing a home that you consider “just okay,” you can use the 203K loan program that enables you to have the money to purchase a home as well as make renovations to it. The funds are all tied into one loan and you are able to g...

It’s a common myth surrounding the USDA loan that it takes ‘forever’ to get to the closing. It really doesn’t take too much longer than any other loan on the market. While there is one extra step USDA lenders have to take, if they do their job right, it won’t take very long. Compare Offers from Several Mortgage Lenders. WHAT’S DIFFERENT ABOUT USDA LOANS? Most loan programs go through the lender and ...

If you can’t come up with a large down payment for a home, you may consider an FHA loan. Because you can qualify for a loan with just 3.5% down, it may be easier to buy the home of your dreams. The FHA makes it easier for first-time homebuyers as well as repeat buyers to buy a home. Looking for Current Mortgage Interest Rates? Click Here. Below we help you understand the down payment rules and how they apply ...

When you are in the market for a construction loan, you have to present a lucrative package to the lender in order for him to want to approve you for the loan. This is not an easy task as lenders are very choosy about who they provide construction financing to because of the risk involved in this type of loan. In order to make yourself look as good as possible, understand the documentation for construction that...