loans

4 minutes read
You hear that you have the option to get a “no closing cost” loan. You immediately, think “Sign me up!” Who wouldn’t want to save thousands of dollars on their refinance? But, before you do, there are some considerations you must make. While the name makes it seem like the loan does not cost you, in reality, it does. We show you how below. Get Matched with a Lender, Click Here. HOW LENDERS OFFER A “...
2 minutes read
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...
3 minutes read
If you graduated college loaded with student loans, you aren’t alone. The average graduate has around $37,000 in debt and this only accounts for graduates with a bachelor’s degree. Those that go on even further can have hundreds of thousands of dollars in student debt. Looking for Current Mortgage Interest Rates? Click Here. Oftentimes, students are able to defer their student loan payments while they are i...
3 minutes read
FHA loans are one of the more popular options for mortgage borrowers, some of the benefits of using an FHA loan is it offers lower down payments and they have more lenient lending standards. The Federal Housing Administration, also known as FHA, insures mortgage loans so borrowers who utilize this program are required to pay for mortgage insurance which protects the lender if the loan were to default. WHY CHOOS...
3 minutes read
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 ...
3 minutes read
As you shop for a mortgage, you’ll likely hear the terms conforming and non-conforming thrown around. It’s important that you understand these terms and figure out how you fit into them in order to determine which loan is right for you. Compare Offers from Several Mortgage Lenders. WHAT ARE CONFORMING LOANS? If you hear the term Fannie Mae loan or Freddie Mac loan, those are conforming loans. Any loan consi...
3 minutes read
One of the best mortgage programs you can use as an alternative to a conventional home loan is an FHA loan. The FHA loan makes homeownership available to potential borrowers who: a) have no money to pay for the conventional 20 percent down payment or at the least the required minimum down payment amount (possibly 5 to 10 percent of the property’s purchase price)b) want to refinance to a new mortgage with lowe...