Home-owners have seen the equity in their home increase the last few years, and interest rates are on the rise. Rather than refinancing their first mortgages and possibly getting a higher interest rate, more home owners are opting for a home equity loan that provides a clear and simple path to receive cash back cost-effectively.… Read More »
Are interest rates on FHA home loans still competitive? Are first time house buyers still considering FHA loan programs in today’s market? FHA recently released details about the health of its Mutual Mortgage Insurance Fund this week, which revealed enough economic net worth and enough capital reserves. But despite these facts, FHA has still said… Read More »
If you have a home loan backed by Fannie Mae or Freddie Mac and have been affected by the devastating California wildfires this month, you may be in line for some financial assistance. To date in November 2018, the fires have claimed the lives of 44 people and destroyed at least 100,000 acres including thousands… Read More »
If you need a lot of cash to pay for a major expense – such as college tuition or a home renovation project – and you don’t have the cash for it, a cash out refinance of your first mortgage could be the solution. A cash out refinance of your first mortgage allows you to… Read More »
This happens often to retirees who want to refinance their home or get a new mortgage. After their regular employment earnings are reduced in retirement, their monthly incomes drop. They could have a lot of money stored in IRAs and other investments, but for the purpose of a mortgage, they might not have enough income… Read More »
The Department of Housing and Urban Development recently updated the Debt to Income rules and income requirements for FHA loans. For over eighty years the Federal Housing Administration has been assisting consumers with FHA home buyer loan and refinance mortgage programs that feature flexible income requirements and easy credit rules and guidelines. There is a… Read More »
Reduced documentation and stated income home loan programs almost disappeared after the last financial downturn. Too many people who had questionable income sources were not fully verified and vetted by mortgage loan companies, and many could not afford to pay their mortgage payments when interest rates increased almost a decade ago. After the mortgage meltdown,… Read More »
Before you choose a mortgage lender, you should ask the loan officer some specific questions to be sure you are making the right choice. There are plenty of places to get a mortgage in any major metropolitan area, and you should be confident that you are making the best choice for your home ownership dreams.… Read More »
Buying your first home after renting for years can be rather daunting in some ways. But millions of renters have been there before and became homeowners, so you can do it too. If you do your homework before you apply a home loan, you will have a good chance of becoming a homeowner quickly. It’s… Read More »
Owning a home can be a bit of a double-edged sword. Sure, it comes with a great sense of security and achievement. After all, you don’t have to pay rent or worry about getting in touch with a landlord before making updates and cosmetic changes. However, it also comes with one big drawback due to… Read More »
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