Most borrowers have heard of FHA home loans. They are very common. You hear about them mostly as loans for first time borrowers, which is common. However, most people don’t realize that FHA loans can also be does for refinancing. They are not only for purchasing a house.
HUD owns and operates FHA, which is a program designed to help borrowers who might have (more…)
Although many go house hunting, and house buying, it is amazing how few people actually know what a mortgage is and how a mortgage works. It is also not uncommon for many to mis-label their mortgage and instead call it a “home loan.” However, that term is totally misleading and inaccurate. The mortgage is basically a way of securing a debt to which the property is the security. In reality, this is not a true (more…)
Mortgage rates in Canada have been at historic lows for quite awhile now. This helps to fuel the recovery of the Canadian economy. During?the first 4 months of 2010, housing sales in Canada rose dramatically, with?increases in both the average selling price and number of homes sold. The next four months over the summer were somewhat softer.
The real estate market is now becoming more balanced. There is increased (more…)
Do Credit Scores Have That Much Affect On My Interest Rate?
When a loan officer or a lender runs your credit they actually ask 3 credit bureaus to rate and score your credit history and then your score is the middle of the 3 numbers. If you have a 760, a 720 and a 695 score, then your credit score for lending purposes will be 720. However, some lenders will run their own credit request and that (more…)
Everybody has seen the advertisements for companies offering no closing cost home mortgage loans, but are they real? Is it really possible to avoid paying closing fees all together? Some experts agree that it may be a good deal, but buyers should really understand that a no closing cost home mortgage loan isn’t for everyone and that there are fees that have to be paid, no matter (more…)
It is not new news that the economy is a mess. Perhaps your personal economic status even mimics the world’s economy, and you are grateful to hear that President Obama and his administration have come up with a plan for mortgage modifications. If you find yourself in this situation, it is helpful to understand just what this plan entails.
The Homeowner Affordability and Stability Plan (more…)
Television and radio ads urge the current homeowner to consider refinance mortgages. In the current economy, the rates on mortgage loans are quite low, and now is the time to take advantage of the potential savings. If refinancing your mortgage can save you a lot of money, why not do it? You could end up having lower payments, and even pay off your loan sooner so that you can own your home in a shorter (more…)