The Home Refinance Program Banks Don’t Want You Knowing

After the real estate bubble burst in 2008, mortgage interest rates dropped to an all time low. Many homeowners want to take advantage of the lower rates by refinancing their mortgages, but find themselves unable to refinance because they have little or no equity in their homes. Government creates a Solution In March 2009, the […]

6 Ways to Lower Your Mortgage Payment

If you are a homeowner, it is likely that your biggest single monthly bill is your mortgage payment. In fact, your mortgage may represent the biggest loan you will ever take on with the longest repayment terms. It makes sense that most homeowners look for ways to lower their mortgage payments. Here are 6 ways […]

Lower monthly payment with FHA Streamline

Here is a 5 processing steps for an FHA Streamline refinance: Step 1. Determine if you qualify for an FHA streamline refinance. To take advantage of this program, homeowners must already have a mortgage loan that is insured by the FHA. Homeowners must be current on their loan payments, and they must be refinancing to […]

When is mortgage refinancing not a good idea?

Why people Refinancing their Home loan? Typically people refinance their mortgage rate in order to take advantage of lower mortgage rates. But there is some times When is mortgage refinancing not a good idea. Reason #1 – You’ve had your mortgage for a long time. The amortization chart shows that the proportion of your payment […]

The Cost Of Refinancing Your Mortgage

The Cost Of Refinancing Your House It is not unusual to pay 3 percent to 6 percent of your outstanding principal in refinancing fees. These expenses are in addition to any prepayment penalties or other costs for paying off any mortgages you might have. Refinancing fees vary from state to state and lender to lender. […]

Mortgage refinancing first steps and how to start

A refinance can change the basic terms of the mortgage–for example, it can convert a 30-year fixed loan to a 15-year fixed one. Most refinances, however, are attempts by consumers to save money as interest rates fall. Let’s talk about Refinancing your existing Home loan. What Is Refinancing? Getting a new mortgage to replace the […]

VA Loan Qualifications and Eligibility Requirements

The Veterans Administration (VA) will guarantee that a loan made by an approved lending institution will be paid. What is VA Loan Qualifications and Eligibility Requirements? The following are requirements to receive a VA loan: The veteran must have served 181 days active service in the military since 1940. A veteran’s basic entitlement is $36,000 […]

What is the Differences between FHA and VA Government Loans

The two government-backed loan programs have distinctions. VA loans offer no down payments and a federal guarantee while FHA mortgages can be obtained for 3.5% down and are insured through HUD. When comparing government-backed mortgage programs, the differences between FHA and VA loans are clear. What is an FHA loan? An FHA loan is a […]

FHA Streamline refinance eligibility and requirements

What is a FHA Streamline refinance? The FHA streamline refinance program helps current FHA homeowners lower their rate and payment without most of the traditional refinance documentation. The program simplifies home refinancing by waiving the documentation typically required by a bank, including income and employment verification, bank account and credit score verification, and an appraisal […]

FHA Loan: What You Need to Know

Buying a home is a huge financial commitment, and finding the right mortgage can be a confusing process — especially for first-time homebuyers. Comparison shopping is the key to getting the best deal, and your also hear about FHA Home Loans. Lets talk about basic FHA loan questions. Here are 7 important questions to consider […]

What is a difference between Fixed-Rate versus Adjustable-Rate mortgage?

Now that you know how ARMs compare to fixed-rate loans, how do you decide which one makes the most sense for your situation? What is a Fixed-Rate Mortgages? A fixed-rate mortgage (FRM), often referred to as a “vanilla wafer” mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains […]

What is the difference between the interest rate and the A.P.R.?

You’ll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to “why” is that federal law requires the lender to tell you both. APR vs Interes Rate What is APR? APR is the annual cost of a loan, expressed as a yearly rate. APR […]

Find your Monthly payment using a Mortgage Calculator

If you anticipate applying for a home mortgage any time in the near future, now is the time to start planning. You want to start with your budget. How much house can you comfortably afford? What would the rates look like? How will the PIT affect your monthly payment? These are the questions you must […]

A step by step guide to Refinancing your Home Mortgage

Before you begin, it’s important to consider why you want to refinance your home loan in the first place. That guides the mortgage refinance process from the very beginning. Here are steps to help you navigate the refinance process. Step 1. Determine your goal. Consider whether to lengthen or shorten your mortgage. When you refinance […]