In the wake of the housing bubble’s collapse, FHA loans have taken on renewed importance for today’s mortgage borrowers Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay… read more →
If you’re in the market for a new house or condo, you may also need a loan officer to help with underwriting and securing a mortgage. We suggest talking to two or more loan officers to find one who instills confidence. There is a trade-off. Sometimes the best rate doesn’t… read more →
You want to start climbing the property ladder. You want to buy your own home. But there’s just one problem: You don’t have the cash for a 20 percent down payment. What should you do? First, let’s assess your current situation: Are you a first-time homebuyer? Or do you own a home?… read more →
Home sellers who receive an abundance of offers might be tempted to grab the highest price and call it a deal. But that might not be the smartest way to choose the best offer of the bunch. A better approach is to consider a variety of factors, including the buyer’s… read more →
If you’ve recently come into some money, you may be tempted to pay off your mortgage early so you can finally be done with monthly payments and own your home outright. But while plenty of people choose this route for the security of owning their homes free and clear, it… read more →
Are you a first-time home buyer eager to get into the market? Here are a few tasks that will get you into your dream home. Check the selling prices of comparable homes in your area. Do a quick search of actual multiple listing service, or MLS, listings in your area on… read more →
U.S. mortgage rates fell for a fifth week, reducing borrowing costs as home-price gains slow. The average rate for a 30-year fixed mortgage was 4.12 percent this week, down from 4.14 percent and the lowest since October, Freddie Mac said in a statement on Thursday. The average 15-year rate slipped… read more →
Buying a home with a mortgage comes with plenty of strings attached, aside from just interest and principal. While you’ll have a general sense as to what your monthly mortgage payment will be, this complacency likely prevents you from reading over the specifics of your mortgage statement. By simply writing… read more →
Banks are getting very cautious about home mortgage loans these days — right up to the closing date. Even consumers with good credit and plenty of cash may find themselves out on the sidewalk if any of these last-minute loan application issues pop up. To make sure you’re on the right end… read more →
The U.S. economy is off to a bit of a rocky start in 2014, something that might actually benefit homebuyers this busy spring homebuying season. The unsteady – and frankly, at times unpredictable – economy has allowed mortgage rates to hit yearly lows as recently as the first week in… read more →