- What Is a Lender Credit?
The scenario: You’ve found your dream house and negotiated a price that’s just barely within your budget. Then, you get a copy of the sales contract and to your surprise, the incidental costs associated with buying a house add thousands of dollars to the price. Legal fees, title insurance, inspection costs, transfer taxes, filing fees… read more…
- Should You Get a Joint Mortgage?
Buying a home is a huge financial step in anyone’s life. Luckily, you often won’t have to go through the process alone. Many people buy a home with a partner, whether a spouse, a sibling or even a business partner. When going through the mortgage process with another person, you have the option of choosing… read more…
- What Is a Housing Bubble?
Some investors say that when the real estate market gets too big, it’s bound to fail. This market condition is commonly known as a “housing bubble” and it tends to happen when home prices rise beyond what homebuyers believe to… read more…
- Understanding VA Mortgage Insurance
Do you still need to pay for mortgage insurance if you get a VA loan? The short answer is no. There is no monthly mortgage insurance with VA loans. Unlike regular loans, which require mortgage insurance if you put less… read more…
- All About NGB Form 22: National Guard Members & VA Loans
Veterans and service members who want access to VA benefits must provide certain documentation. For example, members of the National Guard who want to qualify for the VA home loan program must submit a Certificate of Eligibility and NGB Form 22. Not… read more…
- All About the VA Certificate of Eligibility
VA loans aren’t for everyone. They’re designed to make it easier for active and retired military personnel to buy homes. While you may qualify for a VA loan, lenders can’t just take your word for it. If you know you’re… read more…
- All About VA Loans for Manufactured Homes
The home buying process can seem exciting and daunting at the same time. There are many hoops that you’ll have to jump through and many homes that you’ll have to consider. If you’re trying to save money, purchasing a mobile… read more…
- What Happens to Repossessed Houses?
Repossessed houses are houses that have fallen into default. If a homeowner can’t keep up with his or her mortgage payments, the bank may repossess the home. This process is also known as foreclosure. But what happens to repossessed houses… read more…
- What You Need to Know About VA Land Loans
Finding the house of your dreams can take some time. And if you’re a veteran who’s looking to buy a home, you may not find anything that meets your needs. If that happens, your next best option is to buy a… read more…
- What Does a Loan Officer Do?
A loan officer decides which would-be borrowers are eligible to proceed to loan underwriting. The loans in question could be mortgages, small business loans or personal loans. Loan officers meet with applicants and are responsible for determining applicants’ creditworthiness. Want to learn more about what loan officers do? You’re in the right place. Thinking of… read more…
- All About VA Loan Closing Costs
So you’ve found a home that you’re ready to buy. You’ve had the house inspected and appraised. But before you can move in, you’ll need to get to the closing table and make some final payments. Closing costs usually include… read more…
- Understanding VA Foreclosures
VA loans help servicemembers, veterans and qualified spouses take out government-backed home loans with benefits and support. In general, VA loans have low delinquency rates. In rare cases, however, a borrower with a VA loan falls behind in payments. Let us explain the VA foreclosure process. Find out now: How much house can I afford?… read more…
- What Is HARP 2.0, and How Does It Work?
UPDATE: As of Dec. 31, 2018, the HARP program is no longer accepting applications. If you are facing an underwater mortgage, where your mortgage balance is higher than the free market value of your home, you have a few options. If… read more…
- FHA vs. Conventional Loans
Wondering whether to apply for a conventional loan or an FHA loan? It’s important to understand the difference between the two loan types. The loan type you ultimately choose will depend on the type of home you want to buy,… read more…
- What Is a House Deed?
Anyone buying a house for the first time has to become familiar with various real estate terms. For example, you’ll need to understand the difference between being pre-qualified and preapproved for a mortgage. You’ll also need to understand how house… read more…
- Understanding Construction Loans
Planning to build your own home or hire someone to build it for you? You may be wondering whether a construction loan is appropriate for your needs. Construction loans can be hard to get, but they’re one way to secure financing so you can build your dream home. Construction Loan Basics When you take out a… read more…
- What Is a Bridge Loan?
If you want to buy a new home you may be wondering how you’ll juggle selling your current home with taking out a mortgage on your new home. One option for homebuyers in this situation is to take out a… read more…
- What Is Redlining?
Have you heard the term “redlining”? It’s a term that refers to the practice of cutting certain neighborhoods – and aspiring homebuyers – off from mortgage lending opportunities. Let’s take a closer look at the historical roots of the term and its legacy today. Check out our mortgage calculator. The History of Redlining People often… read more…
- USDA Home Loan Requirements
If you’ve only compared mortgage rates published by banks and private lenders, you could be missing out on loans backed by the federal government. For example, there are mortgages that are issued and guaranteed by the Department of Agriculture. USDA… read more…
- What’s the Ideal Debt-to-Income Ratio for Mortgages?
Mortgage lenders use the debt-to-income ratio to evaluate the creditworthiness of borrowers. It represents the percentage of your monthly gross income that goes to monthly debt payments, including your mortgage, student loans, car payments and minimum credit card payments. The debt-to-income ratio… read more…
- What Is a Good Loan-to-Value (LTV) Ratio?
Basically, your loan-to-value (LTV) ratio is the flip side of your down payment, assuming that the purchase price equals the appraised value of the home. So if you are putting down 20%, your LTV is 80%. If there is a difference between the appraised value and the price you agreed to pay, the lender will… read more…
- Can You Use a Reverse Mortgage to Buy a New Home?
Reverse mortgages are popular among seniors. Through the Home Equity Conversion Mortgage (HECM) Program, retirees can turn their home equity into a monthly source of income without moving out of their houses. And with their extra cash, seniors can remodel their homes and pay for their living expenses. If you’re interested in buying a new… read more…
- How to Get Rid of Mortgage Insurance
Putting 20% down on a house may not be feasible for everyone. That’s why many homebuyers get stuck paying private mortgage insurance (PMI). Having to pay mortgage insurance can make owning a home more expensive. But you may not be responsible for… read more…
- Can You Get a Mortgage If You’re Unemployed?
Going from renting to buying is a high priority for many Americans. We’ve all been taught that homeownership is a key piece of the American dream. But if you’re between jobs, is homeownership out of reach? Let’s take a closer… read more…
- How to Make Extra Mortgage Payments
By consistently paying your mortgage bill on time, you’re showing your lender that you’re a responsible borrower. That may be obvious, but what’s often overlooked is the art of making extra mortgage payments. Paying more than you’re required to can… read more…