When you become a homeowner, you take on one of the greatest financial commitments of your life. And, just like any other kind of loan, the mortgage interest rates are liable to vary from month to month and year to year. It’s very likely that you’ll eventually come across a better interest rate for a similar mortgage, which will help you pay off your home loan more quickly.
One of the most commonly asked questions I get asked is: “What is mortgage insurance, and do I need it?” So let’s take a moment to explore Private Mortgage Insurance (PMI), why it might be necessary in order for you to qualify for a loan, and whether or not it benefits you, the buyer, in any capacity.
Buying a house is an exciting time.
Whether it’s your first house, your second house, or your dream house, your mind is filled with possibilities, paint colors, landscaping plans, and just an overall excitement. We rarely spend a lot of time worrying over the paperwork and nitty gritty details, like the interest rate you’re going to receive on your mortgage. And why should you? Buying your house SHOULD be a happy and exciting time for you!
Given today's low mortgage interest rates, you may have been rethinking about refinancing your home mortgage – but you're not sure whether you should or even could. For most mortgage holders, however, there's no reason to back away from refinancing. All those reasons that are giving you pause? Most likely, these concerns are just myths and unnecessary things to worry about.
If you own your home, we have some good news! You may be able to refinance your loan and get a lower rate.
With a mortgage refinance, you can save significantly on interest and monthly payments. Now that interest rates have been lowered by the Federal Reserve, it is the perfect time to get started on refinancing. See what options may be available to you.
From traditional finances to FHA fundings, USDA loans, as well as a lot more, there are a number of home mortgage options for people of various profession. There are many different loan types, as well as some government organizations guarantee mortgages to suitable applicants. For veterans of the United States armed forces, the Division of Veterans Affaris(VA) provides an unique home loan choice with benefits not available to the average person.
Jumbo loans get their name from the big loan balances readily available. Conforming loans, which are the biggest section of loans in the U.S., are loans that fulfill standards set by GSEs. Those loan quantities for 2019 are topped at $484,350 in many parts of the nation and have extra guidelines on debtor credentials. In some high-cost areas, loan limits go much higher to account for local real estate markets. For example, in Los Angeles County, the 2019 limitation is $726,525.
In the shadow of the housing crash of 2008 homeowners are sitting on a record amount of cash — this untapped cash reserve could keep you from becoming another statistic if the market crashes again...
There is currently a record collective of $5.8 trillion in tappable equity held by homeowners throughout the US.
When it comes to finding options for home loans for folks with bad credit VA loans rarely make the list. Most people don't think about VA loans as being for people with bad credit, however, as you will see in this article, VA loans for those with bad credit are actually easy to qualify for as long as you meet their criteria. The current state of your finances will also play a huge role in whether or not you can get a VA loan. Before we dig into this, however, understand that the VA not only offers multiple programs but they also offer ‘work arounds’ if you don’t quite meet the criteria in certain areas. I’ve never heard of a bank offering any kind help like that.
Let me be candid right off the bat about “no-cost refinancing." Before I lead you any further down the dream-like path of no-cost refinancing we need to get one thing straight; It does not exist. What they call no-cost financing is in truth “normal full cost” refinancing that is in reality “no-money-out-of-your-pocket-refinancing.”
