Buying a home can be one of the largest investments you make in your lifetime. It can also be one of the most expensive as you are responsible for all aspects of the home and the liabilities it incurs. This includes real estate taxes, homeowner’s insurance, maintenance, repairs, and upgrades. While it can seem like owning a home ruins your bank account dry, there are certainly many benefits you can realize as a result of owning a home. Compare Offers from Several Mortgage Lenders. It’s Like … [Read more...]
The Steps to Buy a House in a Different State
If you need to buy a house in a state that you don’t live in, it can be scary. You probably don’t have the luxury of viewing houses whenever you want. Instead, you have to do it within a defined period. You’ll probably also have to make many large decisions regarding the purchase from the state you are in now. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how you can buy a house in a different state with minimal stress. Use the Internet to Your … [Read more...]
How Long After Foreclosure Can You Get an FHA Loan?
If you lost your home in a foreclosure, you probably think you’ll never buy a home again. Luckily, the underwriting rules aren’t that tough. You can get a home with FHA financing after just three years of waiting. While three years might seem like a lot, it will give you time to get yourself back on track. Compare Offers from Several Mortgage Lenders. Just because the FHA says you can get a loan after three years, you still have to qualify for it. Keep reading to find out what you have to … [Read more...]
Can you Pay the PMI Up Front and be Done with It?
If you put less than 20% down on a home and use conventional financing, you’ll need to pay for Private Mortgage Insurance. Many people sigh as they hear about PMI because they know it’s just going to make their mortgage payment higher. Compare Offers from Several Mortgage Lenders. Did you know that paying your PMI monthly isn’t the only option, though? You can also pay your PMI all at once – it’s called single premium PMI. You pay the full amount of premium at the closing and you don’t … [Read more...]
When Does it Make Sense to Refinance With no Closing Costs?
Refinancing costs money whether you like it or not. Just like you paid closing costs when you bought your home, you’ll pay them again when you refinance. Get Matched with a Lender, Click Here. Some lenders offer what they call a no closing cost loan. You probably wonder how that is a thing. How could a lender give you a loan without charging closing costs? It’s simple – they charge you a higher interest rate. Most lenders charge around a 0.5% higher rate, but it will vary by lender. So … [Read more...]
How Can you Find an FHA Streamline Refinance Lender?
Are you ready to refinance your FHA loan? If you are using the FHA streamline program, you don’t have to use your current lender. Many borrowers assume they have to stay with the same bank, but that’s not the case. You are free to shop around and use any FHA approved lender that you choose. Get Matched with a Lender, Click Here. So how do you find the right lender for you? Keep reading to find out. Get Rate Quotes It doesn’t cost you anything to call around to different lenders and find … [Read more...]
Can You Use an FHA Loan to Buy and Repair a Home?
What happens when you find a home that you love, but it won’t pass the FHA appraisal? You probably think you are out of luck with FHA financing, but you aren’t. There’s a solution – the FHA 203K loan. This loan provides financing to purchase the home and fix it up to make sure that it meets the FHA guidelines. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how the program works. The Two Types of FHA 203K Loans There are two types of FHA 203K loans – the … [Read more...]
How do You Qualify for an FHA Streamline Loan?
As long as you currently have an FHA loan, you may be eligible for the FHA streamline loan. This refinance program helps current FHA mortgage holders lower their interest rate, change their term, or even change their loan program. Get Matched with a Lender, Click Here. The benefit of the FHA streamline loan program is the lack of verification you must provide. The FHA allows lenders to rely on your original qualifying factors when you bought the home. The FHA only cares about two factors – … [Read more...]
Can You Refinance Out of an FHA Loan?
Did you take an FHA loan to buy your home because you had a low credit score or little money to put down on the home? You aren’t alone. Many Americans have to use FHA financing in order to get the money to buy a home. Get Matched with a Lender, Click Here. Luckily, you are able to refinance out of that FHA loan whenever you decide it’s time. The FHA doesn’t require you to have the loan for a specific period. The only thing you must certify when you take an FHA loan, is that you will live … [Read more...]
Top Reasons To Apply For An FHA 203K Streamline Loan
Buying a home that is in less than perfect condition can be a challenge. Unless you have a large amount of money to put down on the home, you are at the mercy of what lenders require. Typically, this means that you’ll need to find a home that doesn’t need a lot of work. Get Matched with a Lender, Click Here. What if you have your heart set on that home though? You can use FHA 203K financing. If you are lucky enough, you can get away with the FHA 203K streamline loan, which has more … [Read more...]