Did you know that there is more to negotiate than the price of a home when you buy a home? You can also negotiate other things, such as closing costs with a seller. If you don’t have the cash lying around to cover up to 5% of the loan amount, you may need this help if you want to close the loan. Luckily, the FHA loan program does allow sellers to help with closing costs. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to find out what closing costs a seller can … [Read more...]
What Does the FHA 203 (K) Consultant Do?
If you are in the market to buy a rehab home with the FHA 203K loan, you’ll need to hire a 203K consultant. Yes, it’s another service that you must pay for, but the 203K consultant is there to make the process easier for you. The FHA 203K loan is a long process that requires a lot of paperwork and has many checks and balances. Having that neutral third party there to help you through the process can be a great thing. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to … [Read more...]
What do you Need to do to Prepare for the FHA Streamline Application?
If there’s one thing that anyone can say about the FHA streamline application, is that it’s fast and simple! The streamline program is only for borrowers that currently have an FHA loan and that simply want to refinance to lower their rate or change their loan in a beneficial way. You can’t take money out of your home’s equity and you don’t have to verify very much information, so the application process is simplified. Looking for Current Mortgage Interest Rates? Click Here. Completing the … [Read more...]
Does the Seller Have to Pay for FHA Repairs?
Sellers used to shudder at the thought of an FHA loan. They often knew that the FHA would make them make repairs to the home before the buyer could close on it. Fast forward to today and the FHA still has property requirements that each property must meet, but the seller isn’t required to cover the cost of those repairs. If you’ve avoided FHA loans for this very reason, you’ll want to keep reading to learn more. Looking for Current Mortgage Interest Rates? Click Here. The FHA Minimum … [Read more...]
Do you Need a lot of Equity to Refinance?
If you have equity in your home, you may consider refinancing. Do you need a certain amount of equity, though? Compare Offers from Several Mortgage Lenders. Each lender and loan program is different. Some loan programs require a lot of equity, while others don’t require as much. Keep reading to find out how much you might need as well as how you can qualify for the refinance. The Difference Between Equity and LTV You may think that if you have equity in your home that you can refinance … [Read more...]
Do You Pay Taxes on Cash-Out Refinance Proceeds?
Do you have equity in your home that you want to tap into for one reason or another? Whether you want the money to fix up your home or to go on a dream vacation, you can do what you want with it – it’s your money. Compare Offers from Several Mortgage Lenders. The main concern many borrowers have, though, is if they’ll have to pay taxes on it, since they think it’s income. Luckily, you don’t have to pay taxes on cash-out refinance proceeds. We help you understand the reasons below. A … [Read more...]
The Top Six Financial Benefits of Owning a Home
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...]