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...]

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...]

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...]

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...]

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...]

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...]

It can cost thousands of dollars to close on a home purchase, but there are many expenses we encourage you not to skip. The home inspection is one of those costs. Even though according to HUD, an inspection may cost you as much as $500, depending on where you live, it’s an important process that you shouldn’t skip. Compare Offers from Several Mortgage Lenders. Don’t get us wrong, not everyone in the United States pays $500 for a home inspection. In some areas, you may see the costs as low … [Read more...]

The FHA streamline loan is for current FHA borrowers. It’s a great way to lower your payment or change your loan’s term. The program requires very little verification because the FHA allows lenders to use the original qualifying information from the original FHA loan. Get Matched with a Lender, Click Here. Who does this loan program benefit though? Keep reading to find out. Borrowers With Lower Credit Scores Is your credit score lower today than it was when you bought your home with FHA … [Read more...]

Do FHA mortgage insurance premiums confuse you? How do you know what you have to pay when? And what are the rates for this year? Compare Offers from Several Mortgage Lenders. Keep reading to get a breakdown of the FHA 2018 mortgage insurance premium amounts as well as when you pay them. The Upfront Mortgage Insurance Premium The first mortgage insurance premium you pay when you take out a new FHA loan is the upfront mortgage insurance premium. The name ‘upfront’ gives you the inclination … [Read more...]

If you look at your house as an investment, you probably want it to build equity fast. If you think about it, your home is like a forced savings account. You have to make your payments each month in order to avoid foreclosure. A portion of that payment will cover the principal, which reduces how much you owe on the home. As your home appreciates and you continue to pay more money towards the mortgage, your investment grows. You don’t have to worry about transferring money to a savings account or … [Read more...]