There’s no doubt. Mortgage rates are going to continue its march forward and there’s little to no evidence of it going down. As housing inventory continue to stay in the low, creating an equivalent push of home prices up, it’s becoming harder and harder to find a home, and the mortgage for the needed financing. The question then hangs: what are the best mortgage options available in this climate of rising rates? We say you take a look at FHA loans. If you are a first time home buyer, … [Read more...]
New FHA Mortgage Limits to Take Effect in 2017
The Federal Housing Administration is set to re-calibrate loan limits for the incoming year. Announced this month, this effort addresses the concern of increasing home prices affecting thousands of borrowers nationwide. Report Breakdown In the report released by FHA on December 1, the increases are set to impact 2,948 counties while 286 will sustain the same limits as in 2016. This new rule will take effect on January 1, 2017. $636,150 in 2017 from 2016’s $625,500 for high-cost counties … [Read more...]
Private Mortgage Insurance VS Mortgage Insurance Premium
Private Mortgage Insurance Private mortgage insurance or also known as PMI is an insurance policy used in conjunction with conventional loans and they protect lenders from the possible risk of default and foreclosure. Buyers who cannot make a significant down payment or choose not to can obtain mortgage financing at affordable rates. If you purchase a new home and want to put down less than 20%, your lender will can minimize its risk by requiring that you buy insurance from a PMI company before … [Read more...]
FHA Streamline Refinance Info and Facts
IN THIS ARTICLE: • What Does an FHA Streamline Refinance do? • Qualifying • Utilizing an FHA Streamline with an Appraisal • Utilizing an FHA Streamline without an Appraisal • Shopping for FHA Streamline Quote What Does an FHA Streamline Refinance do? The FHA Streamline Refinance program is a special program for borrowers who already have an FHA mortgage loan. It is one of the simplest and easiest ways to refinance your mortgage. Unlike a traditional refinance an FHA Streamline Refinance … [Read more...]
30-Year Versus 15-Year – Which Do I Choose?
Identifying loan programs and negotiating a sales contract are common steps that you must go through as you buy a house. The decision you make about the loan program could be with you for a very long time, so you need to be sure that you get the right program. Additionally, your loan program choices also require close examination of the property type and condition as these can impact the type of loan you get. Some programs like VA loans and FHA mortgages are tougher on unfinished homes while at … [Read more...]
Credit Cards, Your Credit Scores, FHA and Other Mortgages
Buying a home in the spring 2011 home buying season with lousy credit scores is going to be difficult, even for the often touted lenient government loan programs like FHA loans, USDA loans and VA loans. If your plan is to become a homeowner in 2011 - not a bad thing to consider since mortgage rates are very low and home prices are the best they have been in the past 8-10 in many parts of the country - then you may want to take the steps to ensure that your credit scores are ready to go. If … [Read more...]
Real Estate Tips: Origination Fees
A new mortgage loan application is accompanied by an initial processing expense known as an origination fee. Considered a fee for activation of a mortgage loan, lenders consider this to be commission-based compensation. A percentage of the mortgage loan amount usually expresses such an expense. Throughout the United States, while the rates can be as great as 5%, the general range for these fees fall between 0.5% and 1% on mortgage loans. An origination fee should be added to points, which are … [Read more...]
Top Reasons To Do VA Home Loans
When it comes to applying for a mortgage loan, there are many different types of programs. With the many different home mortgage loan programs available, it is important to choose the best program for your particular home mortgage needs. One of the home mortgage programs you can choose from is a VA Home Loan. This type of program is designed for veterans to purchase a primary residence or refinance an existing mortgage loan. Below are the many benefits to the VA mortgage loans. No Down … [Read more...]
Ways To Negotiate The Price Of A New House
Purchasing a new home almost always involves a negotiation process, which can often be difficult and confusing for a new home buyer. In most cases, working with a realtor can be helpful, since they have extensive experience with the entire process. However, whether you are shopping on your own or working with a realtor, there are some tips to keep in mind that will help smooth out the process. To start with, you have to be organized and you need to know what you want. Make sure you have … [Read more...]
The Reasons You May Want A Home Equity Loan
Many people today are feeling the economic crunch and may be interested in getting a loan. You may be in the position that you must consolidate your debts, repair your home, pay for education of your children, pay for medical care, or purchase a large item. You may perhaps be eligible to apply for a home equity loan that would help you in being able to achieve your goal. What is the difference between this kind of loan and others? As a homeowner and a borrower you are going to be using the … [Read more...]