Category Archives: Homeowners
12 AugWhen is Mortgage Insurance Required?
jscreationzs/freedigitialphotos.net When is Mortgage Insurance Required? The three main mortgage types include Conventional, FHA and VA. Each have their own types of mortgage insurance each with a different name but all do the same thing – protect the lender for a portion of the mortgage in the case you default (foreclose). Conventional Conventional loans normally [...]
Read More ...04 AugDoes Refinancing Really Make Sense? Calculate It!
Refinancing always sounds like a good deal when you can reduce your interest rates and monthly payment son your mortgage but does it always make sense to refinance your mortgage? Not always, which is why you should do some calculations before hand to make sure it will really benefit you in the short term and [...]
Read More ...10 MarWhere the Heck Did FICO Come From?
Not too long ago, the credit world was much different than it is today. Credit bureaus operated in near secrecy, gathering information in ways that may surprise you. For instance, did you know that Retailer’s credit (now Equifax) received information about you gathered by the Welcome Wagon hostess?
Read More ...11 Dec2010 Home Buyer Tax Credit for “move up buyers”
As you may have heard, when the tax credit was extended for first time home buyers it was expanded to include qualified move-up or repeat home buyers purchasing any kind of home. How do you know if you qualify? The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who [...]
Read More ...08 MayGood Faith Estimate Explained
The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan. The Good Faith Estimate is divided up into several categories: The loan fees, the Title and closing fees, prepaid interest and fees and reserves for the borrower’s escrow account. The 800 [...]
Read More ...09 JanMortgage Rates at ALL-TIME Lows!!
Rates are incredibly low…how low? Well, I was curious, so I decided to check it out and I figured I would pass on the information I found in my research. I checked out a few websites that provide historic rates, but I figured I would go straight to the source, Freddie Mac to gather my [...]
Read More ...06 JanWhat is APR or Annual Percentage Rate?
One of the most common incorrectly explained and misunderstood topics within the mortgage business is the definition of APR. I will do my best to unravel the mystery and explain it in a way that is clear and understandable so that next time you ask your lender about APR, you can correct their explanation about [...]
Read More ...16 DecFHA Streamline Refinance
Did you know there is a mortgage refinance option that doesn’t care about the value of your home, your current income or employment, or even if you have not paid debts, other than your mortgage, on time? There is, and it is called a FHA Streamline Refinance. If you currently have an FHA mortgage and [...]
Read More ...04 DecGet Rid of My Mortgage Insurance
Nobody wants mortgage insurance. The only reason people get mortgage insurance is to provide the opportunity to buy a home without a 20% down payment. People went as far as doing 80/20 (80% 1st mortgage and a 20% second mortgage) financing to avoid paying mortgage insurance, even if the payment ended up a little higher. [...]
Read More ...24 NovMortgage Refinance – Does it Make Sense?
Refinancing is a serious decision that will be based on emotion, money and both short and long term impacts. Deciding whether or not now is the right time can be a difficult process, especially when you know you can get a lower interest rate. So how do you go about determining if refinancing makes sense [...]
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