When the Fed raises rates, it could affect your mortgage, especially if you have an adjustable-rate mortgage or a hybride loan. You probably heard the Federal Reserve raised a key interest rate this week by 0.25% to 1.50%. The Federal Funds rate may not be an everyday term consumers refer to but lenders certainly do. […]
Have you been thinking of tapping into your homeowner equity? Maybe you’re thinking of doing some minor to major remodeling? Adding a new room or maybe upgrading your kitchen? Well, you can always dip into your savings or checking account but once you pull out those funds they’ll be tied up equity in your home. […]
It is that time of year when we dust off our crystal ball and see what the mortgage industry might bring us for the coming year. And while no one can tell you what interest rates will do I can make some observations based upon economic progress in 2018 with recent Federal Reserve statements in […]
You’ve heard the terms “jumbo” and “conforming loan limits” but there might be those who aren’t completely sure what both of those terms mean, especially so if you’re not in the mortgage industry. But they are important as it relates to loan choices, rates and fees. By far the conventional mortgage using guidelines set forth […]
The Small Business Administration (SBA) was founded in July of 1953 with a mission to help small businesses grow and thrive. The SBA has its roots earlier than that when the Reconstruction Finance Corporation or RFC was created by then President Hoover in 1932 to help businesses survive effects of the Great Depression. The SBA […]
Restricted Stock Income, sometimes referred to as restricted stock units, may be used in certain circumstances as qualifying income when needed. Yet not all lenders have programs that accept this type of income but we do and I know how to see if your restricted stock can be used to help qualify for the home […]
When someone is eligible for a VA home loan, they’re one of the select few fortunate enough to qualify. VA Home Loans are part of a special loan program that is earned through service to our country and helps veterans and active-duty personnel as well buy a home with no money down, restricted closing costs, […]
Most borrowers have heard of the FHA home loan program, but might not be aware that there are different types of FHA loans. FHA loans of all types are government-backed mortgages and often offer low down payments and great mortgage rates for first-time homebuyers. But if your home was destroyed by a natural disaster, the […]
It used to be that when someone applied for a conventional loan, the down payment required could be as much as 20 or even 30 percent or more. That kept many buyers away from homeownership simply because they couldn’t save up enough for a down payment. Private mortgage insurance began as a way to make […]
If you’re doing some research on mortgage loans and searching for information such as down payments, closing costs and interest rates, at some point you’ll run across mortgage insurance (also called PMI). It might sound like an insurance policy that makes the mortgage payments should someone be temporarily unemployed or otherwise unable to make the […]
