Learning how to finance a rental property is similar to financing a primary residence or vacation home. Most lenders follow the same general set of guidelines and funding often comes from the same sources. In general, mortgage financing for rental properties is often approved using standards set by Fannie Mae or Freddie Mac, although there […]
When you’re self-employed, qualifying for a mortgage isn’t always a straightforward process. While some homebuyers might compare online mortgage lenders for quick approval, your financial picture might not fit a simple checklist. That said, qualifying for a mortgage when you’re self-employed can be easier than you think–especially when you partner with a mortgage broker who […]
An FHA home loan is one of the best options for new homeowners and first-time homebuyers. FHA mortgages have more flexible requirements for approval and offer some of the lowest mortgage rates available. With an FHA loan, you can get approved with a lower down payment and an imperfect credit history. FHA loans are government-backed […]
When you refinance a mortgage or buy a new home, the escrow process can take 30-60 days and an escrow account will often be required. Escrow accounts are created to protect both buyers and sellers in the homebuying process, along with mortgage lenders and real estate agents. In short, an escrow account is a temporary […]
Buying a condo for the first time can be a smart path to homeownership in 2021. Condos offer homeownership at a lower purchase price than single-family homes and a lot less maintenance. Buying a condo also offers community living, access to shared amenities such as fitness centers, pools, tennis courts, or parks. As a result, condos are […]
For many homeowners, saving money for a large down payment can take years. Add to that rising house prices and discouragement can set in, especially if house prices are rising faster than you can save. But you don’t need to put 20% down on a new home to get a good mortgage. In fact, putting […]
If you’re behind on your mortgage payments or even facing foreclosure, you might be able to save your mortgage by requesting a loan modification or refinancing your mortgage. On July 23, 2021, the Biden Administration announced a new plan to offer mortgage relief to homeowners, reducing some mortgage payments by up to 25%. Under […]
When you’re getting ready to refinance your mortgage, one factor that impacts the terms of your new loan is the appraisal. A current home appraisal creates the basis of your home’s value in today’s housing market. But not every mortgage refinance requires a home appraisal. This can relieve a lot of stress for homeowners who […]
The FHA Streamline Refinance is one of the fastest and easiest ways to lower your monthly mortgage payment and save you money. This type of home loan refinance is only available to homeowners who currently have an FHA home loan, so it’s worth finding out if you qualify. For homeowners who have an existing FHA […]
Private mortgage insurance (PMI) is typically required for homeowners who put less than 20% down toward their home loan. In general, private mortgage insurance (PMI) is 0.5 – 1.5% of the total loan amount and is tacked onto the monthly mortgage payment. It can easily add a few hundred dollars to your mortgage payment every […]
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