More and more students as well as parents are resorting to loans to pay for college. Public universities have had the ability to set their own tuition rates for years now and for many, attending college means going into debt just for the privilege. And that’s just the tuition, never mind the multitude of fees […]
Okay, the main difference between a conforming home loan and a jumbo loan is simply the loan amount. Conforming loans are labeled conforming because they conform to guidelines set by Fannie Mae or Freddie Mac. For most parts of the country the maximum loan amount to still be considered a conforming loan is $484,350. Anything […]
Qualifying for a private loan, sometimes referred to as a “hard money loan” might be easier than you think. Private loans are a critical part of the real estate industry. Without private lenders, many profitable opportunities would fall by the wayside as conventional lenders determine a particular project falls out of their lending guidelines. Private lenders […]
Let’s face it, there are some very real advantages of renting instead of owning. Most of those advantages are related to a change of scenery. When paying rent, you have a choice of where you want to live, how much you want to pay each month for rent and how long you want your lease […]
HUD, FHFA, FNMA, FHA, FHLMC: Who Are These People? Well, they’re not really people. People certainly work there but in reality, HUD along with the others all government agencies that have some major connection with the mortgage industry. Some are relatively new and some not so much. The mortgage industry has so many acronyms it […]
The United States Department of Agriculture (USDA) oversees a home loan program designed to finance properties located in rural and semi-rural areas. These areas are so designated by the United States Census Bureau and identified after the general census is taken every 10 years. This program was originally introduced in 1935 with the introduction of […]
The Department of Veteran’s Affairs oversees the VA home loan program. First introduced as part of the larger Servicemen’s Readjustment Act of 1944, the VA loan was designed to help those returning from WWII more easily assimilate back into civilian life with various benefits such as paying for college, starting a business and buying a […]
This is an all too common phrase some lenders throw out when marketing their refinance programs or when speaking with a loan officer on the phone. A refinance replaces one loan with another and there are multiple reasons to refinance other than lowering an interest rate but skipping a mortgage payment isn’t one of them. […]
There is a term in the mortgage industry called “portfolio lending” and it’s a specific type of home loan program that caters to a particular situation. Portfolio loans are so important that without it the real estate industry would suffer. What is a portfolio loan? It’s a loan that does not fit into any secondary […]
There are different ways to get a new mortgage. A bank will offer a mortgage, so too will mortgage bankers. Each has its very own department that decides which loans to offer and what rates and fees to charge. A bank offers various financial services such as checking and savings accounts while a mortgage banker […]
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