There are multiple reasons to refinance. Maybe you have a first and a second mortgage and if you combine the two into one “blended” rate, the total monthly payments are lower. Perhaps you took out a “balloon” mortgage and the note is coming soon down the road and you’ve decided to stay. Of course, the […]
Mortgage Brokers and Secondary Markets
Real estate and the finance industry in general have key players throughout various segments which all play an important part. In the mortgage industry, that is especially so. But there are two key components that play an especially important part that many are not aware of. Mortgage brokerage and secondary markets. Let’s take a closer […]
FHA Basic Approval Guidelines
The Federal Housing Administration oversees the FHA home loan program and issues guidelines lenders use to approve FHA loans. The FHA does not approve loans or otherwise handle them in any way. The program was introduced in 1934 as an integral part of the National Housing Act of 1934 as just one of the efforts […]
Comparing the Three Government-Backed Mortgage Loans
Financing a primary residence means having the most financing options available in today’s marketplace. For those wanting to buy and finance investment real estate there are fewer albeit very competitive choices. But with a primary residence, there are plenty and are divided into two basic categories- conventional and government-backed. A conventional loan is one where […]
How to Calculate a Jumbo VA Loan Amount
If you’re eligible for a VA loan and want to come to the closing table with as little money as possible, a VA loan is going to be hard to beat and for several reasons. The most popular is probably not requiring a down payment. That is at least up to the maximum VA loan […]
How to Finance a Hobby Farm
Are you thinking of buying a property in a rural or maybe semi-rural area on some acreage? Maybe even a property where you can grow your own apples, peaches and other fruits or vegetables? For those who live in the suburbs and long to live on the land, buying a farm can be an ideal […]
Why Lenders Ask for the Things They Do
Whether it’s applying online, meeting a loan officer face-to-face or having a conversation over the phone about a new home loan application, you’re provided with a list of things the lender will need to see before underwriting the file. Because mortgage lenders follow the same basic lending guidelines they all ask for the same basic […]
Does APR Really Matter?
The Annual Percentage Rate, or APR, is perhaps one of the most misunderstood numbers in the mortgage process. Even some loan officers can misinterpret that the APR is for and why it’s needed but in this article we’ll talk about how to use it. The APR was first introduced back in 1974 as part […]
The FHA 203(h) Loan Program: Now More Than Ever?
Most borrowers have heard of the FHA home loan program. This government-backed mortgage is available to most anyone and requires a down payment of just 3.5% of the sales price. Due to the ease of qualifying and the low costs involved, it’s no wonder it’s the loan of choice for first time home buyers. This […]
Financing Fix and Flips
Real estate developers know how important it is to have the right financing for the right project. Such is the case for “fix and flip” transactions where the buyer acquires a property for a relatively short period of time with the sole purpose to sell, or flip, the home once the property has been rehabilitated. […]
