FHA mortgages or house loans are those that help low income earners and the less fortunate individuals acquire a place that could call home. They help these individuals by decreasing the price of the house to be sold that would only take place if the house is under an FHA house loan to begin with. Also, it also aims to lessen the growing case of unemployment in the country by providing clerical jobs such Continue reading
Homeowners who are behind on their mortgage payments with Bank of America have an opportunity to rework their mortgage through a Bank of America Loan Modification, if they qualify. Bank of America is a participating lender in the President Obama’s Making Home Affordable Program. It is funded with $75 billion dollars of Stimulus Bill money that is set aside to help struggling homeowners Continue reading
Many people are intimidated when thinking of qualifying for a loan. Trying to refinance your mortgage is just as scary. There are many things that you must do research on before going through with any particular plan. Refinancing your mortgage can be difficult and stressful. If you are not sure what you are doing or what needs to be done exactly here are some tips that Continue reading
When many people think of an FHA home loan they assume that these are loans that are for people who can’t afford a nice home, but that isn’t true. Did you know that there have been more than 30 million homes purchased with these loans? Did you also know that some of the homes that have been purchased with these loans are valued at more than $700,000? There is a lot of misinformation out there about these loans, Continue reading
The first and most important step in the process of looking for a new home is choosing the right person to work with and obtaining your financing approval. Once you have met with a mortgage professional and discussed your needs such as desired monthly payment, how many years you plan to live in your new home, and the benefits to home ownership. You will probably want to make sure you have your income Continue reading
Appraisal of a property is one of the most important things that mortgage refinancers ask you to do because how much loan will they provide to you or for how much the property in question will be sold to a particular buyer depends on it directly. To lenders, it doesn’t matter what’s the value of your property in your eyes – it’s the value provided by an appraiser that matters. But getting Continue reading
An HECM, or Home Equity Conversion Mortgage, is a type of loan insured by the Federal Housing Administration (FHA) that allows senior homeowners to withdraw a portion of the equity in their home. Today, HECMs make up more than 90% of all reverse mortgage loans. The rest of these loans are typically funded by nonprofit organizations and private institutions.
When looking Continue reading
It does not require a monetary guru to be able to notice the enormous possibility to reduce costs on your mortgage any time rates of interest are falling. What you might not understand is that you can continue to take advantage of these extremely reduced interest rates, even if you currently have a home loan. Right now if you possess a variable rate mortgage your loan automatically Continue reading
In the world of mortgage lead lingo, some terms are more complex than others. Many a mortgage lead novice has been fooled by the phrase “subprime mortgage lead”. Subprime mortgage leads, often referred to as non-prime mortgage leads or specialty financing leads, is a subtle way of referring to someone who lacks good credit.
Those who have experienced bankruptcies, Continue reading
1. Interest only mortgages. These loans can be very dangerous. The buyer pays interest only for a set number of years, usually seven. After that they must pay the principal amount and interest for the remaining part of the loan, often tripling the amount of their monthly obligation. Home owners can be fooled into purchasing a home they cannot afford.
2. Move – In Specials. Continue reading