Home Loans

Purchasing an REO Can Be an Arduous Process

As you begin a house hunt, one option available to you is to purchase a real estate owned property, or REO. An REO is a foreclosed home that the lender was unable to sell at public auction. This happens frequently because the minimum bid on a foreclosure is often higher than market value. This is because the bank is attempting to recoup their ... More

The Rise of Institutional Rent-To-Own Arrangements

For decades, the rent-to-own home purchase model typically meant a business relationship between an individual buyer and an individual seller. Since the housing bubble burst in 2007, however, the market has seen major growth in institutions – real estate investment firms – entering rent-to-own territory. Savvy buyers should know there are ... More

How To Refinance When You Owe More Than Your Home Is Worth

As the housing market rises and falls over time, many homeowners find themselves in a position of owing more on their mortgage loan than their home is actually worth. Luckily, there is help for folks in this situation – and the program has been extended through September 2017. The Home Affordable Refinance Program (HARP) allows homeown... More

Foreclosed Home Owners Can Still Qualify For a Future Mortgage Loan

Qualifying for a home loan is never an easy feat, but it’s an especially troubling scenario for those who have faced a past foreclosure. Luckily, many lenders are willing to overlook this blemish on your housing record, so long as you repair your credit and bide your time through a prescribed waiting period. If you’re one of the ... More

What Existing Debt Means To Mortgage Lenders

Nearly all Americans carry debt at some point in their lives, from student loans to a financed automobile. While all debt affects your all-important debt-to-income ratio – that is, your monthly debt payments divided by your gross monthly income – different types of debt mean different things to mortgage lenders. Student Loans This ... More

Why All the Buzz About FHA Loans?

The Federal Housing Administration was created more than 75 years ago with the express purpose of helping more Americans qualify for home loans. Over the past decade, as conventional lenders have tightened qualification guidelines, more consumers are turning to government-backed loans as a means to make their home ownership dreams come true. ... More

Cash-Out Refinance Pros and Cons

When homeowners refinance their mortgage loans, they are generally looking for one of two benefits: a better interest rate and lower monthly payments, or a large sum of cash in hand. For those needing an influx of cold, hard currency, a cash-out refinance is the optimal tool. A cash-out refi essentially allows a consumer to tap into the ... More

Three Resources For Down Payment Assistance

The 2015 Profile of Home Buyers and Sellers, published by the National Association of Realtors, noted that the most difficult step in the process of homeownership was saving for the all-important down payment. What’s more, upwards of 70 percent of prospective homebuyers don’t realize that down payment assistance programs exist for ... More

Everything You Need To Know About Private Mortgage Insurance

You’ve done the math and determined exactly how much you can afford to spend on the home of your dreams, including down payment, monthly mortgage fees, taxes and homeowners insurance. However, you may also be required to pay Private Mortgage Insurance, commonly called PMI. Buyers who take out conventional mortgage loans and make a down ... More

Home Construction Loans: The Basics

If you’re interested in purchasing a new construction home, you’ll likely need to obtain a loan just as you would with an existing home. A new construction loan can be taken out by either the homebuilder or the buyer, but it’s typically easier for the individual buyer to get approved in the current financial climate. New construction ... More