Home Loans

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

Lending Lingo: Understanding Amortization

The home buying process is fraught with confusing terminology, especially for first-time buyers. Understanding the lingo of the mortgage lending industry is key to gaining clarity about your home loan and understanding your responsibilities as a buyer. If your lender has offered you an “amortized loan” or discussed an “amortization ... More

Before You Apply For A Home Loan, Understand Your Expense to Income Ratio

In the hunt for your dream home, there are lots of numbers at play: the sale price of each property you look at, the mortgage interest rate you hope to get, the total in your down payment savings account, biannual property tax payments, monthly homeowner’s insurance premiums and more. If you’re like most prospective buyers, you’ve ... More

Everything You Need To Know About PMI

Private Mortgage Insurance, commonly known as PMI, protects mortgage lenders in the event borrowers default on home loans. If you’re purchasing a home and putting less than 20 percent down on a conventional loan, chances are your lender will require PMI. Typically, the charge is added to your monthly payment on top of the principal, ... More