Did you know that before you can refinance, you need to have your mortgage for a certain amount of time? It’s called seasoning and many loan programs/lenders require it in order to make sure you are a good risk. Compare Offers from Several Mortgage Lenders. The main reason lenders require seasoning is to prevent borrowers […]
Is Lender-Paid Mortgage Insurance Right for Everyone?
Did you know that you have options on how you pay your Private Mortgage Insurance when you put less than 20% down on a conventional loan? Compare Offers from Several Mortgage Lenders. Most people think they have to deal with the addition to their monthly mortgage payment, but there are actually ways around it. You […]
Employment and Mortgage Approval: What’s the Perfect Length of Employment?
Lenders look at a variety of factors when approving you for a mortgage. Your employment is one of those major factors. In most cases, you need to be employed to get a loan. There are the few exceptions for those borrowers that live off retirement or investment funds, but most borrowers have a job. Compare […]
The Pros and Cons of Owning a Rental Home
Owning a rental home can seem exciting, but it definitely has its ups and downs. Before you assume that you’ll make millions buying and owning a rental property, learn the good and bad sides of owning one. Looking for Current Mortgage Interest Rates? Click Here. The Pros of Owning a Rental Home The benefits of […]
Why do House Sales Fall Through?
It’s a common occurrence for a house sale to fall through, sometimes even right before the closing. As the seller, this can be detrimental, because it means you have to put the house on the market again. As the buyer, it can be even worse because now you are without a place to live. Looking […]
What Documents do You Need to Buy a Home?
You are ready to buy a home – congratulations! Before you do, you’ll need to get yourself approved for a mortgage. This step is one of the most important steps you’ll take in this process, as it will determine how much the home actually costs you in the end. Looking for Current Mortgage Interest Rates? […]
How Much Cash Reserves Should You have for a Mortgage?
Applying for a mortgage means more than getting approved for the loan and closing on it. You have to have money to close it and not always money for the closing costs. Sometimes you’ll need what a lender calls cash reserves. This is money in some type of liquid account that you could access should […]
Can the Seller Pay the Down Payment on Your Home
FHA financing requires a 3.5% down payment but it doesn’t have to come from your own money. In many cases, the FHA allows you to get help from a third party. But can the seller be one of them? Compare Offers from Several Mortgage Lenders. Unfortunately, the seller cannot help with your down payment. The […]
Switching Mortgage Lenders: Everything to Consider Beforehand
Are you thinking of switching lenders before you close on your loan? Maybe you are unhappy with the service you are receiving or the loan program isn’t quite what you thought. While you can switch lenders before you close on a loan, there are a few things you should consider. Get Matched with a Lender, […]
How to Get a USDA Loan With Bad Credit
If you have bad credit, you might think your chances for getting any type of mortgage is out of the question. Luckily, there are options and it includes the USDA loan. The USDA program is meant to help promote homeownership in those that otherwise wouldn’t be able to secure a loan. That being said, there […]