When purchasing a new home, there are so many different things to consider. Not only are you looking for a home that fits all your needs, but you are making decisions on which loan features, such as fixed-rate or adjustable-rate, will work best for your needs. When making this decision, you must understand the differences …
When you purchase a home through a conventional mortgage, you make payments every month based on the principal amount of the loan and your loan terms. However, what happens if you make extra monthly payments or even a large lump sum payment during your loan period? When you make these extra payments, it drops the …
As a physician, dentist, or other licensed healthcare professional, buying a home can be a challenge despite being a high-income prospect. A high debt-to-income ratio due to school loans often becomes a roadblock when it comes to obtaining a home mortgage. For this reason, many lenders offer physician mortgage loans that often have fewer qualification …
8 Things You Should Know About Physician Mortgage and Its Rates Read More »
If you are considering buying your first home, chances are you have been wondering how much money you will need as a down payment and how you will be able to save that money. For many first-time home buyers, this down payment often creates an obstacle to home ownership. But what if there was a …
First-Time Home Buyer Loans with Zero Down Payment Read More »
For veterans, VA loans offer an often zero-down mortgage option that helps create a path to home ownership. But before you start looking for your dream home, there are some things to consider in order to best determine how much house you can afford with a VA loan. How much mortgage can I afford with …
If your home is in need of repairs to make it more livable, such as improvements for energy efficiency or a new, more modern bathroom or kitchen, an FHA Title 1 loan is one option to help finance those repairs. While many borrowers opt for a home equity loan, an FHA Title 1 loan offers …
How Do I Qualify for an FHA Home Improvement Loan? Read More »
Whether you have an existing home that needs a new kitchen, or you have an eye on a new home with a low asking price but a lot of necessary home renovations before it is really livable, a home renovation loan can allow you to make the necessary home improvements without the cash upfront. These …
How to Get a Home Loan That Includes Renovation Costs? Read More »
Across the United States, home prices are surging. In order to keep pace with home inflation, the Federal Housing Administration is increasing the FHA loan limits for 2022. These new FHA 2022 loan limits will give borrowers access to a wider range of homes and achieve the goal of homeownership. What are the new FHA …
You have worked your entire life to build equity in a high-value home. As you reach retirement, you likely have a bucket list of new hobbies, fun adventures, or places you would like to visit. But how exactly do you plan to fund all these amazing adventures? A jumbo reverse mortgage may be the answer …
When considering a new home, many borrowers expect to pay for homeowners’ insurance to protect their investment should any problems arise. In much the same way, lenders turn to private mortgage insurance, or PMI, to protect them if a borrower is unable to make their mortgage payment. How does mortgage insurance work, and how is …
Whether you’re looking to make minor updates to your kitchen or need a complete bathroom remodeling, home renovation projects can be expensive. Unfortunately, many home improvement loans are reserved for borrowers with exceptional credit. If your credit leaves a lot to be desired, you may think your home renovation dreams are out of reach. Fortunately, …
If you are currently going through a divorce, you are not alone. Statistics show almost 50 percent of all marriages in the United States will end in divorce or separation. While this major life change can take an emotional toll, it can also greatly affect your financial stability and credit score. How does divorce hurt …
When making an offer on a new home, cash speaks volumes. In fact, if you are facing a bidding war on a new home, offering cash will make your offer more appealing than similar offers dependent on financing. The only downside is purchasing a home with cash leaves you cash-poor. This is where a delayed …
The home mortgage application process is filled with the paperwork that the mortgage loan officer requires to process your loan. The necessary information can include pay stubs, tax records, and bank information, including bank statements and bank transactions. But why do loan officers need bank statements? What is the difference between a bank statement and …
How to Get Bank Transaction History for Your Mortgage Loan Officer? Read More »
Not all properties are created the same. While most residential homes are zoned residential, you may find a home that is zoned as both residential and commercial, or what is known as mixed-use. But, how is buying mixed-use property different than buying a residential property? Can I get a residential loan on a mixed-use property? …
When looking to buy a home, many borrowers face numerous challenges when it comes to the application process. Will their credit meet the requirements? Do they have enough income and assets? However, for many foreign nationals without a social security number, the idea of applying for a traditional home mortgage may seem out of reach. …
California has some of the highest property prices in the United States, and this can often be intimidating for first-time home buyers. Established in 1975, the California Housing Finance Agency (CalFHA) was created to support renters and homebuyers by offering financing programs that serve low to moderate-income Californians. These programs provide financing solutions and down …
When you want to reduce the interest rate on your mortgage loan and, in turn, lower your monthly loan payments, mortgage points are an option. While taking advantage of mortgage points can benefit buyers in the long term, they are not beneficial for everyone. So how do you know if it is worth buying mortgage …
Many homeowners are struggling to finance a condotel or luxury condominium. These properties do not meet the conventional loan requirements of Freddie Mac or Fannie Mae, so there are a limited number of mortgage lenders who will finance these properties. Many specialized lenders will finance a condotel or non-warrantable condominium. What is a condotel, and …
When you are looking to purchase a home, you may consider different loan types, one of which is an interest-only mortgage. What are the benefits of interest-only mortgage loans? What are the disadvantages? When should you consider an interest-only loan? Here we take a closer look at this loan type and how it may work …
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