Strategies to Improve Your Credit Score Before Applying for a Mortgage
Are you thinking about applying for a mortgage? Use these strategies to improve your credit score and ensure you get the mortgage terms you deserve.
Home Financing
Fannie Mae Considering Programs to Help Homeowners Build Their Properties
It is no secret that the homebuilding industry has suffered since the global economic crisis. Before the crisis, there was over two million home starts a year but the figure plummeted to below half a million in less than three years. Even today, there are slightly over one million home starts per annum, about half … Read more
Here’s Why Student Loan Debt No Longer Prevents You from Buying a Home
According to research by the Federal Bank Reserve of New York, student debt is one of the main reasons for the drop in homeownership in the U.S. amongst millennials. As of Q2 in 2017, student loan debt is $1.45 trillion compared to $549 billion in Q2 of 2007. In fact, student debt has tripled in … Read more
How to Pay off Your Mortgage Quicker
Your mortgage is something you have to pay off each month for decades, right? Not so fast. Many homeowners are using a hack to pay off their mortgage quicker and devote more of their income to saving for retirement. Here’s what you need to know about the effectiveness of bi-weekly payments. Are Bi-Weekly Payments a Good Idea? … Read more
What Factors affect FHA Home Loan Rates
Many prospective homebuyers, who do not qualify for conventional home loans, can usually qualify for FHA home loans. This makes these loans quite attractive, especially if you have less-than-perfect credit. As long as you have money for the minimum down payment and satisfy a few other criteria, you could be a proud owner of a … Read more
FHA vs. Conventional vs. VA Loan
Are you looking for home mortgage loan? If you are then you have come to the right page because it is vital to understand the meaning, definition, and most importantly, the differences between an FHA, conventional, and VA loan. Before we talk about their differences, let us take a look at certain aspects that are … Read more
Mortgage Application Checklist Defined
Definition of Mortgage Application Checklist All mortgage lenders need paperwork which verifies all of the aspects of your financial life including assets, debts, and so on. A lender will request a number of documents for this purpose. This is precisely what a mortgage application checklist is all about. Here are some of the things you can … Read more
What is an FHA loan?
Definition of FHA Loan The FHA (Federal Housing Administration) offers mortgage insurance on any loan made by lenders approved by the FHA. They insure loans on multi and single family homes and have insured millions of properties since their creation in the year 1934. It is critical to understand that the FHA doesn’t issue home … Read more
What is a Conventional Loan?
Definition of Conventional Loan A conventional loan is a type of mortgage, but not insured or guaranteed or backed by the FHA or any governmental agency for that matter. The rate and terms are pre-defined and fixed. Purpose There comes a time in all our lives when you would be considering taking a loan from … Read more
Your Essential Guide to Purchasing a New Home
If you’re reading this with a view for a guide to purchasing a new home after previously renting; congratulations! You’re finally getting ready to take the huge step on to the property ladder. No longer will you be spending ‘dead’ money on rent. Instead, every payment you make will go towards eventual ownership of the … Read more