A reduction in your mortgage interest rate can translate into significant savings. The key is ensuring they aren't outweighed by the charges and fees involved. Here are some tips to help you determine whether refinancing your mortgage will pay off: UNDERSTAND THE FEES Lenders typically charge fees for the mortgage [...]
Getting the exterior of the home ready for the cold winds, snow and ice is critical for keeping Old Man Winter out and keeping it warm and toasty inside. By being proactive, you’ll lower your energy bills, increase the efficiency and lifespan of your home’s components, and make your property [...]
Fall is the perfect time to get all of your home maintenance and winter preparation projects done. It is the time of year when things cool off and it gives you the best opportunity for accomplishing all you need to before the cold winter months. Help get your home ready [...]
Buying a house is already stressful, and being ill-prepared heightens the anxiety. Why put yourself through this? Learn how to think like a lender and educate yourself on the best ways to get your mortgage loan approved: Know Your Credit Score It literally takes a few minutes to pull your [...]
First-time buyers, repeat buyers, homeowners looking to refinance—anyone who can meet the minimum program requirements is eligible for an FHA loan. Here are some great reasons to consider an FHA loan. Low down payment: Borrowers may only need a 3.5% down payment, rather than the 10% or even 20% you may [...]
Reverse mortgages can provide retirees with an additional source of income that will not require them to sell their homes and move into smaller or less amenable residences. These unique products allow users to tap into the equity in their homes and convert it into monthly cash payments that they [...]
There are many reasons why refinancing your home loan makes sense - opportunity to obtain a lower interest rate; chance to shorten the term of your mortgage; desire to convert from an adjustable rate mortgage to a fixed-rate mortgage or vice versa; opportunity to tap into your home's equity in [...]
Rates are creeping higher, but they're still near record lows. Consider these tips if you’re a potential homebuyer. Save for a down payment Although a 20% down payment on a mortgage is ideal, it's not mandatory. Many lenders expect buyers to put down at least 3%, aside from the Federal [...]
Unfamiliar vocabulary can make interpreting mortgage forms difficult. Here you will find most of the terms mortgage lenders use. You can refer back to this glossary whenever you need help determining the meaning of mortgage terminology. 1. Adjustable-rate mortgage, or ARM -- A home loan in which the interest rate [...]
Here are some practical things to consider when getting a home loan. Say NO to “easy money.” Beware if someone claims that your “credit problems won’t affect the interest rate.” If an offer is really appealing, get it in writing and then seek a second opinion. Shop around. Always talk [...]