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 [...]
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 [...]
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 [...]