Recent Mortgage Articles

Posted on March 15   By Peter Andrew
Our recent article about the benefits of Veterans Administration mortgages (VA mortgages) listed a number of reasons veterans find it easier to get approval for home loans than most people. That remains true in the sense that lenders tend to set the bar lower in terms of credit history, down payment requirements (frequently zero) and so on. However, they still expect prospective borrowers to comply with a demanding bureaucracy that's likely to require a high volume of supporting documentation. S.... Read More...
Posted on February 15   By Peter Andrew
If you are looking to purchase or refinance a home, it's important to understand how a mortgage rate lock-in can help you get the most competitive interest rate. In the broadest sense, they are designed to help you save money by locking in a favorable mortgage rate, but some of the details of these agreements can potentially cost you if you are not aware. Mortgage quotes, mortgage rates and lock-ins When you get a mortgage quote, it generally shows the rate and points (additional charges) that a.... Read More...
Posted on January 15   By Peter Andrew
Back in May last year, the Woodrow Wilson Center published survey data showing that home ownership is still an integral part of the American dream. If you are like 90 percent of the respondents under 45 who indicated they are renting but want to purchase their own home in the future, now might be a perfect time to buy. But how do you determine if buying now makes sense for your financial situation? It is a good idea to do some very simple research -- laid out step by step below -- to help you re.... Read More...
Posted on December 13   By Peter Andrew
If the prospect of saving money is motivating you to refinance your home, you might consider shortening the term of your loan as well. But should you reduce the term (cut the length) of your mortgage when you come to refinance? It's not an easy question, because a shorter term involves a trade-off between higher monthly payments and very substantial savings in the long run. Only you can decide whether you can afford to -- or afford not to -- do it, but here is some information that could help yo.... Read More...
Posted on November 07   By Peter Andrew
You're an eligible veteran, wanting a mortgage, who has had some problems in the past with credit. Just how bad must things be before you stand no chance of getting approved for a VA mortgage? Well, different lenders use different criteria to reach their decisions, but some mortgage brokers place the current cut-off point as a credit score of about 620. Unfortunately, that's not a fixed number. Your "debt-to-income ratio" (how comfortable you're going to find it making mortgage payments after yo.... Read More...
Posted on October 29   By Peter Andrew
Whether you're looking for your first home loan or you're one of those super-savvy serial refinancers who have been through the process many times, you still have the same problem: How do you source the best mortgage deal possible for you today? There isn't a simple answer to that, but exploring your options might save you some serious sums. Best mortgage lenders? No such thing… True, some mortgage lenders are generally better than others, but the one that's going to meet your particular .... Read More...
Posted on October 19   By Michele Lerner
Question: My friend recently got an approval for an FHA loan, but I was surprised because I thought you had to be a first-time buyer to get an FHA mortgage. Also, she makes more money than I do, so I assumed her income was too high. Please tell me what I need to do to qualify for an FHA mortgage. Answer: FHA loans, insured by the Federal Housing Administration, have been around since the 1930s. Originally designed to help low- and moderate-income families afford to buy a home, the program has in.... Read More...
Posted on September 25   By Michele Lerner
Question: I found a house I want to buy, but it's in bad condition. The kitchen appliances are missing and some of the windows don't open and close. I wanted to finance it with an FHA loan because I don't have a lot of cash for a down payment. My friend told me that FHA loans have to pass a home inspection. Does that mean I can't use one for this house? Answer: Congratulations on finding a house to buy. While the FHA doesn't require a home inspection, an inspection is recommended. You don't want.... Read More...
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