Recent Lending Guide Articles

Posted on March 03   By MLP Lending Guide
For many homeowners, the choice between expanding their current home and buying a new one is difficult. Financing it can be a hassle in this economy. But have you considered the benefits of a surety bond? In efforts of keeping roots planted, many homeowners eventually decide to renovate their current home to suit spatial needs. Whether the family needs an additional bedroom or simply more space, a home renovation and expansion can be a big project requiring the need for a specialized contractor.... Read More...
Posted on January 21   By MLP Lending Guide
If you are I the market for a new home have you considered the potential for possible future flood damage to the property? For those veterans using the VA Home Loan Guarantee Program, it is required by the VA for the buyer to pay the fee for a determination of flood risk on the property they are planning to purchase. FEMA has a National Flood Insurance Program so that if the home you purchase is determined to be in a flood area, you can get insurance to protect you. They warn that flood insuran.... Read More...
Posted on December 10   By MLP Lending Guide
When it is time for a person to purchase a home many things need to be considered in order for it to be affordable. The largest expense for an average family is their housing costs. When you purchase a home it will probably be the largest purchase you will ever make which makes it extremely important to give a lot of thought to what you can afford, and these FHA home financing ideas may help. Even though you may qualify for a large loan that does not mean that you want to take that amount. Ther.... Read More...
Posted on December 05   By MLP Lending Guide
Sometimes changes in life could force you to sell your home. The loss of a job, illness, disability, divorce, or other factors could make it impossible to keep your home. The FHA has various suggestions for how to sell your home in the case that you need to sell quickly because you can no longer afford you monthly mortgage payment. These suggestions include: A normal sale. You can list your home for sale by owner or have a real estate agent sell it for you. There are fees involved with a .... Read More...
Posted on November 27   By MLP Lending Guide
If you run into unexpected hardships and are unable to make a mortgage payment, the first thing you should do is to contact your lender. They want to help you get caught up with your loan payments and have various programs to help. Some of the ways in which you can make up back mortgage payments include: Forbearance- this is when your lender is willing to let you have a little time off from payments in order to get caught up financially. This is usually a good option if you lost a job and n.... Read More...
Posted on November 05   By MLP Lending Guide
When you are in the market for a home loan it is exciting to see an offer for a $200,000 mortgage for only $700 per month! The problem is that these rates dont last for long. Many people have been lured into taking out a mortgage to purchase a home because of teaser rates like these. With these types of offers the mortgage company or broker will offer you a great rate to begin, but the catch is that the rate increases after a specified period of time. Like adjustable rate mortgages, the inter.... Read More...
Posted on October 24   By MLP Lending Guide
Many people purchase homes that tie them to all of the responsibilities that come along with homeownership. Renting a home allows you the freedom to pay a monthly rental fee and not have to worry about other maintenance problems that the owner needs to keep up with. However, owning a home allows you more freedom in choosing what to do with the house and property and is a solid real estate investment. The question many potential home buyers ask is: Which is better, renting or owning? The answer t.... Read More...
Posted on September 12   By MLP Lending Guide
With the announcement by HUD that the FHA will begin using a risk-based structure for mortgage insurance, many are wondering what will change. Currently, FHA borrowers are assigned the same mortgage insurance amounts regardless of the risk they pose to lenders. For a 30-year fixed-rate mortgage, borrowers must pay a premium of 1.5% of the total loan amount upfront, which can be financed into the loan, and .50% as part of their monthly payment. These rates are considerably higher than those assoc.... Read More...
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