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Options for Home Refinance

Special refinance programs are temporarily available to help borrowers in trouble. It pays to know all of your options. Refinance Loan Options

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Monday, January 15th, 2024 | By Loans101

Mortgage Updates – January 2024

In the past month, there have been some interesting mortgage developments that you might want to know about.

First off, the Federal Housing Finance Agency (FHFA) decided to shake things up a bit by changing the way they calculate loan-level price adjustments (LLPAs). This means that starting from May 1st, 2024, borrowers with higher credit scores might end up paying a bit more, while those with lower credit scores could see a reduction in fees. A bit of a cosmic twist, isn’t it?

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Researching First Tine Home Buyer Loans
Saturday, January 7th, 2023 | By Loans101

Researching Loan Programs For First Time Home Buyers

Buying a home is an important step in the American dream. However, buying your first home can be complicated. First time home buyer programs can help you save money and make the process easier. Some loans, grants and tax breaks may also be available to you.

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Mortgage Reapproval and Debt to Income Ratios
Friday, January 6th, 2023 | By Loans101

Mortgage Pre-Approval and the Debt-To-Income Ratio

The debt-to-income ratio (DTI) is one of the most important elements in obtaining a mortgage. It tells lenders how much income a borrower can afford to spend on monthly debt payments, including housing expenses, car loans, credit card bills, and more. If the DTI is too high, your mortgage application may be rejected or the lender may not offer you the best possible interest rate. Continue Reading

USDA Loan Features
Thursday, January 5th, 2023 | By Loans101

USDA Home Loan Features

If you’re in the market for a home, you may be interested in a USDA loan. They’re a great option for first-time buyers and people on a budget. But there are some limitations to their use, so you should understand what you can and cannot qualify for before you apply.

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Wednesday, January 4th, 2023 | By Loans101

Should you be considering a USDA Guaranteed Loan?

A USDA guaranteed loan is one with reasonable qualifying guidelines, even if you have bad credit. The federal government guarantees 90% of the mortgage amount for qualified applicants. To qualify for the loan, you will need to meet certain requirements and you will need to prove that you can repay it. This can be difficult for low income homebuyers. Continue Reading

How to USDA Loans work?
Monday, January 2nd, 2023 | By Loans101

How do USDA Loans work?

If you are looking to buy a home in a lower income area, you may consider applying for a USDA loan. These loans are designed to help eligible borrowers make homeownership a reality, and offer low rates and no down payment. Continue Reading

What affects mortgage rates?
Thursday, December 22nd, 2022 | By Loans101

How are mortgage rates determined?

Mortgage rates are a factor that affects the amount of money you will be able to borrow. There are many different factors that can influence mortgage rates, including your down payment, your credit score, and more. Continue Reading

Debt-to-Income Ratios
Monday, November 21st, 2022 | By Loans101

How to Calculate Debt to Income Ratio for Mortgage Loans

Debt to income ratio (DTI) is a financial tool that helps lenders assess your ability to make payments on a new loan. It helps them determine whether you’re a risky borrower who might not be able to make timely payments. The higher your DTI, the more likely you are to face a higher interest rate, or to be declined for a loan. When you know your DTI, you can make sure you’re prepared to handle any challenges that may arise. You’ll also have a good idea of whether it’s a good idea to take on new debt or to refinance an existing loan. Continue Reading

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