It’s easy to breathe a sigh of relief once your home loan is approved and you have a closing date set. However, just because your loan is in the works doesn’t mean that it’s a done deal. In fact, while you wait around for your loan to close, there are a few more things you need to make sure are done. Read More
Have you wondered how much financial value is embedded in your home? Calculating your home equity is a simple process in theory. Read More
One of the best ways to save money on your mortgage is to get the best possible interest rate. A good mortgage rate can provide you with saves amounting to tens of thousands of dollars over the life of your home loan. Read More
The Federal Reserve System, more commonly referred to as ‘The Federal Reserve’ and ‘The Fed’ has an interesting history dating back to the early 1900’s. Read More
No matter how responsible you are financially, sometimes life just happens. You might end up with a medical emergency, or lose your job. When that happens, you might find it difficult to make your mortgage payment. This is a stressful time, and the finances of the situation can make it even more stressful. If you can’t make your mortgage payment, though, it’s important to take action to reduce the chances of losing your home. Read More
Looking for a new place? Will it cost a little more than what you’re paying now? Chances are that you need to take your new payment for a test drive, especially if you’re a first time home buyer. Even if you look at your financial situation, and you think that — on paper — you’ll be able to handle a bigger monthly payment, the truth is that the reality of a higher payment is usually more complicated. Read More
Before potential homeowners apply for a mortgage, they may ask themselves the all important variable, “How much home can I afford?” It’s always a good idea to ponder affordability in advance because it means you can look for houses that fall exactly within the your price range. Read More
Conventional loans have been considered the garden variety mortgage program for over 80 years. The term ‘conventional loan’ is defined as any mortgage that isn’t guaranteed or insured by a government agency. Today’s conventional loans may be either “conforming” or “non-conforming”, although ‘conforming loan’ programs are often loosely referred to as ‘conventional loans’. Conventional conforming loans are conventional programs that meet or ‘conform’ to guidelines set forth by the Federal Housing Finance Agency (FHFA), as well as the funding criteria for either Fannie Mae and Freddie Mac.
Coming up with a down payment and mortgage closing costs can be a difficult thing for many prospective homeowners. The good-ole-days of zero-down mortgage loans with no closing costs and everything rolled into the loan are gone. Read More
What is a Conventional Loan?
A conventional loan by definition is any mortgage not guaranteed or insured by the federal government. Conventional loans can be either “conforming” or “non-conforming”, although conventional loan requirements generally refer to mortgage guidelines that ‘conform’ to government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Therefore, when you’re searching for more information on ‘conventional loans’, ‘conforming loans’ or ‘conventional conforming loans’, you’re likely referring to the same thing. Read More