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
One way to make money in real estate is to be a landlord. If you own a home that you aren’t ready to sell, you can rent it out to someone else, and they can pay the mortgage on the property until you are ready to sell. It’s also possible to buy multi-unit housing, from duplexes and fourplexes to apartment buildings with several units. Read More
The U.S. Department of Agriculture (USDA) is the agency that makes it possible for familys’ in rural areas to purchase their own home with no down payment. USDA mortgage loans are offered to qualifying individuals and families across more than 95% of the U.S. land mass. Read More
Once you’ve contacted your lender to apply for a mortgage, they will request certain documentation from you to verify to insure you meet the loan requirements for the program. The mortgage loan checklist for documentation is fairly consistent no matter where you apply. Read More
Even though we’re well into a new year, it’s not too late to think about your situation and set new financial goals for the coming year. If you own a home, there are quite a few things you might consider doing to improve your situation. Read More
If you have a house, chances are that you’ve been told it’s your most valuable asset. And it’s true that your home can have a lot of value. Read More