Getting to the Heart of Home Financing
Locating the best loan for you involves comparing loans such as conventional, jumbo, FHA / VA, weighing mortgage benefits among fixed-rate, adjustable-rate, interest only and combo (piggyback) loans, evaluating FICO scores, getting preapproved, making sense of the GFE & HUD-1, finishing with underwriting and final loan approval.
The Nehemiah Program and FHA Loans
Practical facts about Nehemiah. Using the Nehemiah program gives the buyer a down payment and closing costs -- up to 6% of the sales price -- when used in conjunction with an FHA loan. While Nehemiah marries perfectly with FHA, other types of loans are also permissible under Nehemiah.
Practical facts about Nehemiah. Using the Nehemiah program gives the buyer a down payment and closing costs -- up to 6% of the sales price -- when used in conjunction with an FHA loan. While Nehemiah marries perfectly with FHA, other types of loans are also permissible under Nehemiah.
How Are Mortgage Rates Determined?
Explanation of how Federal Reserve rate cuts affect mortgage rates. How mortgage rates are determined and why they fluctuate. What a fed rate cut means to a mortgage customer.
Explanation of how Federal Reserve rate cuts affect mortgage rates. How mortgage rates are determined and why they fluctuate. What a fed rate cut means to a mortgage customer.
Mortgage Fraud - How to Avoid Mortgage Fraud
Types of mortgage fraud. How do borrowers commit loan fraud? Mortgage loan fraud pitfalls and penalties.
Types of mortgage fraud. How do borrowers commit loan fraud? Mortgage loan fraud pitfalls and penalties.
Lease Options - Lease Purchase Sales
Difference between lease options and lease purchase sales. Benefits to home buyers to do a lease option. Understanding lease options and lease purchase agreements.
Difference between lease options and lease purchase sales. Benefits to home buyers to do a lease option. Understanding lease options and lease purchase agreements.
Mortgage Loan Types
Mortgage loan types. Differences among conventional, FHA and VA mortgage loan types. Interest-Only Mortgages, Adjustable-Rate Mortgage Types, Fixed-Rate Mortgages, Combo / Piggyback Loans, HELOC, home equity, reverse mortgages and bridge loans.
Mortgage loan types. Differences among conventional, FHA and VA mortgage loan types. Interest-Only Mortgages, Adjustable-Rate Mortgage Types, Fixed-Rate Mortgages, Combo / Piggyback Loans, HELOC, home equity, reverse mortgages and bridge loans.
Stopping Trigger Leads - Don't Become a Trigger Lead
Stopping trigger leads. How mortgage loan applications result in trigger leads. Preventing credit bureaus from exploiting your credit through trigger lead phone calls and direct mail solicitation.
Stopping trigger leads. How mortgage loan applications result in trigger leads. Preventing credit bureaus from exploiting your credit through trigger lead phone calls and direct mail solicitation.
Fixed Rate Mortgages - Benefits of Fixed Rate Mortgages
Fixed rate mortgages and the reasons behind obtaining mortgage loans that do not adjust. About points, costs of the loan, establishing impound accounts for taxes and insurance and how prepayment penalties can cost a borrower extra.
Fixed rate mortgages and the reasons behind obtaining mortgage loans that do not adjust. About points, costs of the loan, establishing impound accounts for taxes and insurance and how prepayment penalties can cost a borrower extra.
What is an Interest Only Mortgage
Definition of interest-only mortgage. Common types of interest-only mortgage options. The cost to obtain an interest-only mortgage. Why interest-only loan features are advantageous for many borrowers and exposing myths associated with risk.
Definition of interest-only mortgage. Common types of interest-only mortgage options. The cost to obtain an interest-only mortgage. Why interest-only loan features are advantageous for many borrowers and exposing myths associated with risk.
About Installment Sale Land Contracts & Contracts for Deed
Seller financing via a Contract for Deed, which is sometimes called an Installment Sale Land Contract. The benefits and drawbacks to using land contracts to buy or sell a home. The differences between wrap-around and straight land contracts.
Seller financing via a Contract for Deed, which is sometimes called an Installment Sale Land Contract. The benefits and drawbacks to using land contracts to buy or sell a home. The differences between wrap-around and straight land contracts.
Buyer's Closing Costs - What Does it Cost to Close Escrow?
Definition of buyer's closing costs, including recurring and non-recurring (prepaid) fees. Addresses seller credits to buyer for closing costs and explanation of lender's requirements for such credits.
Definition of buyer's closing costs, including recurring and non-recurring (prepaid) fees. Addresses seller credits to buyer for closing costs and explanation of lender's requirements for such credits.
Mortgage Tips for a Falling Market
When the real estate market slows down and prices fall, lending policies change. Here's how to get the best mortgage deal when the market is depressed.
When the real estate market slows down and prices fall, lending policies change. Here's how to get the best mortgage deal when the market is depressed.
How to Figure Mortgage Interest
How to figure mortgage interest on your home loan. Computing simple mortgage interest. Determining the unpaid principal balance on your amortized loan, the monthly interest amount and the daily interest charged.
How to figure mortgage interest on your home loan. Computing simple mortgage interest. Determining the unpaid principal balance on your amortized loan, the monthly interest amount and the daily interest charged.
Bridge Loans - What are Bridge Loans?
Bridge loans and how they work. Why a home buyer might consider a bridge loan when buying a new home and selling an old home. Bridge loans are temporary financing for bridging the gap between the sales price of a home and the new mortgage.
Bridge loans and how they work. Why a home buyer might consider a bridge loan when buying a new home and selling an old home. Bridge loans are temporary financing for bridging the gap between the sales price of a home and the new mortgage.
Refinance Home Mortgage Loans
Tips to consider before doing a mortgage loan refinance. How to recoup mortgage loan refinance costs, comparing rolling costs into the loan and scrutinizing amortization periods to accelerate loan payoffs. The drawbacks to refinancing that a lender won't tell you.
Tips to consider before doing a mortgage loan refinance. How to recoup mortgage loan refinance costs, comparing rolling costs into the loan and scrutinizing amortization periods to accelerate loan payoffs. The drawbacks to refinancing that a lender won't tell you.
Beneficiary Demands for Paying off a Mortgage Loan
Explanation of beneficiary demand statements from mortgage lenders. How beneficiary demands are different from beneficiary statements. Figuring loan payoffs to the date lenders receive the funds, including reconveyance and recording fees.
Explanation of beneficiary demand statements from mortgage lenders. How beneficiary demands are different from beneficiary statements. Figuring loan payoffs to the date lenders receive the funds, including reconveyance and recording fees.
Owner Financing in Real Estate
Owner financing, using seller financing to buy a home. Types of owner financing and creative financing instruments. How to negotiate owner-financed real estate sales.
Owner financing, using seller financing to buy a home. Types of owner financing and creative financing instruments. How to negotiate owner-financed real estate sales.
Lease Options - Lease Purchase Sales
Difference between lease options and lease purchase sales. Benefits to home buyers to do a lease option. Understanding lease options and lease purchase agreements.
Difference between lease options and lease purchase sales. Benefits to home buyers to do a lease option. Understanding lease options and lease purchase agreements.
Low Appraisals - How to Deal With a Low Appraisal
Both sellers and buyers can get blindsided by low appraisals. If an appraisal comes in low, here are available options. A low appraisal doesn't mean the transaction will blow up. You can still close and salvage the deal.
Both sellers and buyers can get blindsided by low appraisals. If an appraisal comes in low, here are available options. A low appraisal doesn't mean the transaction will blow up. You can still close and salvage the deal.
How to Get an FHA Streamline-K Loan for Fixers
How to get an FHA Streamline-K loan when buying a light fixer. Benefits to a Streamline K loan over a 203K FHA loan. How to apply for a Streamline K loan to fix up a house you are buying and roll the costs into your mortgage.
How to get an FHA Streamline-K loan when buying a light fixer. Benefits to a Streamline K loan over a 203K FHA loan. How to apply for a Streamline K loan to fix up a house you are buying and roll the costs into your mortgage.
Loan Locks - When is the Best Time to Lock a Loan?
Loan locks, when is the best time to lock a loan? Should buyers / borrowers lock loan rates? What does it cost to lock a loan? What happens if you don't lock a loan? Is there risk involved?
Loan locks, when is the best time to lock a loan? Should buyers / borrowers lock loan rates? What does it cost to lock a loan? What happens if you don't lock a loan? Is there risk involved?
Impound Account Shortages - How to Handle Impound Account Shortages
Are impound accounts beneficial to home buyers? What is an impound account? Is it the same thing as an escrow account? What happens when taxes and insurances go up? How do you handle impound account shortages?
Are impound accounts beneficial to home buyers? What is an impound account? Is it the same thing as an escrow account? What happens when taxes and insurances go up? How do you handle impound account shortages?
Using Land Contracts on Homes For Sale
How to sell your home on a land contract. Tips for putting your home up for sale on a land contract; negotiating land contract terms, protecting seller's rights under a land contract and making your land contract saleable on the secondary market.
How to sell your home on a land contract. Tips for putting your home up for sale on a land contract; negotiating land contract terms, protecting seller's rights under a land contract and making your land contract saleable on the secondary market.
Comparing Combos to a Loan with Private Mortgage Insurance (PMI)
The 2007 tax bill makes mortgage insurance premiums tax deductible, but the rules to qualify are restrictive. How do interest rates compare to those of a combo or piggyback loan? Which is better for a borrower: two loans or one loan with mortgage insurance?
The 2007 tax bill makes mortgage insurance premiums tax deductible, but the rules to qualify are restrictive. How do interest rates compare to those of a combo or piggyback loan? Which is better for a borrower: two loans or one loan with mortgage insurance?
Understanding Option ARM Loans
Definition of Option ARMs as used for mortgage financing. Features of Option ARM loans: terms, start rates, indexed rates, payment options, loan recasting and negative amortization.
Definition of Option ARMs as used for mortgage financing. Features of Option ARM loans: terms, start rates, indexed rates, payment options, loan recasting and negative amortization.
How Reverse Mortgages Work
How reverse mortgages work. The benefits of a reverse mortgage. Qualifications for a reverse mortgage. A reverse mortgage calculator. Explanation of how reverse mortgages are funded and which lenders originate those loans.
How reverse mortgages work. The benefits of a reverse mortgage. Qualifications for a reverse mortgage. A reverse mortgage calculator. Explanation of how reverse mortgages are funded and which lenders originate those loans.
Fast Equity Cash-Outs
Junior loans and encumbrances secured to real property such as home equity loans, home equity lines of credit (HELOC) and bridge loans. The differences among the loans, advantages and drawbacks to such financing.
Junior loans and encumbrances secured to real property such as home equity loans, home equity lines of credit (HELOC) and bridge loans. The differences among the loans, advantages and drawbacks to such financing.
Mortgage Loan Adjustments - How to Handle ARM Payment Increases
How to handle the adjustment of higher mortgage payments without taking food off the table. Available options for payment shock. What you need to know about adjustable rate mortgage payment increases and how to save your home from foreclosure.
How to handle the adjustment of higher mortgage payments without taking food off the table. Available options for payment shock. What you need to know about adjustable rate mortgage payment increases and how to save your home from foreclosure.
Mortgage Buydowns - How to Buy Down a Mortgage
How buying down the interest rate gives buyers lower monthly mortgage payments. Buydowns such as 1-2-3 Buydowns or 2-1 Buydowns allow home buyers to qualify for loans that might otherwise be out of their financial reach.
How buying down the interest rate gives buyers lower monthly mortgage payments. Buydowns such as 1-2-3 Buydowns or 2-1 Buydowns allow home buyers to qualify for loans that might otherwise be out of their financial reach.
FHA Loans - FHA Loans Popular With Home Buyers
FHA Loans are popular with first-time home buyers and home owners who want to refinance. The FHA programs almost shut down in the early 2000s but, since the subprime mess, FHA loans have bounced back. Find out why FHA loans are a good choice for mortgage financing.
FHA Loans are popular with first-time home buyers and home owners who want to refinance. The FHA programs almost shut down in the early 2000s but, since the subprime mess, FHA loans have bounced back. Find out why FHA loans are a good choice for mortgage financing.
How to Order Free Credit Reports & Get FICO Scores
There is only one place to order your free credit report online. Don't be mislead by companies charging you a fee for this service.
There is only one place to order your free credit report online. Don't be mislead by companies charging you a fee for this service.
The Advantages of Loan Preapproval
Why should a first-time home buyer get preapproved for a loan? Here are reasons why it's to a homebuyer's advantage to get approved for a home loan over being pre-qualified.
Why should a first-time home buyer get preapproved for a loan? Here are reasons why it's to a homebuyer's advantage to get approved for a home loan over being pre-qualified.
Preapproval, Prequalifed or What?
To be preapproved or prequalified or have received a loan commitment all have a different definition and will affect your real estate transaction significantly. Here's what you need to know to understand the process.
To be preapproved or prequalified or have received a loan commitment all have a different definition and will affect your real estate transaction significantly. Here's what you need to know to understand the process.
Back-end & Front-end Debt Ratios
Explains how to compute your ratios to figure out if you will qualify to obtain a conventional, VA or FHA loan. Lenders use simple formulas to arrive at front-end and back-end ratios, which you can do yourself after reading this.
Explains how to compute your ratios to figure out if you will qualify to obtain a conventional, VA or FHA loan. Lenders use simple formulas to arrive at front-end and back-end ratios, which you can do yourself after reading this.
Facts about Adjustable Rate Mortgages
There are so many variables to an adjustable-rate mortgage. Learn what lies beyond the initial interest rate such as first adjustment maximum rates, cap rates, margins, indexes and how often a loan can adjust.
There are so many variables to an adjustable-rate mortgage. Learn what lies beyond the initial interest rate such as first adjustment maximum rates, cap rates, margins, indexes and how often a loan can adjust.
VA Loan Basics
What is a VA loan? Who qualifies to obtain a VA loan? What is a certificate of eligibility and how does a veteran obtain such a document? What are the pros and cons of a VA loan?
What is a VA loan? Who qualifies to obtain a VA loan? What is a certificate of eligibility and how does a veteran obtain such a document? What are the pros and cons of a VA loan?
Your FICO Score
Find out how your FICO score is calculated and read simple explanations of the scoring ranges. The score you are assigned will determine your interest rate eligibility, with lower interest rates available to those with higher FICO scores.
Find out how your FICO score is calculated and read simple explanations of the scoring ranges. The score you are assigned will determine your interest rate eligibility, with lower interest rates available to those with higher FICO scores.
How to Fix Your Credit
Learn how to repair bad credit or fix mistakes on your credit report. You might actually improve your credit score within 30 days if you follow this advice.
Learn how to repair bad credit or fix mistakes on your credit report. You might actually improve your credit score within 30 days if you follow this advice.
Loan Appraisals
Few lenders will make you a real estate loan without an appraisal. Even Donald Trump gets appraisals. Because real estate loans are secured to real property, the lender will want to assess the value of its security, and here's what you need to know about the process.
Few lenders will make you a real estate loan without an appraisal. Even Donald Trump gets appraisals. Because real estate loans are secured to real property, the lender will want to assess the value of its security, and here's what you need to know about the process.
Mortgages & Trust Deeds
Do you have a mortgage or a trust deed? Do you know the differences between the two? One of these instruments gives a third party the power to foreclose in the event of default.
Do you have a mortgage or a trust deed? Do you know the differences between the two? One of these instruments gives a third party the power to foreclose in the event of default.