When the chatter was at its peak on the 2018 tax law changes being proposed, one of the big areas of concern for homeowners was the elimination of the mortgage interest deduction. Right behind that issue was a similar treatment ...
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting. Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer.
To this end, ...
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With mortgage rates finally looking like they may move upward a bit as the overall market improves the adjustable rate mortgage starts to come into play again. Better known as the ARM home loan, the adjustable rate ...
Owning a home is important to military veterans just like the majority of other consumers. The Veteran’s Administration has provided an exceptional benefit for those who have served (or are currently serving) in any of the armed forces. And ...
Although the majority of the Generation Z population make $25,000 or less per year, they really have embraced the American Dream of home ownership. According to a recent survey by Zillow, 97 percent of Gen Z renters asked were confident they will be homeowners in ...
A mortgage pre-qualification is an initial estimate of what type and size of mortgage a borrower could get. It is limited, though, because it’s only based on what the borrower tells the lender, which might not be ...
US homeowners now have over 5 trillion dollars in home equity which is a very large amount of money! So this year may be the year for a lot of cash out refinances and ...
The FNMA HomeReady Program
Those who are involved in the mortgage industry must keep updated on changes to FHA, and Fannie Mae (FNMA) loans. Since loan limits and other changes are often made annually, keeping up with these changes ...
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1) Do I have enough equity to get a mortgage?
To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to ...
Continue Reading →Several generations ago, lenders required home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn’t save this substantial amount, the reality ...