15 March 2010, 6:43 am
FHA home loans have been around since 1934 and have helped many buyers purchase the home of their dreams. The underwriting guidelines on FHA home loans are much more lenient than on the conventional loans making obtaining financing much more accessible for more people.
The minimum down payment required on a FHA home loan at this time is 3.5%. Compared to the conventional loan which requires a minimum of a 5% – 10% down payment, this can make the difference of being able to purchase a home for some buyers or not being able to purchase due the larger down payment requirement.Sometimes, a buyer may not have all of the funds for the down payment and closing costs saved up, but they have a relative that wants to help them achieve the dream of owning a home. Both conventional and FHA loans allow a gift, however, there are big differences in the requirements on each type of loan.
12 March 2010, 7:07 am
Buying a Home? Your also Buying Insurance!
By Mike Adams
If you are a first time home buyer, or if this is the fourth home you bought your also an insurance buyer. Most Real Estate Agents don’t mention too much about insurance because it is not a product that they handle. They will (or should) tell you you need to get a homeowner policy on your new home as soon as your offer is accepted and point you to the phone book. That is about all that is said. What not said is important can save you a lot of money both in the short term and over the term of the loan.
Here are some things you should do……
8 March 2010, 7:48 am
The best thing to do when signing a mortgage is to have an attorney check it over to make sure everything is on the up and up. It’s best to use a lawyer that has experience with real estate law because not all lawyers are created equal and like anything else in life they specialize in certain areas. It’s usually not good enough just to give your mortgage to your regular attorney, instead insist on somebody who has experience with real estate because they can do a better job and they’ll do a quicker job which means you’ll pay less since lawyers charge by the hour.
Buying a house is a big responsibility and borrowing money can be intimidating to many people but it doesn’t have to be if you follow the simple tips that I outlined in this article today, then you shouldn’t have any trouble in the long run. Remember, when in doubt, ask questions!
18 January 2010, 2:06 am
1. Get pre approved for your home loan
This signifies, fill out a loan application and go through the process of securing financing. That way, when you are prepared to evaluate real estate seriously, you will know exactly how much home you can afford. Furthermore, you can certify to a seller that your offer is honest.
2. Check up on creative financing options
During the home loan preapproval process, ask about alternatives to get creative with your financing. Low down payment choices, first and second mortgage combinations and first time purchaser programs might help you afford more funding. Many lenders are now selling interest only home mortgages; just be sure you thoroughly evaluate the terms for this form of home loan. Down payment grants are also available in a few instances and may be worth investigating or discussing with your realtor.
7 January 2010, 9:08 pm
Whether you’re applying for the first time for a mortgage or changing lenders, there are important things you should know that could save you money. It is possible for you to obtain the home or business financing you need! Consider the advantages of extending your home mortgage payments over a thirty-year period. Another option is a 30-year mortgage, which offers affordable monthly payments, low fixed rates, and access to home equity cash and stability and predictability.
Another choice is an adjustable rate mortgage, your choice or acceptance of an adjustable rate mortgage, can and will have a profound effect on any future mortgage payments. Financial hurdles which often seem difficult to manage can be navigated successfully with the assistance of experienced and skilled loan specialists.
Now that you have made the smart decision to purchase or refinance your home or commercial property, let one of our financial lending experts assist you in navigating the ins and outs of the process. A commercial mortgage can help you achieve your business goals by providing the capital you need to start a business or restructure your existing business. If you are a homeowner and need money, you can use your home to obtain a second mortgage.
18 December 2009, 6:21 am
When you look at the number of loan products on the market, deciding which one is right for you can be a daunting task. There are fixed rate, adjustable rate, jumbo, conforming, etc. etc.; along with many variations of each.
The best solution to this problem is to speak with a qualified lender to help you sort out your many options. This article will give you a quick primer on some of the most common types of mortgage loans:
6 December 2009, 7:51 am
MICHELLE YOUNG FINANCIAL Your Mortgage Planning Resource, by Michelle Young Choosing a Mortgage Broker in today’s world means not just receiving an expert mentor through the complex mortgage lending process, but a trusted advisor for life. I am proud to be able to offer you extensive choices and access to information while continuously weighing and [...]
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29 November 2009, 4:50 pm
Once you get a home second mortgage you are now using the equity in your home as collateral or security for the loan. If you fail to pay back the bank or lending institution it may result in foreclosure on your home. In some states if your home is foreclosed upon and sold at an local city auction you may be responsible for any shortage of balance remaining after the sale. This will really add to the unneeded stress.
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Tagged adjustable rate mortgage, best mortgage rate, George Mollway, home mortgage rate, home mortgage refinance, home values, mortgage, mortgage loan, real estate solutions, valparaiso mortgage loan, web mortgage
13 November 2009, 12:21 am
Real Estate Property Investments Opportunity by Nisha Guest Author As all of us are aware of the typical formula of being wealthy is to buy at a cheaper and sell it expensive. This is even more so, when it comes to property investment where a substantial amount of monetary gains can be had when the [...]
12 October 2009, 7:03 pm
A&M Mortgage Group, Inc. is excited to be Northwest Indiana newest Mortgage Banker. • In-house, in-office underwriting. • Improved underwriting turn times. • Same Great Interest Rates! • Increased control on appraisal orders. • Shorter process from application to close. • Reduced closing costs. All these benefits and 25 years of mortgage experience makes A&M [...]
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