Resources for Responsible Home Ownership - Own Responsibly, Save Shamelessly!
In the real estate world, bloggers, journalists, brokers and their associations all take a very unilateral view of the housing market with regards to banks and lending. It is almost as if we think there is some endless supply of money out there, and the banks sit on top of it like greedy little leprechauns, [...]
Move over FICO, there’s a new game in town. Well, not entirely. In partnership with FICO, CoreLogic is creating a new credit scoring model that will dig even deeper than before. While people will be scored within the same range of 300 to 850, a few new factors will be taken into account, which apparently [...]
In this day and age of distressed homeowners and their dastardly dereliction of duties that lead to default after default, lenders are starting to take a closer look at who they trust with their piles of cash. Naturally, no system exists where the lenders actually sit down and have a conversation with borrowers to assess [...]
The VA home loan program is a way that the Department of Veterans Affairs tries to reward those who have honorably served our country or the spouses they leave behind. It is a home mortgage program offered through local banks and guaranteed by the VA’s Loan Guaranty Service. Even though it has this backing, veterans [...]
In order to encourage more people to buy property in rural areas, the US Department of Agriculture offers a loan guarantee program to lower income individuals who are looking to buy in rural areas. This can be a very affordable way to buy a home if you happen to qualify and are looking to buy [...]
Mortgage insurance is one of the least understood features of many mortgages. Homeowners who have mortgage insurance fees may not fully understand why they have to pay them, nor may they understand what they can do to remove this fee. if you are in a new loan or are currently shopping for a loan, make [...]
When you get a home loan, you will have to attend a loan closing. At the closing, there are some fees you will have to pay to get the loan. The loan origination and appraisal fees are two of these that you should understand before you sign on the dotted line at your loan closing. [...]
Negative amortization is a type of loan wherein you pay only a portion of the interest payment at the beginning of each month. This can be a helpful loan structure for those who need their monthly payment to be low at the beginning of the repayment period. However, before you enter into this type of [...]
By now, it should be clear to even the most casual observer that real estate is by no means a completely safe investment. In fact, recent experience has shown that real estate is far from it – for millions upon millions of people, buying a house has turned out to be the worst investment they [...]
Imagine a mortgage in which you only paid the interest, so your loan payment each month was literally cut in half. Believe it or not this type of loan product does exist, but it is not as much of a “winning” situation as you might think. Before you jump in to an interest only loan, [...]
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