Resources for Responsible Home Ownership - Own Responsibly, Save Shamelessly!
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 [...]
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, [...]
The FHA home loan is available to just about any borrower, but it was created with first time buyers in mind. First time buyers often struggle to come up with the 20 percent they need for a down payment on a traditional home. To compensate for this problem, the FHA loan allows for a down [...]
Sometimes, you can lower your monthly mortgage payment by paying discount points on the loan. Understanding how these work will help you decide if they are the right option for you. What Are Discount Points? Discount points are fees that you pay to your lender when you close on your mortgage in order to lower [...]
If you need to buy a home that is above the amounts allowed for a conventional conforming loan, a conventional jumbo loan is almost always your only option, unless you have a significant chunk of money to put down on the property. High-value homes represent more of a risk to the lender, so Fannie Mae [...]
When people first think of a mortgage, they typically think of what is known as a conventional conforming loan. “Conventional” means the loan comes from a lender without any government backing or guarantee program. “Conforming” means it falls within the borrowing limits set forth by Fannie Mae and Freddie Mac, the two largest buyers of [...]
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