Resources for Responsible Home Ownership - Own Responsibly, Save Shamelessly!
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 [...]
An adjustable rate mortgage is just what it sounds like – a mortgage that has a changing interest rate. This is a common type of mortgage and is available in many different structures, including conventional loans, FHA loans, and more. There are both advantages and disadvantages to this loan structure that you should know about [...]
Home purchase is a very big deal, and preparing for this big step is an oft-misunderstood process that is in constant change. Just a couple of years ago, a buyer’s preparation was mostly left up to the buyers themselves. Yet after learning their lesson, the mortgage industry has locked down. It can definitely be frustrating [...]
The other day I blogged about the importance of researching one’s mortgage options. As a refresher, Americans spend on average more than twice as long researching a car purchase than which mortgage they are going to use, even though one has about 5X more of a financial impact than the other. While my previous recommendation [...]
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