The mortgage process is a long and complicated one, with a number of similar-sounding terms that can easily confuse first-time homebuyers. A pre-approval is not the same thing as a pre-qualification, and it's important to understand everything that goes into a pre-approval. Being declined during the pre-approval process means you'll have a hard time getting the funds you need to buy your home, so it's important that you know what the process is going to look like before going into it. How does a … [Read more...]
3 Tips To Consider When Buying A Home With An FHA Mortgage
FHA loans are becoming increasingly popular these days as potential homeowners may not able to qualify as easily for conventional mortgages. The FHA insures some higher-risk loans, in turn allowing borrowers with low down payments and less than perfect credit to purchase homes and bolster the housing market. However, while getting through the loan process with an FHA mortgage loan is not necessarily more difficult than with a conventional or conforming loan, there are some issues that you will … [Read more...]
A Step-by-Step Guide to Refinancing a Traditional Mortgage to a FHA Mortgage
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more. Those who are interested in refinancing in an FHA mortgage may consider these steps. Understand the Rules … [Read more...]
What is a Reverse Mortgage and How Does It Work?
If you've recently considered your options for taking some of the equity out of your home you may have heard about reverse mortgage loans. If you meet the requirements for a reverse mortgage it can be an excellent way to tap into the value of your home, freeing up that cash to be reinvested or used for other purposes. In today's blog post we'll explore reverse mortgage loans, explaining how they work and whether or not you're qualified to receive one. How Does a Reverse Mortgage Work? As the … [Read more...]
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