Archive for the ‘Mortgage FYI’ Category

Gone are the days of "Stated Income" and "No Doc" mortgage loans. Subprime loans, Alt A loans and the exotic mortgages programs developed for borrower's with tarnished credit, or borrower's who couldn't document income and assets are extinct. We are now in a credit world that has gone 'Back to Basics'. How does this compare to a year ago, and how does a borrower determine ... Full story

As the housing market cools and the refinancing boom dries up, lenders are working hard to win borrowers over with unusual loans. Among these loans are 40- and 50-year mortgages. These extra long-term loans only make up a small fraction of all mortgage originations a year and will probably never become the new standard. However, it is important to understand for whom these loans are ... Full story

When Brandon and Jamie Creamer decided to buy their first home, they weighed several financing options. They chose to take advantage of their military service and apply for a VA loan. Brandon, on active duty in Iraq, and Jamie, a former member of the Army National Guard, met the eligibility requirements for VA and decided it was ... Full story

by Davey Edwards and Eric Kincheloe Part One of this series on mortgage insurance explored several aspects of MI: its evolution, how it works, and some of its benefits. Part Two focuses on the various forms of MI as well as one of the more widely known alternative mortgage programs and the challenges with each. TYPES OF MI AND THE ... Full story

With the prices of homes today, a temporary buydown may be worth considering. Depending on your circumstances, it may be just what you need to ease into homeownership.  What is a buydown? A buydown is a reduction in your monthly mortgage payment in the first two or three years of your loan. What you are essentially doing is paying down your rate for a specific period ... Full story

Virtually all home buyers fail to ask their attorney whether or not there are any liens or encumbrances affecting the property they are about to purchase.  The reason may be that the home buyer expects that the attorney has taken care of all issues and there is nothing to worry about. I would guess, however, the answer is even simpler: the home buyer does not ... Full story

Sometimes refinancing an existing, high-interest mortgage can save homeowners money. You may be able to pay less interest, lower your monthly payments, or convert from an adjustable-rate mortgage to a fixed-rate mortgage. Refinancing is not for everyone, though. Before taking this major financial step, homeowners need to be sure that refinancing is right for them. Homeowners thinking of refinancing should meet with a housing counseling agency ... Full story

Buying a home is a major achievement in anyone’s life. Pride of ownership, tax breaks, equity, and the ability to increase your wealth and net worth are just a few of the many benefits you’ll enjoy with your new home. Your home purchase may also be one of the largest you will ever make.  During the emotional excitement of buying a home, you may ... Full story

Nikolay and Marina, a Connecticut couple and parents of two, emigrated from the former Soviet Union and came to the United States. Today they are achieving the American dream with a little help from USDA Rural Development. As new citizens, Nikolay and Marina needed assistance navigating their way through the sometimes daunting process of American home buying as well as finding financial aid, to keep ... Full story

A proliferation of “No Fee” mortgage programs are being advertised lately, and who can refuse something for free? As your mother told you when you were growing up, though, nothing–or almost nothing–is free, and beware of things that appear to be too good to be true.   The “No Fee” mortgage has been around for years and has recently ... Full story