You know you want to buy a house, but how much can you afford? How much money will a bank give you? Before you get too excited, understand that banks may qualify you for more than you want to spend. What you qualify for and what you need are two different things. Once you know that, you will make a more informed decision. Here we discuss what you must consider before taking out … [Read more...] about How Much Mortgage do you Qualify for?
Buying a home or refinancing a current mortgage is not as cut and dry as you think. You have many options. Government loans are not just for first-time homebuyers anymore. They are good for many borrowers. Conventional home loans have their own benefits too. How do you decide which one is right for you? Let’s take a look. Why Conventional Loans Take the Cake If you asked a … [Read more...] about Are Conventional Home Loans Better Than Government Loans?
If there’s one thing borrowers worry about the most with a new mortgage it is the mortgage rate. It makes sense. Who wants to pay more interest than necessary? Did you know, though, there are many factors that drive this rate? Some are in your control, others aren’t. We discuss both here so you can make the most of the rates offered to you. Factors you Can’t Control There are … [Read more...] about How is your Mortgage Rate Determined?
If you opt for FHA financing when you purchase or refinance a home, you have to have an FHA appraisal conducted. This means that a HUD approved appraiser will conduct the appraisal. The reason the FHA requires a HUD appraiser to perform the job is because there are certain specific guidelines he must follow. In the case of the FHA loan, the appraisal is not a time to strictly … [Read more...] about Comprehensive Guide to FHA Mortgage Appraisals
Hard money lenders, or private lenders, offer you the chance to secure funding for a home that a standard lender would not provide. The most common group of people that use this type of lending is those that rehab or flip homes. Many lenders will not provide funding for this type of transaction, which leaves investors in the lurches for financing. Luckily, there are investors … [Read more...] about How to Benefit from Hard Money Loans