FHA Mortgage Insurance is a required payment for all FHA borrowers. The money you pay towards your mortgage insurance helps the FHA stay funded. Without the funding, the FHA would be unable to afford to guarantee as many loans as they do each year. The FHA charges the mortgage insurance in two ways: upfront mortgage insurance which you pay at the closing and annual mortgage … [Read more...] about All About FHA Mortgage Insurance
Buying a home is always a good investment. Unless of course you bought right before the housing crisis and watched your investments deflate right before your eyes. As the economy recovers, investing in homes is becoming a better option every day. In fact, 2017 may be one of the best years to buy a home. Here are several reasons why you should consider it this year. Homes … [Read more...] about Why 2017 Could be the Best Year for You to Buy a Home
Buying a house is exciting. It is also very expensive. Long before you start shopping or fill out a mortgage application, you need to save money. This money pays for the down payment. Conventional loans offer the best terms for those who put down at least 20 percent of the price of the home. This is not reality for many people, though. Luckily there are other programs … [Read more...] about How to Save for a Mortgage Down Payment
You found a home you love, but the problem is you do not have 20% to put down on the home. Before you walk away from what you thought was your dream home, consider your two options. You can pay PMI or take out a HELOC. Before you decide which option is right for you, learn about the differences here. What is PMI? PMI or Private Mortgage Insurance is an insurance policy that … [Read more...] about HELOC or PMI – Which is the Better Option?
The FHA Streamline loan allows current FHA borrowers to refinance their loan with very little verification. The major premise of the loan is the lack of need for an appraisal. This allows even an upside down or a self-employed borrower to refinance and save money every month. Because the streamline loan requires borrowers to have an on-time mortgage history, the FHA feels … [Read more...] about Documents for a Self-Employed Borrower on FHA Streamline