A home appraisal is not always required for a refinance. For example, the FHA or VA Streamline Refinance does not require a new appraisal; they use the value from the appraisal when you purchased the home. If you are underwater or your value has decreased this could be beneficial for you. Believe it or not, there are some instances that it would benefit you to opt for the … [Read more...] about 3 Reasons you Might Want a Home Appraisal During a Refinance
When you refinance, the lender wants to know that there is a benefit to you in doing so. They do not want everyone refinancing just because they have the ability to do so or because their rate might decrease a bit. This could make it difficult for many borrowers to ever get ahead on their mortgage if they keep starting over from scratch, so to speak. The way that lenders … [Read more...] about What is a Net Tangible Benefit?
The interest rate on an adjustable rate mortgage that you are quoted when shopping for a mortgage can be enticing because it is often lower than the fixed rate that you could get on your mortgage. What many people do not realize is how much that interest rate will change over the life of the loan. Before you jump at a low ARM rate, educate yourself on all of the terms that … [Read more...] about Adjustable Rate Mortgages: Understanding the Terms
Mortgage regulations have gotten much stricter in recent years, making it more difficult for anyone to obtain a mortgage. If you are divorced, the process could become even more difficult – but luckily it is still possible to get a mortgage. The thing that you must remember is to be diligent about every step in the mortgage process. Everything needs to be documented and … [Read more...] about How Being Divorced Affects your Ability to Obtain a Mortgage
A 30-year mortgage is one of the most affordable terms for most homeowners, but it has one big flaw – it does not provide home ownership in a feasible amount of time. In fact, only 32 percent of the borrower’s monthly payment goes towards the principal of the loan in the first few years of a 30-year loan. This leaves homeowners in a financial bind for many years – including … [Read more...] about Will the 15-Year Mortgage Become More Affordable?