Home owners that took advantage of the Home Affordable Mortgage Program recently are in for a big surprise. In addition to the $5,000 that the government is already providing those home owners that pay their mortgage on time for the first five years of their loan, these home owners will also receive another $5,000 in principal reduction in the sixth year of their HAMP … [Read more...] about Home Affordable Mortgage Program Recipients Get More Benefits
When you are buying a home and taking out a mortgage, your lender will need to see your most recent tax returns and in some cases, the prior year’s return too. After your loan has begun being processed the lender will request your tax transcripts straight from the IRS. This eliminates any risk of fraud that any borrower could commit in an effort to obtain a higher loan amount … [Read more...] about Think Twice Before Amending a Tax Return During the Mortgage Process
The Home Affordable Modification Program, or HAMP, is a program that is meant to make mortgage payments more affordable for homeowners that have not defaulted on their mortgage, but are having serious difficulty getting it paid. In determining whether or not you are eligible, the banks look at a variety of factors, including your Net Present Value. Get a free home loan quote … [Read more...] about How Lenders Determine your Eligibility for the Home Affordable Modification Program
Once you decide on a mortgage lender, whether you are purchasing a home or refinancing an existing mortgage, you still have some negotiating to do. Whether you chose your lender based on the rate they were providing or on the fact that they were the only lender to offer an approval, you still have wiggle room when it comes to closing costs. The costs that you pay to process and … [Read more...] about How to Lower your Mortgage Closing Costs?
When you first purchase a home, it seems like a no-brainer – you should choose a 30-year mortgage, after all that is what everyone else does. While it does make sense to try to stretch those payments out as much as possible in order to be able to afford more home, in the long run, it could be the biggest mistake that you make. Do you really want to be paying that mortgage … [Read more...] about Comparing a 30-Year Loan to a 15-Year Loan