Banks and credit unions make money the old fashioned way- they lend money and charge interest, something that has been going on since the invention of currency. For an automobile loan or a credit card, consumers typically first contact their...
There is a loan program that’s somewhat under-utilized and it really shouldn’t be. It’s the USDA home loan program and while it’s not the home financing answer for everyone, for those who can take advantage of this special type...
If your lender calculated the APR properly, there really isn’t much difference. But for consumers not really familiar with the term “annual percentage rate” or APR, it can cause a bit of confusion. And unfortunately, many loan officers aren’t...
As of December of 2015 one of the most innovative loan programs to come around in a long time was introduced to help those who may have trouble buying a home due to down payment and closing cost issues...
The most common use of a Reverse Mortgage, also know as a Home Equity Conversion Mortgage (HECM), is to convert part of an existing home’s equity into cash. And for many eligible seniors 62 and older, a Reverse Mortgage is...
Another area that we're starting to see lenders expand their offerings is programs for borrowers who have had a short-sale within the past 4 years. The interest rates on these loans however are usually in the high 6’s and even...
Owning a home is one of the pillars of the American dream. This goes for people who can trace a lineage to the American Revolution, as well as people who just arrived from their native country. However, it’s often...
Understanding the details of mortgage qualification is crucial to long-term financial success. You don’t have to be a mortgage guru, but you do need to understand the various details that affect how you qualify. Recently, Fannie Mae made adjustments to...
Property values over the past decade have really been on a roller coaster ride. Around the middle of the last decade, lenders invented new home equity mortgage programs to try and reach as many potential borrowers as possible. Doing so, they...
Have you ever wondered how mortgage lenders set their interest rates each day? Are you shopping for a mortgage and can’t seem to get your arms around how and when mortgage companies decide to change their rates? From the outside looking...