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...
For some reason, the FHA mortgage program struggles to get past many misconceptions about this program which helps millions buy and finance their first home.
First introduced in 1934 to provide some semblance of stability in the untamed mortgage market,...
For those who qualify, there is no better mortgage option which requires no money down, reduced fees and no monthly mortgage insurance.VA Funding Fee...
On top of those stellar benefits, the VA actually guarantees a portion of a VA loan...
You’ve read here before about the sometimes confusing language lenders use on a daily basis. When financing a property you’ll encounter these terms and if your loan officer isn’t careful, will use them when communicating directly with you in...
For those who qualify for this outstanding loan program and want to buy and finance a home with as little cash as possible, there is no better choice than the VA home loan.Here's how to get your VA certificate...
Mortgages today are fully amortized. No more of this “negative amortization” stuff or “payment option” loan programs where mortgage loans would actually increase over time instead of being paid down. Thank goodness forbi-weekly mortgage payments.
When a mortgage company issues...
The Servicemen’s Readjustment Act of 1944 provided benefits to returning soldiers after WWII. Among these benefits was the VA home loan program and today more than 20 million have taken advantage of this special program. The VA isn’t a...
Seller financing historically hasn’t been very common. When a property owner wants or needs to sell a home, the sellers typically want to get their proceeds at the settlement table rather than collect monthly payments from the buyers. However,...
Impound accounts, referred to as escrow accounts in other parts of the country, are monthly payments made to the loan servicer that go toward paying the annual property taxes and insurance when due.
How do they work?
Each month, along...
If you’ve ever gone completely through the mortgage process you know full well there are rules that lenders must follow.
From federal compliance to following lending procedures, it sometimes seems a lender’s series of questions will never end.
There...
