Mortgage
Get the latest news, tips and advice on Mortgage topics.
What Paperwork is Needed to Apply for a Home Mortgage Loan?
Buying a home is a massive endeavor that results in you spending hundreds of thousands of dollars in principal and interest payments over 15 or 30 year terms of a mortgage. It is not something that you should take lightly. Likewise, if the bank is going to hand over a check with six figures in […]
What Credit Score is Needed to Be Approved for a Mortgage?
Everyone knows you need good credit in order to qualify for a home mortgage. But how high does your credit score need to be in order to qualify? What is the lowest your credit score can be to still qualify for a mortgage loan? The Impact of Your Credit Score on Mortgage Application Having poor […]
How Soon Can I Refinance My Mortgage?
One of the worst feelings in the world is buying a home and seeing mortgage rates significantly drop one or two months after you close on the property. You’re happy because you got the home you wanted, but now you are seeing how much extra interest you are paying every single month. It sure would […]
How to Qualify For A Mortgage If You Are Self-Employed
Being your own boss is a great thing. You set your hours, you make the decisions, and you drive your business forward. If you are successful it can be unbelievably satisfying. There’s only one real problem with self-employment: what if you decide to buy a house and need a mortgage? Is it even possible after […]
Will Mortgage Rates Increase with Fannie Mae Guarantee Fee Increase?
Both Fannie Mae and Freddie Mac may cause higher mortgage rates for certain borrowers in the near future. The regulatory agency over both mortgage organizations (the Federal Housing Finance Agency) mandated a 10 basis point increase in guarantee fees for loans backed by both Fannie and Freddie. This isn’t the first increase in fees charged […]
What Mortgage Term Length is Right for Me?
Decades ago you didn’t have many options for mortgages lengths. Terms were usually 30 years or 15 years, and there were no exotic options. Your banker closely reviewed your finances, gave you the mortgage, and then stuck the paperwork in his desk drawer. That bank would then collect your payments for the next 30 years. […]
How to Escape an Underwater Mortgage
There are few financial things worse in life than needing to sell your home, but having the home’s value be significantly lower than your mortgage balance. This is called being underwater on your home or mortgage. An underwater mortgage means you are going to have some issues getting out of the house, and to be […]
Can I Use a Mortgage to Buy a Foreclosed, REO, or Short Sale Home?
The housing bust has left millions of square footage of homes either in foreclosure, REO (owned by a bank), or at risk of being foreclosed on and in need of a short sale. With these properties the cost of purchasing the home is often significantly lower than buying a home that hasn’t been foreclosed on. […]
What is HARP 2.0 and Do I Qualify?
If you are underwater on your home mortgage, meaning you owe more to the bank than the home is worth, it`s nearly impossible to refinance to take advantage of low interest rates and lower your payment. However, the HARP 2.0 plan gives hope to some underwater borrowers. What it is HARP is an acronym for […]
How to Calculate When Paying Points on a Mortgage is a Wise Financial Decision
Mortgage interest rates are sitting at or near historical lows. Rates are so low that you can almost get a better interest rate on a savings account than you can on a mortgage. In this low interest rate environment getting a mortgage requires great finances. If you’ve got your financial house in order you will […]