Cash-out Refinance | Pros & Cons 2024
The longer you make payments on your existing mortgage, the more equity you gain. Equity is the home’s value that you’ve paid for and now own. You can also acquire equity when the value of your home...
View ArticleUSDA Loans: First-time Home Buyer’s Guide 2024
First-time home buyers can get three big benefits from a USDA loan: Buying with no money down: Usually, home buyers put at least 3% down, and a lot of buyers need larger down payments to get...
View ArticleWhat is an ARM mortgage? | Rates & Requirements 2024
What is an adjustable-rate mortgage? An adjustable-rate mortgage (ARM) is a home loan that offers a low interest rate for a pre-set period, typically anywhere from 3 to 10 years. When that period is...
View ArticleConventional Loan Limits 2024
What are conventional loan limits? Most conventional mortgages come with caps on the possible loan amount. These are called “conventional loan limits” or sometimes “conforming loan limits.” In most...
View ArticleSecond Mortgages | What To Know 2023
With a second mortgage, a homeowner can borrow at a very low interest rate, using his or her equity in the home as security. You keep your existing first mortgage and add a second mortgage loan on top...
View ArticleBest Loans for Home Improvement | 2023
When tackling a home renovation, the costs can add up quickly. A seemingly small kitchen remodel can leave you on the hook for thousands of dollars. The right loan can make or break your home...
View ArticleWhat is an Adjustable Rate Mortgage (ARM)?
When the housing market collapsed in 2008, adjustable-rate mortgages took some of the blame. They lost more appeal during the pandemic when fixed mortgage rates bottomed out at all-time lows. With...
View ArticlePermanent vs Non-Permanent Resident Alien Mortgage Options
Residents with green cards and work visas can qualify for a U.S. mortgage even if they are not U.S. citizens. In fact, these home buyers can qualify for government-backed and government-sponsored...
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5-Year Fixed Mortgage Rates & Loan Programs
Fixed mortgages with shorter terms can create incredible interest savings. Not a lot of lenders offer short-term mortgage loans. The good news is you can create your own 5-year fixed-rate mortgage and...
View ArticleAvoid PMI Without 20% Down | Guide 2023
“Affordable Loan Solution” program offers 3% down loan The “Affordable Loan Solution” mortgage is a conventional loan program from Bank of America intended to be a less expensive option than the...
View ArticleHow To Calculate Self-Employment Income for a Mortgage | 2023
When you apply for a mortgage, the lender will check your monthly income to make sure you can afford to make regular house payments. For some borrowers, monthly income isn’t easy to calculate....
View ArticleFannie Mae Family Opportunity Mortgage | 2023 Guidelines
Lenders give the best mortgage interest rates and terms on “owner-occupied” home purchase loans. “Owner-occupied” simply means that the people buying the home plan to live in it. But there is a...
View ArticleWhat mortgage rate can you get with an 800 credit score?
FICO scores range from 300-850 — so getting in the 800s can be a feat. Fortunately, there are benefits to having a higher credit score. A high credit score makes you more attractive to lenders. Not...
View ArticleCommon Mortgage Underwriting Problems that Could Stop Your Loan Approval
The application process to get a mortgage may seem a little daunting with all the information you reveal. But just because you get through the application doesn’t mean it’s over, and you will magically...
View ArticleCan You Use Bitcoin For a Downpayment on a House?
For most of its 10-year history, serious interest in Bitcoin was largely limited to computer geeks and cyber criminals. (According to Europol, “Bitcoin [is] the currency of choice in criminal markets,...
View ArticleWhat is a cash-out refinance?
The longer you make payments on your existing mortgage, the more equity you gain. Equity is the home’s value that you’ve paid for and now own. You can also acquire equity when the value of your home...
View ArticleBorrow From Your 401k to Buy A Home
Saving up money for a down payment and closing costs to buy a house is one of the basic requirements in order to qualify for a home loan. It can be a tedious process, especially for first-time home...
View ArticleHow to Write a Letter of Explanation | Template & Examples
When you’re asked to write a letter of explanation by a mortgage underwriter, look at this as a valuable opportunity to clearly communicate your situation. Standard mortgage forms often don’t leave...
View ArticlePaying Cash for a House : Reimbursement via the “Delayed Financing” Cash Out...
Many home buyers find themselves in situations where they want or need to pay cash for a home. Maybe the home is in disrepair and not eligible for financing. Maybe it is offered below its true value...
View ArticleStated Income Loans Available in 2022
Stated income loans are making a comeback — sort of. Extremely popular in the early 2000s, stated income loans were one of the factors of the housing market collapse. Why? Lenders were approving...
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