Mortgage Purchase

What Are the Different Types of Home Loans? Know Before You Buy

What Are the Different Types of Home Loans When It’s Time To Buy? With so many types of home loans out there, how do you know what will work best for your situation?  Whether you’re thinking about a mortgage purchase in the future, or you’re ready to buy now.  This guide will help you narrow things down to help you understand what are the different types of home loans available when it’s time to buy a home. Main Types of Home Loans There are many different types of home loans, but for the average borrower, they usually fall into the following Read More…

how to find a mortgage
Mortgage Purchase

How To Find A Mortgage – 5 Tips To Help You Get Your First Mortgage

How To Find A Mortgage Mortgage rates are expected to keep rising in 2017, but that shouldn’t discourage first-timers from making the leap into home ownership.  These 5 tips on how to find a mortgage can help you navigate uncertain waters and land your first mortgage. 1. Check your credit score. Your credit score is one of the first things your first mortgage lender will look at, so it’s essential to know where you stand. Request a free credit report to find out your score. Different lenders will look for different scores, but anything above 760 will put you in Read More…

Pay a Mortgage Off Early
Mortgage Debt Advice

Pay A Mortgage Off Early – The Tax Benefit Myth Dismissed

Pay A Mortgage Off Early Millions of homeowners in America are lead to believe that having a mortgage is a good thing. Mortgage brokers, bankers, and real estate professionals push the tax deduct-ability narrative. The story-line suggests that using mortgage interest payments as a deduction is smart. This costs homeowner’s tens of thousands of dollars in unnecessary interest payments. Either the adviser doesn’t know or they intentionally hype the benefit. In fact, these specialists have a vested interest in keeping you bound to a mortgage as long as possible. And they will do whatever they can to convince you not Read More…

Difference Between Interest Rate APR
Mortgage Purchase

Difference Between Interest Rate APR – The Real Cost of Financing

Difference Between Interest Rate APR Interest rates always seem to be the focus when searching for mortgage financing.  People tend to check with their neighbors, family, and friends to compare experiences.  What they find is that no two experiences are the same.  Your neighbor closed on a thirty year fixed loan at 3.5% while your sister transacted the same terms at 4.0%. One wonders why the neighbor did so much better. What you will learn in each situation is that there is a difference between interest rate APR. (Annual Percentage Rate). The mistake people make is not knowing there is more to mortgage interest rates Read More…

How to Live Mortgage Free
Mortgage Debt Advice

How to Live Mortgage Free – Prevent These Bigger Mortgage Mistakes

How to Live Mortgage Free – Prevent These Bigger Mortgage Mistakes Don’t Mistake Interest Rate with APR Many Home buyers shop for mortgage financing not knowing the interest rate they will be pay.  The offered rate is usually less than the annual percentage rate (APR), due to fees added to the loan.  Most Mortgage lenders charge fees as administrative costs when closing your loan.   To learn how to live mortgage free you must be aware that rate and APR are different things. For most borrowers, the rate they end up paying is much higher than the rate quoted.  Understanding this is important, as it will affect what you pay over the long-term.  Although there are many principled loan officers, there Read More…

Mortgage Debt Free Life
Mortgage Debt Advice

Mortgage Debt Free Life – Avoid These Big Mortgage Mistakes

Mortgage Debt Free Life – Avoid These Big Mortgage Mistakes Relying on Rate as the Only Factor Once an individual obtains financing their focus over the life of the loan moves to rate reduction, first when starting out, when rates are high and dropping. Many mortgage borrowers believe they have managed their mortgage financing extremely well.  They believe they have realized a large amount of interest savings over many rate reductions. However, few are aware they have only extended the term of their mortgage.  In addition, paid more in interest and fees, but are no closer to a mortgage debt free life.   Unfortunately, many refinancers have lost several hundreds of thousands of dollars in interest without even realizing it.  In Read More…

First Time Home Buyer No Down Payment
Down Payment Assistance

First Time Home Buyer No Down Payment – Is It Right For You?

First Time Home Buyer No Down Payment These programs made available from both state and federal sources allow for first time home buyer no down payment assistance. Here we’ve broken down the federal DPA program along with two state-level DPAs so you can see how each works. This article describes just a few of the many available low income down payment assistance programs throughout the United States. National Homebuyers Fund The National Homebuyers Fund (NHF) founded as a public benefit corporation.  Established in 2002 with the mission of creating programs to help with the financial burdens associated with buying a home. Under the NHF, qualified borrowers have the opportunity to Read More…

Down Payment Assistance First Time Buyers
Down Payment Assistance

Down Payment Assistance First Time Buyers – Do You Qualify?

Down Payment Assistance First Time Buyers The amount of funding available for down payment assistance (DPA) is dependent on the agency, organization or lender providing funds. Grant funding for DPA can be up to 5% of the purchase price with no capped amount in some states. While other states offer funding for as much as 20% of sales price, up to a set limit. Similarly, a handful of DPAs provide funding up to a certain dollar amount, such as $10,000 or $15,000. Whatever DPA you consider using, the higher the amount the less likely those funds are a grant (no repayment). To learn more, keep reading to discover why down payment assistance first time buyers programs may be right Read More…

Zero Down Home Loans First Time Buyers
Down Payment Assistance

Zero Down Home Loans First Time Buyers – Learn The Basics

Zero Down Home Loans First Time Buyers One of the most sought after achievements by most US adults is the goal of home ownership. Reaching that goal represents a certain level of success. Owning a home represents a substantial asset that appreciates over time and has the potential to generate income. But getting the keys to your new home comes with challenges, which includes the need for a down payment. Many home buyers become discouraged when faced with closing costs, moving expenses and the responsibility of a new mortgage payment. So how does one overcome all of these hurdles to realize the dream of owning their own home. The first step is to learn more about zero Read More…

Down Payment Assistance First Time Home Buyers
Down Payment Assistance

Down Payment Assistance First Time Home Buyers – Who’s Behind The Funding

Down Payment Assistance First Time Home Buyers – HFAs Housing Finance Agencies (HFAs)  assist with down payment assistance first time home buyers funding needs.  In addition, HFAs are state agencies that work under a board of directors chosen by each state.  These agencies direct many affordable housing and community development programs. Housing Finance Agencies within each state operate under three federally approved programs: Bonds Credit HOME Investment Partnerships Housing Bonds State and local governments sell tax exempt mortgage revenue bonds.  They use the funds to finance low cost mortgages for lower income home buyers. Or for the development of multi-family units at rents affordable to qualifying lower income families. Consequently, housing bonds are capped Read More…