The United States Department of Agriculture offers a mortgage loan program to home buyers in rural and suburban areas – with no down payment required! There are several different loan options available: the USDA Guaranteed Housing Loan, the USDA Direct Housing Loan (for low and...
As a potential home buyer, you may find the looming prospect of having to pay a hefty down payment entirely beyond your means. Even though you’re confident you’ll be able to make the monthly payments once you get into a home, amassing a large sum...
That $20,000 you’ve got sitting in your bank account with a tiny interest rate will be worth less in five years after adjusting for inflation. Here’s the unfortunate thing - while it might feel secure just sitting safely in the bank, money that’s sitting idle...
Buying a house is one of the biggest decisions of your life – and likely one of the largest financial transactions you will be a part of. To avoid financial disaster, you need everything to go smoothly, without surprises. This is particularly true when you’re...
If you’ve decided it’s time to buy a house, then it’s also time to get educated about your options. Homebuyers in the United States have lots of different choices, but before you make a decision you need to understand the different loan types – and what...
Buying a home involves serious planning and careful decision making. The first step is to apply for a mortgage loan and fortunately, home buyers can choose from a seemingly endless array of mortgage loan products today. That is the good news. However, with so many options on...
Home refinancing is a common practice in the mortgage industry. Put simply, it refers to the process of replacing an existing loan with a new loan. Why would a homeowner want to take on new loan instead of just keeping their current one? Refinancing actually allows...
Getting a loan for a new home is not always easy. Because of previous economic uncertainty, lending conditions have tightened and fewer people are qualifying for loans than they have in the past. If you want the best chance of getting your loan approved, it’s best...
An adjustable rate mortgage – also known as an ARM – is a home loan with an interest rate that fluctuates throughout the life of the loan. “Adjustable rate” and “fixed rate” are the two main types of mortgage products today. With a fixed rate mortgage,...
When on the hunt for a new home, it may happen that you come across the perfect home in not-so-perfect condition. It can be challenging to get a mortgage on a fixer-upper, as lenders may be concerned that your home choice isn’t up to par...