Mortgage

probably aren't in the habit of buying a house on a regular basis, or if you're a first time homebuyer, you probably aren't well-versed in the different types of home loans available to you. Therefore, we are going to give you the five most common home mortgage loan options and explain how they work. The Five Most Common Types of Home Loans 1. FHA Loan Federal Housing Administration (FHA) loans are extremely popular and generally offer more favorable terms than their counterparts. An FHA loan…

A historical argument is that paying rent does not grow equity or store value like a mortgage payment. In the U.S., mortgage interest is tax deductible, which is away for those in higher income brackets to lower their taxable income. Renting does not provide this tax break. To some degree, renters are under the control of their landlords in so much as major…

fatherVA loans are mortgage loans given by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). These types of loans help U.S. military veterans purchase homes with competitive rates, no down payments, and no required private mortgage insurance. This program is also is designed to offer a long-term financing option to U.S. military veterans. To be clear, the government doesn’t make the loans; it simply promises the loans will be made by qualified mortgage lenders.…

government intervened, and created new regulations to protect investors. Suddenly, the mortgage lenders and their bankers had much stricter accountability for the loans they issued. Consequences to the lenders and the bankers varied from fines to serving time in prison. In response to this, the mortgage Lenders began tightened lending guidelines. Simply put by my sister: “A client who I could have issued a $500,000 mortgage loan to only one year prior I could only approve for a $200,000 loan…

have optimized SIMP to reduce principal at approximately the same pace as the 15 year show them please refer to column X . 15 year mortgage reduces the principal balance of a loan by 10 % in just over 2 years, now lets take a look at SIMP please go to column K as you can see it takes SIMP a few months more. There is one major caveat of the 15 mortgage I would like to go over , please refer to cell B10 as you can see SIMP monthly payment is $161 less than the 15 year, thus SIMP…

National Mortgage, a division of Colonial Savings, F.A., is holding two free homebuyer seminars for potential first-time homebuyers on Thursday, July 27, from 7 to 9 p.m. and Saturday, July 29, from 10 a.m. to noon. Anyone who is interested in learning valuable information about the home buying process is encouraged to attend. “Since it’s foundation in 1952, Colonial has been committed to helping our customers achieve their dream of owning a home,” said Joe Chapman, VP of Retail Mortgage…

When the borrower gets his mortgage from a bank or other lending institution in order to finance his or her house purchase, this transaction is considered to belong to the Primary Market. At this point, the lender has a choice of either servicing the loan for the time equivalent to that loan duration (5, 10, 15, 20, 30 years or any other such term) or sell it to someone else. Some lenders decide that they want a steady and secured income coming from systematic, monthly payments from the…

functions. A written agreement is in place that states the roles and responsibilities of each party and is available for review by all appropriate parties and agencies. Services provided by TENA comply with HUD, Fannie Mae, FHLMC, VA, RHS and The Mortgage Company, Inc. quality control policies, procedures and…

Currently, the two most common mortgages are conventional and FHA. FHA is nothing more than a big insurance program for lenders. FHA is not lending you any money, they are just insuring the lender that you are obtaining your loan through against default. When choosing between an FHA and conventional mortgage you must ask yourself a few questions.... Is my credit good? Even though the minimum credit score requirement on a conventional mortgage is 620, there are extra fees charged to you if your…

For some people, the foreclosures hit them with a force of a bulldozer rolling them out of their comfortable zones and forcing them back into the land of the rental. But for others, like myself, the foreclosure market was an amazing moment when the stars aligned and every house price dropped to prices that some of us could easily finally afford. Not only were we able to afford a house for the first time possibly in history, we were able to have our pick of the litter as it were. It was a buyers’…