You have many big decisions when buying a home, including whether you’ll pay for a home inspection. The good news is your lender won’t require it. While that’s good news and could save you money, you should decide for yourself…
Approximately two weeks ago FHA announced they will be lowering mortgage insurance premiums for all FHA borrowers. This is welcome news for many because the MIP discount is as much as 30 basis points lower. The FHA dropped MIP from…
You must lock in your mortgage rate before closing your loan. But it’s a gamble. What if rates fall? They could also increase. While you’re locked into your rate no matter what happens, there are ways to take advantage…
Buying a house with no down payment is possible. It sounds crazy, but there are loan programs that don’t require money down; however, you must still cover the closing costs, in some cases. So you’ll need some money to close…
If you get your credit score from your credit card company or bank but then apply for a mortgage, and the score is different, you might wonder why. Two types of credit scores dominate the market – mortgage credit…
Applying for a mortgage is a big deal, and the lenders want you to take it seriously. In addition, once you apply for a mortgage, you must keep your credit, income, and assets status quo. Any changes could risk…
Have you had this common experience? You visit a bank or mortgage company website, trying to find out how much home you can afford or how much money you can borrow, but frustration inevitably ensues. You fill out a form…
If you’re considering buying a new home but don’t have enough money saved for a down payment, a down payment assistance (DPA) program may help. DPA programs help first-time homebuyers secure funds for a down payment and closing costs, so…
FHA loans have a reputation for being only for first-time homebuyers, but they could be a solution for almost any homebuyer. If you don’t have ‘great’ credit or your debt-to-income ratio is higher than conventional loans allow, an FHA loan…
Conventional loans don’t have upfront mortgage insurance fees like government-backed loans (FHA) have, but there are fees behind the scenes many borrowers don’t realize. You may not see the charge, but it’s wrapped into your interest rate, affecting your mortgage…
