Terms of Use: Your mortgage broker and loan officer are there to help you get the best mortgage possible for your specific needs and to make the process as convenient and hassle-free as possible. A good mortgage broker and loan officer should provide the following services: Assist you in selecting the best loan to meet your personal needs. This single decision can save you thousands of dollars throughout the years. Keep you informed of your loan status throughout the entire process. Keep y  More...

Terms of Use: Selecting a real estate agent is an important part of buying a new home, although not required. A good real estate agent can be extremely helpful and should provide the following services: Present the homes that suit your needs as you've defined them. Preview those homes to weed out those that are overpriced, or undesirable in some other way. Help you determine the difference between a good buy and a property which, because of its characteristics (i.e. neighborhood, market app  More...

Terms of Use The Whys: To save money when market rates are lower than what you are paying. To pay off non-deductible consumer debt using some of the equity built up in your home. To change your present adjustable mortgage to a fixed rate or vice versa. To get cash for home improvements, college education, second home purchases and personal investments. The Whens: If you are refinancing your mortgage for the reasons defined in 2-4 above, then it really comes down to understanding how much you w  More...

Terms of Use Table of Contents 1. Obtain information from several lenders 2. Obtain all important cost information 3. Obtain the best deal that you can 4. Remember: Shop, compare, negotiate 5. Fair lending is required by law 6. Credit problems? 7. Glossary 1. Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you shou  More...

Terms of Use When buying your first home, navigating the world of financing options can be somewhat daunting. In addition to the options available, consider your own finances to ensure that you are getting the mortgage that best suits your needs. Here's a look at several mortgage loan types: Conventional Loans Conventional loans are fixed-rate mortgages that are not insured or guaranteed by the federal government. The good thing about these is that the interest rate is fixed, so your  More...

Terms of Use: The LTV ratio is the amount of money you borrow compared with the lower of the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: with a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay $2,500 as a down payment. The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV ratio, the less cash homebuyers are required to pay out o  More...

Terms of Use: Pre-qualification is an informal way to see how much you may be able to borrow. You can be "pre-qualified" over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house. Pre-approval is a lender's actual commitment to lend to you and carries much more weight with sellers than being pre-qual  More...

Terms of Use What are FHA loans? The Federal Housing Administration (FHA) works to make home ownership a possibility for more Americans. The FHA is not a lender but rather an insurer of loans. The FHA issues guidelines to banks and credit unions to follow so that as long as a loan meets those terms, it agrees to insure against loss. FHA loans are attractive for first-time homebuyers who might not have saved enough for a down payment of 5% or more for a conventional loan or whose debt-to-income r  More...

Terms of Use There are four primary criteria reviewed in an application for a mortgage: Credit History - The best indicator of how well an applicant will pay their mortgage is how well they have handled their credit and housing expenses in the past. The last two years is especially critical. It is recommended that all borrowers obtain a copy of their credit history from a credit bureau and review it for errors prior to applying for a mortgage. Income - Borrowers must demonstrate sufficient in  More...

Terms of Use Buying a home doesn't have to be an overwhelming experience. Below are some general guidelines to consider when finding a home that's right for you: Do your homework first . Evaluate your tastes, lifestyle, the school district, and preferred commuting distance. Then do a lot of research about the neighborhoods you are considering. Read local papers. Walk and drive around. Determine how much you can afford to spend on your home. As a general rule of thumb, your mortgage  More...