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  • 1. What closing costs are associated with FHA loans? Views: 31
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    Terms of Use: Except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. The FHA requires a single, up-front mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% if you complete the HELP program). This initial premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After closing, you will then be responsible for an annual premium, paid mont  More...
  • 2. How can I see my credit report? Views: 30
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    Terms of Use There are three major credit reporting companies: Equifax , Experian , and TransUnion . Obtaining your credit report is as easy as calling or going to the internet and requesting one. Once you receive the report, it's important to verify its accuracy. Double-check the high credit limit, total loan, and past due columns. It's a good idea to get copies from all three companies to ensure there are no mistakes since any of the three could be providing a report to your lender. Fees  More...
  • 3. How and when can I drop PMI? Views: 28
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    Terms of Use: Contact your lender directly to ensure that you are actually paying for PMI. If your principal balance is less than 80% of your last appraised value, request that your lender stop charging you for PMI. If your principal balance is more than 80% of your last appraised value, but you know that your home's current market value would cause you to be below the 80% threshold, get an appraisal and present the appraisal to your lender. Be aware that your lender does not have a choice   More...
  • 4. What should I do to select a real estate agent? Views: 27
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    Terms of Use: It is generally a good idea to start by asking family and friends if they can recommend an agent. Compile a list of several brokers in your area and talk to each before choosing one. Look for an agent who listens well, understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that you feel comfortable with, and one that can provide all the knowle  More...
  • 5. What is a Title I loan? Views: 25
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    Terms of Use: Under Title I, HUD insures lenders against most losses on home improvement loans. Given by a lender and insured by the FHA, a Title I loan is used to make non-luxury renovations and repairs to a home. It offers a manageable interest rate and repayment schedule. If the loan amount is under $7,500, no lien is required against your home. Title I loans feature terms up to 20 years on either single- or multifamily properties. The maximum loan amount is “$25,000 for improving a sin  More...
  • 6. Can I get a credit report for free? Views: 23
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    Terms of Use Credit reports contain a wealth of information about your credit history. Consumers now can get a free copy of their credit report. It's important to review your credit report at least annually to ensure it is accurate and that you have not become a victim of identity fraud.> A study by U.S. Public Interest Research Group found that one in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or or even a job. The   More...
  • 7. Why might I consider getting an FHA loan rather than a conventional mortgage? Views: 23
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    Terms of Use: The major reason to consider getting an FHA loan is because an FHA loan has less stringent criteria than those used by banks and credit unions for qualifying you for a conventional mortgage. As such, an FHA loan may provide an ideal choice for first-time home owners or individuals rebuilding their credit. For instance, the FHA allows you to use 31% of your income towards housing costs and 43% towards housing expenses and other long-term debt. With a conventional loan, this qualifyi  More...
  • 8. What information should I be looking for on my credit report and how do I correct any errors? Views: 23
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    Terms of Use: Your credit report is an important piece of your credit history and should be reviewed in detail. It's especially important to check your credit report (which details how well you pay your loans, bills and credit card purchases) before applying for a loan or other credit, to know where you stand. Check the accuracy of the following information on your credit report: Name. Ensure the spelling of your name is accurate. Address. Ensure your current and previous addresses are accurat  More...
  • 9. What is PMI? Views: 22
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    Terms of Use: PMI stands for Private Mortgage Insurance. PMI is an insurance policy taken out by a mortgage company to protect the lender in case you are unable to make your mortgage payments and the lender forecloses. However, PMI does nothing to protect you, the borrower. When you took out the loan to purchase your home, the lender added the cost of this insurance to your monthly payment unless you made at least a 20% down payment. Once you pay off enough of the loan to meet this 20% th  More...
  • 10. What is loan-to-value (LTV) and how does it impact the amount I can borrow? Views: 21
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    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...
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.

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