Terms of Use: The U.S. Department of Housing and Urban Development (HUD) was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD's primary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws. HUD helps people by administering a variety of programs that develop and support affordable housing. Specifically, HUD plays a large role in h  More...

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. Some of   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 RESPA stands for Real Estate Settlement Procedures Act . It requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction. For more information visit HUD&#  More...

Terms of Use The Energy Efficient Mortgage allows a homebuyer to save future money on utility bills. This is done by financing the cost of adding energy-efficiency features to a new or existing home as part of an FHA-insured home purchase. Basic guidelines for EEMs are as follows: The cost of improvements must be determined by a Home Energy Rating System or by an energy consultant. This cost must be less than the anticipated savings from the improvements. One- and two-unit new or existing home  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: 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 monthl  More...

Terms of Use Making your home the most desirable possible does not have to cost a lot of money and can significantly increase the selling price of your home. Your Home's Exterior Your home's exterior is the first thing a potential buyer sees when visiting your home. The following tips will help you increase your home's curbside appeal and create a strong first impression to potential home buyers. Fence Replace missing slats, stakes and posts. Repair broken hinges and paint or  More...

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. 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, ranging from $5-$20, may be charged to issue credit reports but some states permit citizens to acquire a free one (see related links). ?On  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...