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: A mortgage is a loan that is used to buy a home. In return for the loan, you pay interest on the amount loaned. The lender also has first rights on your house in case you neglect to pay back the loan. A mortgage has three components: Amount (how many dollars you need to borrow) Interest Rate (the percentage rate you pay on the loan) Term (how long it will take to pay off the loan, generally 15 or 30 years) All of these components impact how much your mortgage payment will be  More...

Terms of Use It often helps to define what is important to you and your family before you even begin looking for a home. The checklist below can be used to help narrow in on homes and to evaluate them once you find something that appears to meet your needs. Address: Da  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: While the thought of no longer having a mortgage payment may seem attractive, it may not be the best financial move you can make. If your mortgage rate is locked in at, say, less than 7 percent, it is possible that you'll make a higher return on your money in the long run if you invest it. Don't forget, you also have the tax benefits of home ownership to consider. For example, mortgage interest is tax-deductible in most cases. A good tip is to add up your itemized deduction  More...

Terms of Use Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information. Talk to your lender or a HUD-approved counseling agency for details. Listed below are a few options that may help you get back on track. For FHA loans: Keep living in your home to qualify for assistance. Contact a HUD-approved housing counseling agency (1-800-569-4287 or TDD: 1-800-877-8339) and cooperate with the counselor/lender trying  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: 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...

Terms of Use Your FICO® scores, from Fair Isaac and Company ( FICO ), are the credit scores most lenders use to determine your credit risk. You have three FICO ® scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each credit score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Credit scores consider five main kinds of credit information. Listed from most   More...

Terms of Use: With current mortgage rates nearing all-time lows and home prices continuing to climb, you want to "get while the gettin's good!" But accumulating enough for a down payment on your first home can be one of the toughest financial challenges you'll face. The traditional down payment requirement used to be 20 percent of your home's purchase price. However, lending rules have changed recently, so you may be able to put down less (5 or 10 percent) to qualify for a mortgage. But keep in   More...