Mortgage Videos
Freddie Mac: U.S. Housing and Economic Outlook 2015
2014 is coming to a close, what does this mean for rates? Where will they go? According to Freddie Mac, we may see a rate increase in 2015. It is definitely not the time of year to procrastinate on taking advantage of today’s low rates, whether it be refinance or a new mortgage purchase. As […]
What Is HUD?
When you begin to wade into the waters of real estate, several acronyms are thrown around in the industry, including HUD. Short for the U.S. Department of Housing and Urban Development, HUD is a specific federal department that deals squarely with the housing market, from rentals to homeownership. It helps everyone, either directly or indirectly, […]
What Is The Best Way To Compare Loan Terms Between Lenders?
When you bought your first big asset, such as a car, you probably received several quotes before even starting the financing paperwork. The same holds true for home purchases. Every lender has a slightly different loan program, based on your credit history and prospective property. You should always obtain at least two to three home […]
How Do Lenders Decide On The Maximum Loan Amount That Buyers Can Afford?
If you are new to the real estate market, the cost of a home may appear daunting. You may feel that you cannot qualify for any home loans, based on your income. However, lenders have a logical and clever way to formulate the best loan amount for you. It is possible to own a home, […]
How Does Purchasing Compare With Renting?
There is truly no comparison between renting and owning a home. The two concepts are worlds apart, such as comparing apples to oranges. If you are a renter considering homeownership, it is time to look at both the advantages and disadvantages of renting a property. Owning a home has many more advantages by far. Landlord […]
When Do Adjustable Rate Mortgages Make Sense?
All your friends and family have told you to stick with a fixed rate mortgage loan, but you are considering an adjustable type. Adjustable rate mortgages, or ARMs, are loans with an interest rate that changes periodically, typically each year. Although this prospective change in payment amount seems taunting, there are certain situations where ARMs […]
What Happens On Closing Day?
The day you purchase your new home is much different than renting a standard apartment. You, the seller and the lender must be present to transfer documents and sign paperwork for a legal property transfer. With all the excitement leading to holding a set of keys to the front door, you need to take a […]
What If I Find A Mistake In My Credit History?
You’ve taken the time to download and print your credit history from all three credit bureaus, including Experian, Equifax and TransUnion. As you read through the history, however, you see a glaring mistake. Regardless of the mistake type, it makes a significant difference on your credit score. If you see a mistake, take these few […]
What Do I Get At Closing?
When you finally close on a property sale, you are essentially ready to move in and settle into your new home. On closing day, or property transfer day, there are a number of transactions and documents that must be paid or signed to make the transfer legal and fair. Both the buyer and seller need […]
How Can I Find Out Information About My Credit History?
Your lender looks up credit histories everyday for their clients, but you don’t need to stay in the dark. You can easily find out information about your credit history by contacting the major credit bureaus. It is your right to know about the information that lenders are using to finance your new home. A stellar […]
What Costs or Fees Are Associated With Loan Origination Process?
The home buying process can be an expensive one, depending on your location. Along with budgeting for principal, interest and property taxes, the actual loan process has several fees attributed to it. This paperwork process takes several people to complete, including your main lender contact. Take a look behind the scenes to understand the fees […]
What Happens After I’ve Applied For My Loan?
The mortgage loan application process first involves a stack of paperwork that you must submit, including pay check stubs, W-2 forms and bank statements. You may have turned in all the necessary paperwork to your lender. At this point, it is a waiting game. However, there are a few things that you can do to […]
What Is RESPA?
In the early 2000s, mortgage lenders were loaning money loosely, causing the housing industry to suffer in late 2008. As a result, the United States government put RESPA into effect. This set of laws essentially protects borrowers, or homebuyers, from predatory lending practices. Take a look at your rights as a buyer and questions you […]
