Home Loans

Private Lenders Offer A Second Chance For Mortgage Applicants Rejected By Banks

Since the 2007 financial crisis, many traditional mortgage lenders have revised their mortgage applicant acceptance policies in an effort to retreat from financing borrowers who appear risky, due to poor credit scores, a troubling debt-to-credit ratio or less than a 20 percent down payment. As this new “hole” in the mortgage market has ... More

Everything You Need To Know About the Classic Reverse Mortgage

If you find yourself confused by the concept of a "reverse” mortgage, you’re not alone. This loan product, which is reserved for seniors aged 62 or older, allows a qualifying homeowner to borrow against their existing home equity. Reverse mortgagees are not required to make monthly payments on the loan as long as the property remains ... More

Be Savvy When Purchasing Your First Home

Making the decision to purchase your first home is, at once, exciting and daunting. To help you through the process, the below steps provide a guide to first-time buyer success by providing a useful framework for where to begin, as well as an ideal path to follow in the search for your dream home. Calculate your monthly budget – before ... More

Is An Investment Property In Your Future?

Under the right circumstances, an investment property can be a great opportunity to earn rental income, especially since property values have been rising steadily since 2007 and are expected to continue to be a solid investment. If you’re considering this type of investment, however, you’ll want to consider the following: Excellent ... More

Home Equity Conversion Mortgage Allows Senior Citizens to Purchase a Home

Whether you’re a senior looking to purchase your first home, downsize to a smaller property or purchase an additional home, a little-known reverse mortgage tool called the Home Equity Conversion Mortgage for Purchase, or HECM, may be just the ticket. Generally, reverse mortgages are known as a vehicle for senior citizen homeowners to ... More

ARM Loans 101

Adjustable Rate Mortgage loans, commonly called ARM loans, are one mortgage loan option available to prospective homebuyers. By definition, these are loans linked to an economic index, meaning the interest rate will fluctuate over time. Despite the uncertainty in rate, ARM loans can be very attractive because they typically feature a very low ... More

Can I Get A Home Loan Without Putting 20 Percent Down?

Research consistently shows that the number one thing holding renters back from buying is an inability to save for the required down payment. This is due, in part, to a long-held belief that the only good down payment is one of 20 percent or more. Unfortunately, with the average home in the United States selling for $311,400 these days, ... More

Is a Cash-Out Refinance Right For You?

Homeowners looking to refinance their mortgage loans are generally hoping for one of two benefits: a lower interest rate and lower monthly payments, or a large sum of cash in-hand. If an influx of spendable dollars is what you most need, a cash-out refinance may be the optimal tool for you. In essence, a cash-out refi allows you to tap ... More

Many Homeowners See Refinancing as a Daunting Process

Refinancing can offer a host of benefits to a homeowner, but research shows many view the process as confusing and choose to put off looking into it. Although refinancing does require several steps, it doesn’t have to be daunting. And for many homeowners, a refinance can mean lower monthly payments, a speedier payoff – or even both. ... More

The ‘Short Sale’ Explained

If you’re searching for your next home and have come across listings for “short sale” properties, you may be wondering what that means. In layman’s terms, when a seller’s debt on a home surpasses the property’s market value, they may choose to avoid foreclosure by selling their home as a short sale. This requires bank approval, ... More