Prequalified and preapproved are two common terms you hear when it comes to getting a mortgage.But it’s important to know they are very different things.PrequalificationA prequalification takes 15 to 30 minutes and involves a few quick questions.You typically do this before you look for a home.At this point, the lender takes your word that everything [...]

Federal Housing Administration (FHA) and conventional financing loans are undoubtedly the most common ways of getting money to purchase a home.FHA Loans An FHA loan is for you if you are either asset- or credit-challenged, or both, as the minimum down payment is just 3.5%. Very few lenders, however, will fund FHA loans to buyers [...]

With summer well under way, many of you, especially those in areas where the weather is more adverse during the winter months, may be undertaking some of those long-overdue projects around the house.But the cost of some larger projects like additions or remodels may prevent them from getting done.The good news is that even with [...]

With all the changes that have affected the mortgage industry over the last few years, it is now easier to get the very best loan for your needs.When looking to purchase or refinance a home mortgage, the first question you need to ask is: How long do I plan to own the property?If you are [...]

With the different number of financing options available these days with which to purchase a home, the Federal Housing Administration (FHA) loan may be the right choice for you as it has lower credit score requirements than does its conventional mortgage counterpart.Following is a comparison of some of the features of both types of loans:With [...]

Many homebuyers and potential homebuyers know that there can be tax benefits to owning a home versus renting one. So it might be helpful to break this down to see exactly what the savings are. Always check with your tax professional for information on your specific situation.For this example, we’ll use a married couple that [...]

With record-low housing prices and the record number of foreclosures and short sales that are available these days, potential homebuyers are coming out in droves for the right properties at the right prices.This is especially true with first-time homebuyers.First-time homebuyers are getting deals one homes that even a year or two ago might have been [...]

In an effort to keep fraud in the mortgage industry to a minimum, a new set of laws was introduced in 2010 to address how lenders must disclose important information to borrowers.The laws attempt to do two things.The first, part of which has been in place for some time already, is to disclose information to [...]

A mortgage is a major obligation. People look at their annual mortgage statements to see what they paid, but they rarely think what can be done with their mortgages.What to look forWhen reviewing your mortgage, look at the renewal date, interest rate and prepayment options. By looking these things, it may be possible to find [...]

With home prices and interest rates at historical lows, now is the ideal time to at least be looking into your options with regard to purchasing an investment property.Whatever your intent, your best bet is to start by doing two things. First, sit down and figure out what your goals are in purchasing a property, [...]