The Pros and Cons of a HomePath Mortgage: Is it worth it?

The Federal National Mortgage Association (FNMA), an entity more commonly known as Fannie Mae, has adopted the brand, HomePath, as the name used on all Fannie Mae-owned properties.  Consumers now have the option to apply for a HomePath Mortgage, which is a specialty mortgage product available for all properties owned by Fannie Mae.  As with […]

Why Getting Pre-Approved in Writing is Important When Searching for a House

When you begin the search for a new home and contact your realtor, he or she is likely to ask if you have been pre-approved by a bank or lending institution.  Many people get annoyed with this request, but it’s important to understand why the realtor is asking this question and how a pre-approval will […]

Why You Should Take Advantage of Historically Low Mortgage Rates NOW

While rates for mortgages have been edging upwards, they are still at some of the lowest in history.  And according to Greg McBride, a senior financial analyst for Bankrate.com, the trend of edging upwards is one that is likely not here to stay.  “The U.S. economy is not out of the woods,” he states. “The […]

I want to refinance but I also want to get the lowest rate possible. Should I hold off for a little while to see if rates dip even lower than they are now?

FHA Streamline Refinances: Too Good To Be True?

With mortgage rates at very attractive lows, many homeowners are seeking to refinance their existing mortgages to take advantage of the savings that lower rates bring.  While low rates are good news, if your current mortgage is an FHA mortgage, there’s great news for you: FHA offers Streamline Refinances, which are the fastest, easiest way […]

Have You Served Our Country in the Military? If So, You Likely Qualify for a Zero Down Mortgage for Veterans

It takes a special kind of person to be willing to give his or her life for the freedoms our country enjoys, and without a doubt, members of the military should receive special benefits not given to the rest of the population.  That’s why if you are a veteran and in the market for a […]

HARP 2.0 and What it Means for Homeowners Who are Underwater

If you are sitting in a home for which you owe more than it is currently worth, you are one of millions of homeowners in the exact same predicament.  The good news is that you no longer have to sit underwater with a mortgage that is sub-prime or at interest rates that far exceed what […]

What is the Difference in Short Sales and Foreclosures?

A short sale is a process in which you sell your home for an amount that is less than what is owed on the mortgage.  The lienholder of your mortgage must agree to this type of sale and in many cases, the borrowers are still not released from their obligations to repay the deficiencies on […]

HARP 2.0 Encourages Borrowers to Shorten the Terms of Their Mortgages

Participants in the HARP 2.0 program—a program that is designed to assist homeowners in refinancing their mortgages, even if the mortgage is more than the home’s current value—are being encouraged to shorten the terms of their refinanced mortgages.  According to the Federal Housing Finance Agency’s (FHFA) website, “borrowers who owe more on their mortgages than […]

So What Exactly Is Going On With Jumbo Loans?

You might have heard how difficult it is to get a jumbo loan.  You might even be confused now on what a jumbo loan actually is – and there’s reason for that confusion.   The reason is that the concept of a jumbo loan means two very different things based on whether you are working with […]

Why You Should Take Advantage of the FHA Streamline Refinance Option if You Are an FHA Homeowner

The Federal Housing Administration (FHA) Streamline Refinance is an option available to all current FHA-backed homeowners, and now with new rule changes, the process is even easier to complete.  In an effort to qualify more homeowners for the FHA Streamline Refinance, the FHA has decided to make the process as easy as possible. This means […]

Credit Scores and Home Loans: What Number is Best?

If you are considering buying a home, qualifying for a mortgage is the first step to making your dream of home ownership a reality.  Interest rates are at an all-time low, it’s a buyer’s market, and it’s a great time to purchase – there’s no doubt about it. But it’s important to understand that the […]