One of the latest updates in the Mortgage world is the HomeReady loan program. This program was created by Federal National Mortgage Association (Fannie Mae). Home ready loans were created to be an affordable means to a mortgage for creditworthy borrowers who may have a diverse range of financial situations. This is done through the flexibility of fund source for the borrower. Unlike most … [Read more...]
What Hurdles Exist for Borrowers Buying a Condo?
Buying a condo is often trickier than buying a home. Condos are considered riskier than single family homes, resulting in tighter restrictions and higher interest rates. Along with the standard restrictions that any borrower must go through including the need for good credit, a low debt-to-income ratio and loan-to-value ratio is the need for the condo association to qualify under the FHA, Fannie … [Read more...]
Justice for Mortgage-Relief Scams
Found on Money Tips here: “Operation Mis-Modification” may sound like a bad TV sitcom or a strange new form of pageant, but it is actually a joint effort from the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC) and officials from fifteen states, designed to crack down on mortgage-relief scammers. During the mortgage crisis, desperate homeowners sought help … [Read more...]
Arizona Mortgages
Becoming a homeowner is a big step. One of the first things you should do before purchasing real estate is to ensure that your career is secure. There's nothing worse than getting a mortgage only to find out that your company has a round of layoffs coming down the pike. Check your employment situation before taking out a mortgage. Think Before You Buy Choosing a House to Call a Home Better … [Read more...]
Choose Your Dream Home
If you are thinking about buying your dream home, a Realtor can help. Consider these five things as you choose your dream home. The first consideration should always be location. Are you looking for Tempe homes for sale or Gilbert? Chandler or Surprise? What are your family’s wants and needs? What neighborhood do you want to live in? Do you want an historical home? Do you want a new home in a … [Read more...]
The Home Buying Process is Simple – Follow the Formula
I don't know how many posts I have read that start out with "Buying a home is a big deal...blah...blah...blah." I wish I could have been there to write some of these posts because they are boring as heck and rehash the same old "blah, blah, blah." Fortunately for me, what is missing in these posts is a little personality. Sure buying a house is a big deal, but people, we don't have to be so … [Read more...]
Declining Markets: What Is A Declining Market?
In certain areas of the country, there are "declining markets" and the term becomes very relevant if you are buying a home or refinancing a home in a "declining market" because there are guideline restrictions for properties in these areas. Appraisal Reports For Declining Markets Appraisal reports prepared for collateral in declining markets, oversupply and over six month marketing time (as … [Read more...]
How Are Mortgage Rates Determined?
Many people believe that interest rates are simply set by lenders, but the reality is that mortgage rates are largely determined by what is known as the Secondary Market. The secondary market is comprised of investors who buy the loans made by banks, brokers, lenders, etc. and then either hold them for their earnings, or bundle them and sell them to other investors. When the secondary market … [Read more...]
What’s The Difference Between Interest Rate and Annual Percentage Rate (APR)?
The difference between APR and actual note rate is very confusing, especially for First-Time Home Buyers who haven't been through the entire closing process before. When shopping for a new mortgage loan, you may notice an Annual Percentage Rate (APR) advertised next to the note rate. The inclusion of an APR is actually mandated by federal law in order to help give borrowers a standard rule of … [Read more...]
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