What is a Conventional Mortgage Loan?
When you look into the types of mortgage loans available on the market, you have either loans that are insured (or, backed) by the federal government, or those offered by private mortgage lenders such as banks, credit unions or other lending institutions.
Loan options that are...
Jumbo Loans with Less than 20% Down
Jumbo loans, or nonconforming mortgages loan, most often require at least 20% down, as they pose more risk to the lender. While you can likely find a lender who will extend you a conventional mortgage with less than 20% down, especially if you qualify for a VA or FHA loan, jumbo loans with...
What's the Best Option: Fixed Rate Mortgage or ARM?
If you’ve never shopped for a mortgage before, you might find the information and options overwhelming. You’ve got conventional fixed rate mortgages for various terms, government-backed or guaranteed mortgages like FHA, VA and USDA loans and adjustable rate...
How to Boost Your 401(k) With a Cash-out Refinance
You know you need to think about, and plan for, retirement, but one possible source of retirement income that many people overlook is the cash equity you’ve built in your home. When the market drops, many of us worry about our 401(k) balances, while many experts tell us that...
Will I Be Able to Obtain a Mortgage After a Bankruptcy?
People file for bankruptcy every day, many for reasons outside of their control such as extended unemployment, divorce or unexpected medical debt. Bankruptcy can be a stressful, demoralizing time, and many people who file for bankruptcy worry that they will be unable to keep their...
5 Tips on How to Make an Offer They Can't Refuse
In many areas of the US, the housing market is hot right now and when you find your dream home, you’ll need to move quickly and you’ll need to prepare an offer that shows the seller how serious you are in purchasing their home. So, if you’re ready to move forward in the home...
How to Avoid Paying PMI
No one wants to pay private mortgage insurance. It's expensive, cumbersome, and can really get in the way of having you achieve your financial goals. However, sometimes it's necessary depending on your financial situation. If you want to avoid paying PMI, though, there are some ways in...
3 Facts about FHA Loans, and Why They Might be Right for You!
Many people assume that they won’t qualify for a mortgage unless they have a minimum of 20% of the purchase price to put down in cash, have great credit, and have a lengthy and stable employment history. Although much of that is correct for conventional loans through private...
Should You Get a No Money-Down Mortgage Loan?
During the start of what turned out to be the housing bubble, many people heard stories about “no money down” mortgages, and how they were what “everyone” was getting. Although they are not as well publicized today as they were ten years ago, there are still...