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What is an FHA Mortgage?
An FHA mortgage is a home loan insured by the Federal Housing Administration. The FHA does not provide money directly to borrowers; rather they insure the mortgage against a default. This makes Federal Housing Administration borrowers particularly attractive to lenders. The lenders know that if the borrower fails to pay, they can come after the [...]
How to Spot Check on Your GFE
Within three days of receiving your loan application, your lender must give you a good faith estimate that clearly describes the terms and fees for mortgage you selected. As of January, 2010, HUD provided a standard three-page form to make it easier for borrowers to compare loans. Basic Information Among other things, the GFE indicates [...]
Home Buying
Should You Be a Homeowner?
Before you become a first time homebuyer, it's a good idea to stop and ask yourself a few questions. Depending on your circumstances, renting for a few more years may be the sound financial move to make. How Long Do You Plan to Stay in the Home? If … [Read More...]
Home Buying Articles
Mortgage Rates
What is a Rate Lock?
A rate lock is a short-term agreement for a lender to "hold" an interest rate on a home while the buyer negotiates the actual sale. Rate Lock Requirements Requirements for rate locks vary from state to state. Within states, individual lenders often … [Read More...]
Mortgage Rates Articles
Refinance Mortgage
When is the Right Time to Refinance My Mortgage?
With interest rates at all time lows, many homeowners are attempting to refinance their mortgage, and with the economy in a spiral it makes perfect sense to refinance or seek a home loan. ItÕs also important to remember the many factors that go … [Read More...]