The FHA loan information in this tutorial explains the concept of rate locks. When you feel you’re being offered a good deal from your lender, it’s probably time to lock in your interest rate. This will prevent it from rising (and costing you more money) up until closing day.
Reader question: “I have been researching the FHA program lately, and I’m confused about interest rates. How do I know if the lender is giving me a good deal on my mortgage? What is considered to be a good rate on an FHA loan in 2013?”
Low interest rates are prompting a lot of homeowners to refinance their mortgages right now. But many people experience an unpleasant surprise when they contact their lenders about refinancing their homes. Much to their dismay, they find out they are upside down in the mortgage loan, which makes it almost impossible to refinance. But there […]
You have a first and second mortgage on your house, and now you want to refinance the home. Is refinancing possible under the circumstances? In some cases it’s possible, but in other cases not. Let’s talk about each scenario. Many people who cannot afford a big down payment end up using a first and second […]
This article explains the basic guidelines for the Federal Housing Administration’s streamline refinance program. This program allows certain homeowners to refinance with very little paperwork and no home appraisal. The FHA information in this article was updated in March of 2013, to incorporate changes to the program.
Many websites claim that FHA borrowers can save a lot of money in closing costs, compared to those who use conventional financing. But this is not always the case — not anymore. But that’s not to say there aren’t other benefits of using this program.
The home foreclosure process is a hot topic in the current economy. Sadly, it’s a sign of the times. An estimated 2 million homeowners will face foreclosure in 2011 – 2012. So the need for quality information has never been greater. In this article, we will discuss the basic process that takes place when a […]
We’ve been hearing a lot about the secondary mortgage market in the news lately. This is mainly because it had a lot to do with the housing and subprime mortgage crisis that wrecked the U.S. economy. But many consumers don’t know what the secondary mortgage market is or how it works. They think it has […]