What Are The Requirements To Sell A Home Using An FHA Loan?

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Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA's standards. FHA won't insure loans on just any property. While their standards aren't as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location And Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved with a surface that will work all…
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The Pros and Cons of Paying Your Mortgage off Biweekly Versus Monthly

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If you have a mortgage, you're probably looking for the best option to pay it off. Monthly mortgage payments are an easy-to-manage way to pay for your house - in fact, they're the most common form of mortgage payment  but now, many homeowners are discovering that biweekly payments offer them better results. So is a biweekly payment the better option for you? Which payment strategy best fits your individual circumstances? Here's what you need to know. Biweekly Payments: Pay Off Your Mortgage Faster and Save on Interest Biweekly payments are becoming increasingly popular for a variety of reasons. With a…
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3 Reasons Why the Cost of Title Insurance is Worth the Investment

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Title insurance is one of the few types of protection policies available to homebuyers and one that is often overlooked because of its optional nature. Because title insurance is purchased simultaneously with the home, it can be very easy to forego when looked at alongside all the additional fees that are associated with purchasing property. This is typicaly not advisable, as title insurance is one of the smartest forms of protection a homeowner can buy. Here are just three reasons why every purchaser should get title insurance. It's The Best Protection Against Fraud Title insurance protects the owner of a…
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Spouse with Bad Credit? 3 Reasons You’ll Want to Consider a Co-signer for Your Mortgage

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Obtaining a mortgage can be quite a complicated process even without the financial hurdles, but if your spouse's credit has experienced a number of difficulties, acquiring a mortgage can be even more of a burden. If you're concerned about what bad credit will mean for your mortgage and are weighing your options, here are some reasons why it might be important to use a co-signer for your application. Increasing The Likelihood Of Approval From getting an education to purchasing your first vehicle, it's a common occurrence for people to take a loan out at some point in their life. However,…
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Understanding the Jumbo Mortgage and Why Refinancing These Mortgages is Different

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It seems like everything is getting jumbo sized these days. Jumbo sized soft drinks. Jumbo sized fast food meals. Jumbo sized smartphones. But one thing that nobody thought would get jumbo sized? Is mortgages. So what exactly is a jumbo mortgage? How is it different from a standard mortgage, and what does that mean for your refinancing options? Here's what you need to know. Jumbo Mortgages: Larger Sums For Enterprises And Wealthy Buyers As the name implies, the main factor that sets jumbo mortgages apart from standard mortgages is the loan limit. Fannie Mae and Freddie Mac impose mortgage limits…
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4 Things You Absolutely Should Not Do After You Apply for a Mortgage

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If you have a good credit history and are prepared to invest in a home, you may be feeling pretty confident about the mortgage process. However, it's important to be aware that there are things that can have a negative impact on your application. Whether you've just submitted your documents or are getting close to it, here are some things you may want to avoid. Acquiring New Credit It may seem silly that something as minor as a new credit card can be a mark against your credit, but applying for new ones can be a bad sign to lenders.…
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Money Matters: Understanding How a Mortgage Loan Can Be a Productive Investment

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Most people tend to think of a mortgage loan as a necessary evil, an expense that has to be managed. But under the right circumstances, your mortgage can become a smart investment - something that makes you money instead of costing you money. With a little bit of ingenuity and a lot of hard work, you can turn your mortgage into a money-making investment that will pay dividends for years to come. So how do you turn your mortgage loan into a productive investment? Here's what you need to know. A Mortgage Can Help You Buy A New Rental Property…
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The Down Payment: Four Great Reasons To Make The Largest Down Payment You Can Afford

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If you’re looking for a new home, you’ve probably heard lots of advice about down payments. About how it’s okay to just have a five percent down payment – you’ll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. In truth, you’re actually better off making the largest down payment you can possibly afford. Even if you have to slice up other areas of your budget, save for a few more years before you buy, or take a second job on the weekends, it’ll be worth it in the…
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Will Missing Mortgage Payments Impact My FICO Score? Yes – and Here’s How

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If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be? In truth, even one missed mortgage payment could seriously damage your FICO score. Lenders can report missed monthly payments whenever they choose - they don't need to wait until a certain date to do it. That means even if your mortgage payment is a few days late, your lender may report it as unpaid. So what…
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The Pros and Cons of Mortgage Rate Locks

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If you're just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don't like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision. What Is A Rate Lock? For many people who are buying a home, the idea of interest rates can make the heart race a…
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