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Quick Stat
Refinancing applications have risen 23% as mortgage rates continue to drop, says the Mortgage Bankers Association. Source
What a Lender Looks for in Your Mortgage Application
Applying for a mortgage loan is an information-intensive process. You provide the lender with an abundance of information, which the lender then uses to determine whether or not to approve the loan. Understanding what information a lender uses to make a decision on your loan application can demystify the process and even help you identify […]
How Are Appraised Values Calculated?
An appraisal is a comprehensive report that calculates the value of your home based on a number of valuation factors, ranging from the amount of living space, the age of the home and even its proximity to locations like parks, lakes, schools, and more. The size and location are the main influencer and the exterior, […]
Outfit Your Home for Extreme Weather
No matter where you live, extreme weather and natural disasters pose some degree of risk to the safety of your home. Recent extreme weather events — Hurricane Sandy in 2012, as well as many damaging tornadoes, destructive wildfires, and floods — give homeowners reason to consider making modifications that will protect their homes. Forecasters predict […]
Independent Contractor Reduces Debt by Refinancing
Small business owner Erick Baylor* knew he had to do something to address his financial situation. He was staring at an interest-only first mortgage that carried a rate of 6.875% as well as a secondary home equity loan (HELOC), which had an even higher current rate of about 8.2%. To make matters worse, Baylor had accumulated high-interest […]
U.S. Mortgage Applications Rising
According to the Mortgage Bankers Association, mortgage application activity (including refinancing and home purchase demand) rose 10.3% early this month. Refinancing applications rose 11%, and loan requests for home purchases rose 9.3%. Source: Reuters
How Much Can You Really Afford to Spend on a Mortgage?
There’s no general rule of thumb when trying to determine how much house you can afford; each potential homebuyer faces a unique set of circumstances (i.e., current and future earnings, loan qualifications, specific needs, etc.). But there are a host of items you will want to consider in addition to the estimated mortgage payment, including […]
When Is Mortgage Insurance Necessary?
Mortgage insurance may be required as part of your mortgage depending on the type of loan program you choose or the loan-to-value (LTV) of your loan. For FHA-backed mortgages (purchase or refinance), mortgage insurance is required in the form of the Mortgage Insurance Premium (MIP). All FHA-insured mortgage holders are required to pay for both […]
Avoid These 5 Bad Renovation Investments
Before you start making big improvements to your home, consider which projects to pursue — particularly if you’re looking to sell within the next year. Not only do some renovations not return your investment, but some projects can actually reduce your home’s value. According to Remodeling Magazine’s Cost Value Report 2013, a survey that measures […]
Tired of Feeling Like You’re Just Another Refi?
Getting a fixed, low rate home mortgage is doable — even if your current financial situation is complex. You just need to work with a lender who is willing to give your refinance the attention it needs. Homeowner Mary Ellen Pifer learned this by working with . She was able to get a mortgage which […]