Why Refinance?
Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. Borrowers may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Some homeowners refinance to ‘cash out’ and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly. Regardless of the reason for refinancing, the mortgage consultant will need to know what the existing loan scenario entails....
Read MoreFHA Loans Facilitate Home Ownership
The Federal Housing Administration (FHA) program first began in 1934 in an effort to encourage home ownership despite the difficult economic times of the era. The program enables consumers who may not qualify for a standard loan to obtain the financing they need to purchase a home without income limitations. FHA loans differ from typical loans in that they are insured by the Federal Housing Administration, which is a part of the Department of Housing and Urban Development (HUD). Because this insurance reduces the lender’s risk on the loan, lenders have greater flexibility with regard to...
Read MoreUSDA Loans Make Rural Homes More Accessible
Zero-down loan programs are few and far between these days, but one that remains available might be of interest to you – especially given some changes that make it more accessible. USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. Seriously, I said NO monthly PMI. While there are some geographic limitations for this program, if you are interested in eligible properties, you should take notice. Income restrictions for this program are based on the number of people living in your household, however these limits were loosened beginning...
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