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Author Archives: Nev

Low-Downpayment And Zero-Downpayment Mortgage Products Available For 2013

As mortgage rates fall to absurd-like levels, the cost of home ownership drops, too. Mortgage payments are 18% less expensive today as compared to one year ago. For today’s home buyers, though, “making mortgage payments” may not be a concern — it may be making a downpayment. Thankfully, a bevy of low- and no-downpayment mortgage options remain available to buyers in all U.S. markets. You Don’t Need To Make A 20%… Read More »

5 Facts About FHA Home Loans

Since the housing market fell, the FHA has been underwriting homes at quadruple the rate of three years ago. Simply put, this means that more people are taking out FHA home loans and the Federal Housing Administration has been insuring more of them to fit the needs of more people. This short list gives some important facts that you should know when considering FHA home loans. 1. You don’t need perfect credit. At… Read More »

How To Cancel Your FHA Mortgage Insurance Premiums (MIP)

As compared to conforming loans and jumbo mortgages, Federal Housing Administration (FHA)-backed loans are popular for several reasons. FHA allows a 3.5% downpayment FHA allows refinances without appraisal FHA mortgage rates are usually really low Relative, though, one place where FHA mortgages can fall short is with respect to mortgage insurance. As compared to loan types including conventional, USDA and military loans, FHA mortgage insurance premiums (MIP) are sometimes cumbersome and costly.… Read More »

Improve Your Mortgage Approval : The Income-Equity-Credit Triangle

Mortgage lending is tough these days. Banks are more careful, borrowers are more careful, and there is more federal regulation than there’s been in several years. However, there’s no “trick” to getting approved for mortgage. Underwriting is the same as it ever was — just with higher hurdles. All you have to do to get approved is to satisfy the Mortgage Income-Equity-Credit Triangle. Get Mortgage Approved : Income, Equity, Credit To get approved… Read More »

Bi-Weekly Mortgage Payments : Will You Pay Your Mortgage Faster?

Thinking of starting a bi-weekly mortgage payment plan? You may want to think again. A bi-weekly plan may sound terrific, but it’s a program not without its risks. There may be better, less expensive ways to own your home faster. Typical Mortgage : 12 Payments Per Year The typical mortgage asks for one payment per month, which equals 12 payments per year. With a 30-year fixed rate mortgage, therefore, 360 payments are required to… Read More »

How Much Home Can I Afford?

Among the most common questions from a home buyer is “How much home can I afford?” The answer, however, like many things, is that “it depends”. There are no concrete rules for how much home you can afford, or how big your mortgage should be. This is because the way that a mortgage lender calculates your maximum purchase price will be different from how you would calculate it yourself. Let’s look at both… Read More »