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 »

FHA’s solvency plan isn’t fair

The government insurer, which may or may not be in need of a bailout, plans to generate $10 billion by locking middle class borrowers into high fees for decades. FORTUNE — This is what you call kicking ’em when they’re down. Consumers who don’t have a lot of cash to put down when buying a house usually have to pay a higher rate than typical borrowers for the first few… Read More »

USDA vs FHA Loan – Better Choice?

We are commonly asked by Orlando area home buyers which mortgage option is better – FHA or USDA? In short, USDA Rural Housing is the financially better choice for eligible home owners. Please note we used the word “eligible” in that last sentence because there are certain factors that determine if you household will be eligible for the USDA Rural loan.  These USDA eligibility requirements do not apply to FHA… Read More »

How to Get a Home Loan With Low Income

Those who have low-income will always face problems when it comes to getting approved for home loans. And it is not only with mortgages, but also with getting approved for credit cards and other type of loans. However, this does not mean that all is completely lost if you have low-income, and you would want to own your own home. There are a few steps you can take to get… Read More »