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- Buying a house will be the most expensive and demanding purchase in your life. In most cases buyers are involved in a mortgage loan. Down payment, interest rates, monthly payment... all these words and phrases tend to get you headache, not to mention a growing array of mortgage products all vying for your choice. We are here to give a basic guide directing you to understand all the important mortgage terms and find out the most suitable mortgage.
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- Recent Articles
- Can I Purchase Discount Points on a VA-Guaranteed Loan?
It is a frequent case that home borrowers, in order to obtain a lower interest rate, buy discount points. The so-called discount points refer to the fees paid to the lender upon loan closing. They are a kind of pre-paid interest helping lower interest rate on home mortgage. The cost of each point is equal to 1% of your loan amount. For instance, for a $200,000 loan amount, 1 discount point equals $2,000. Read more
- What Should You Know about VA Appraisal?
So, you have submitted your application for a VA-guaranteed loan? Then, the next thing you need to worry about is the appraisal arranged by Veterans Affairs, which will influence your eligibility for a VA loan and further determine how much you can obtain. Read more
- Is Your Home Mortgage Interest Deductible?
If you are a homeowner, you are likely to qualify for a tax deduction on your home loan interest. The Internal Revenue Service (IRS) allows a tax deduction for the interest you pay on your home loan. This is what is known as home mortgage interest deduction, which allows homeowners to reduce their taxable income by the amount of interest paid on the loan secured by their primary home or second home, in some cases. Read more
- What Will Qualify You for Debt Consolidation?
Struggling with too much credit card debt for long and in desperate need of relief? Maybe it is time to consider debt consolidation.
Debt consolidation, broadly speaking, refers to a debt relief plan combining all of your debts and bills into a single new loan, which pays off your outstanding balances and requires one single payment each month. Through consolidating your credit card debts, mortgage payments, and other monthly bills, you get a new loan with lower interest rate and smaller monthly payment. Read more
- How to Prepare and Submit a VA Appraisal Report?
Any property that appears to be eligible to become the security for a VA-guaranteed loan must go through a VA home appraisal or inspection, making sure the value of the property is at least as much as the loan amount. In the previous articles, we have learned who should apply for VA home appraisals, who performs the appraisals, and how to submit appraisal request. In this article, I would like to provide a detailed into to VA home appraisal report. Read more
- How Do U.S. Bank Mortgage Pre-qualification and Pre-approval Work
Before applying for a mortgage, you may be worried about complicated application process. Fortunately, U.S. Bank features a simple and easy mortgage application process. However you have something to do before submitting your mortgage application. Can you get enough financing for your home? It really makes sense to work out your eligible loan limits before you look for a home. Read more
- How to Survive a Jumbo Loan Modification?
A mortgage modification means a negotiation between the lender and the borrower, which will bring the borrower smaller monthly payments, lower interest rates and principal reduction. It seldom hurts his credit rating. It is a good choice for mortgage borrowers who can’t afford the mortgage payment any longer. A jumbo loan usually comes with a larger amount and higher interest rate. Therefore, borrowers of jumbo loans need loan modification more. Read more
- FHA Loans for Military Members
There’re many government-insured mortgage products, such as VA loans and FHA loans. VA loans are specially created for eligible military applicants. For military borrowers, VA loans are always the first choice. As opposed to FHA loans and conventional loans, VA loans have many advantages, such as zero down payment, limited origination fees & closing costs and no monthly mortgage insurance premiums. Read more
- FHA Refinance for Borrowers with Negative Equity
Numerous mortgage borrowers are struggling with loan payments each month. They might be faced with a dilemma, called “negative equity position”, due to continued housing market slump. It means that the borrower will owe more on the property than its current value on the market. For these FHA borrowers, they might feel confused when they have to decide whether to keep the home or sell it. Read more
- Card Debt Consolidation: A Sure Way out of Multiple Debts
A small credit card makes it possible for you to take home the items that you’ll pay in the future. Tempted by cashless purchase experience, a titanic number of people turn to credit cards for everyday shopping and traveling, making these smart plastic cards a necessity in today’s life. Read more
- New Construction Appraisal for VA Guaranteed Loans
A home appraisal, or inspection if applicable, is typically required for a VA-guaranteed loan. The appraisal performed by a VA-approved appraiser makes sure that the property’s value is at least as much as the loan amount you apply for. Generally, a home property that has been owner-occupied or has all kinds of improvements completed for one year or more is eligible for the appraisal. Then, what about the properties that are newly constructed? Read more
- Debt Consolidation Loans: Secured vs. Unsecured
As one of the most popular debt relief options in the US, debt consolidation has helped numerous people who are financially burdened get on their own feet again. By consolidating multiple debts into a new loan, you just need to make a single payment each month, which meets your budget and helps make your monthly finance manageable. Read more
- How to Choose a Good Debt Consolidation Company?
Have you been dragged and got overwhelmed for long by debts and bills due each month? Maybe you’ll feel good knowing that debt consolidation can help you ease the payment burden and get back on your feet again. Read more
- Consolidate Your Debts with Home Equity
Unable to manage multiple debts and afford monthly payments? Desperate for the debt relief to regain the control of your finance? Maybe, it’s time for you to consider debt consolidation. Read more
- Home Equity Assistance from Bank of America
When you want to modify your home equity loan or home equity line of credit (HELOC), home equity assistance will be much helpful to you. You may make use of the following programs to reach your goals. Read more
- Foreclosure Alternatives Offered by Bank of America
When you are unable to afford your home mortgage, you will be faced with high risk of losing your own home. You must make every effort to avoid foreclosure and maintain the ownership of your home. Bank of America provides a series of alternatives to people in need. Read more
- Adjustable Rate Mortgage for Veterans
VA loans, guaranteed by the U.S. Department of Veterans Affairs (VA), offer a way for eligible veterans to purchase a home with no down payment or refinance up to 100% of their home. While many of these loans are fixed-rate mortgages, VA loans can also be available as adjustable-rate mortgages (ARMs). These VA ARMs come with a lot of benefits, which include: Read more
- Does FHA Offer Adjustable Rate Mortgage Products?
When it comes to FHA loans, many of you may not be aware that the FHA offers ARMs to eligible borrowers. Indeed, FHA’s most popular home loan is the Fixed-Rate 203(b) loan. But, this doesn’t mean the FHA doesn’t offer any types of mortgages. Read more
- In-Depth Intro to Veterans’ Specially Housing Adaptations (SHA) Grant
While the Special Adapted Housing Grant program provides disabled veterans with the grant to build a new home or modify an existing home to meet their living needs, the Special Housing Adaptations Grant is for eligible disabled veterans and servicemembers, helping them modify an existing home for adaptive needs. Read more
- Fact Sheet on Veterans’ Specially Adapted Housing (SAH) Grant
The US Department of Veterans Affairs, the national government-run benefit system for veterans and servicemembers, provides a variety of home loan benefits for qualified veterans, helping them purchase or rehabilitate a home of their own. Among all these benefit programs related to home property, the Specially Adapted Housing Grant program assists veterans with service-connected disabilities in building an adapted home or modifying an existing home to meet their adaptive needs. Read more