Important Changes in FHA MIP Calculations

FHA loans have grown substantially over the past decade, primarily because of the benefits that these loans offer to families with low to modest budgets. The perks to choosing an FHA loan, one that is backed by the Federal Housing Administration, are plentiful and include lower down payments, more forgiveness toward poor credit and the
Read more
No Comments

Pros and Cons to Debt Consolidation Loans

Debt consolidation is the act of refinancing your home, or taking out a 2nd mortgage, to pay off several smaller loans including retail or consumer loans that may not be tied to your home. It’s a way to help people gain control of their finances; instead of having all types of loans with various interest
Read more
No Comments

Prepayment Penalties: What You Need to Know

What are Prepayment Penalties? Whether you’ve recently applied for a mortgage loan or are considering doing so, it’s important to familiarize yourself with prepayment penalties. Prepayment penalties are exactly as they sound; they are penalty fees charged to the borrower for paying off their loan before a certain time period. Generally speaking, the penalties are
Read more
No Comments

What is a Second Mortgage?

A second mortgage is a home mortgage that you take out in addition to your first. It is a different arrangement from a refinance. When you refinance a mortgage, you simply take out a loan that loan replaces your existing mortgage. A second mortgage is written in addition to your first mortgage so you have
Read more
No Comments

Can You Refinance a Home Mortgage into One Name?

As mortgage lenders, one question we are often asked is whether or not you can refinance a home mortgage into just one person’s name.  There are some cases where you may want to have your mortgage debt in one name only. This can be done, but it will depend upon a couple of things: Credit
Read more
No Comments

What are the Benefits of Cash Out Refinancing?

Cash out refinancing is a way that you can borrow money against the investment you have in your home by refinancing more than the balance you owe on your home mortgage. It’s important to remember that this is, in fact, a loan. It’s not a profit that you’re making off of your home and is
Read more
No Comments

When to Consider Refinancing Your Mortgage for a Better Rate

If you have an adjustable rate mortgage or a home mortgage with rates that aren’t favorable, you may want to consider refinancing. Before you do, however, you have to take a look at your situation and see if it’s a good time to go through with it. Even though the rate will drop, there are
Read more
No Comments