For millions of first-time homebuyers and other homeowners, the Federal Housing Administration (FHA), is the best resource they’ll ever find. Originated back in 1934, the FHA is a government agency that facilitates access to home ownership for more Americans. They do that in an ingenious way, since the FHA doesn’t actually lend their own money ...Continue Reading →
Anyone who’s in the mortgage business knows that the halcyon days of an easy refi boom driven by historically low rates is probably over, which means that credit score will be more important than ever in getting a borrower approved for the right loan product. But even if you pull their credit and they fall ...Continue Reading →
Approving mortgages is all about assessing risk, as underwriters scrutinize every detail and shred of data in hopes of accurately predicting if a potential borrower will pay their mortgage on time every month – or default.
That’s good news for consumers that are good stewards of their financial affairs since keeping a great credit score, a low debt load, and plenty of assets will help them get approved for the best low-rate mortgage loan when it comes time to refinance or ...Continue Reading →
With the change of the calendar to 2016, millions of Americans will be making New Year’s resolutions and setting their goals for the coming year, and for a good portion of them, home ownership is circled in red at the top of that list. In fact, at least 34% of U.S. adults who currently rent say they plan on buying a home or would like to in the near future.
But hold on – didn’t we have that same resolution last ...Continue Reading →
There’s a great saying about home ownership that goes: “Everyone pays a mortgage every month and everyone buys a house; it´s just a matter if it´s yours or your landlord’s.” That’s 100% true when you think about it, because over a lifetime of paying rent, whether it’s in an apartment or house, your money is going to pay for the landlord’s investment. Of course renting is right for some people based on their financial situation and housing needs, but there ...Continue Reading →
If a recent patent is any indicator, then that you very well could be denied for a loan on a credit card, a car, or even a mortgage because of who you’re friends with on Facebook.
This summer, the U.S. Patent office granted an updated patent on technology that combs social media for evidence of a person’s closest network of friends and then relays that information to potential creditors, who can make lending decisions based on the friends’ perceived financial stability.
While ...Continue Reading →
Have you thought longingly about buying your first home, only to cancel out that dream once you look at the down payment requirements? It’s true that a mortgage payment often costs less than renting these days, and there are fantastic benefits to home ownership like equity appreciation and tax breaks, but there’s no getting around the fact that they need a whole lot of money, all at once and up front, in order to buy, right?
Maybe not. The good ...
A recent report published by the Washington Post revealed that 20 percent of American households with mortgages – about one million of them – are eligible and would benefit from refinancing in today’s low rate environment, but have failed to do so. The failure of homeowners to take advantage of a potential savings via refinancing – an estimated $45,000 average savings over the life of each loan – is something that’s leaving economists scratching their heads.
But there’s one thing for ...Continue Reading →
In a shocking development from the “you can’t make this stuff up,” department, former Federal Reserve Chairman Ben Bernanke recently disclosed that he’s had some mortgage trouble of how own. Speaking to a conference at the National Investment Center for Senior Housing and Care, Bernanke confessed that he’d been denied for a mortgage refinance on his own personal residence.
“I recently tried to refinance my mortgage and I was unsuccessful,” said Bernanke to moderator Mark Zandi of Moody’s Analytics in front ...Continue Reading →