FHA loans are becoming increasingly popular these days as potential homeowners may not able to qualify for mortgages from traditional lenders. The FHA insures some higher-risk loans, in turn allowing borrowers with low down payments and less than perfect credit to purchase homes and bolster the housing market.
A Step-by-Step Guide to Refinancing a Traditional Mortgage to a FHA Mortgage
Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more.
What is a Reverse Mortgage and How Does It Work?
In today’s blog post we’ll explore reverse mortgage loans, explaining how they work and whether or not you’re qualified to receive one.
Understanding the Principal Limit on a Reverse Mortgage and What Happens if You Reach It
If you’re considering applying for a reverse mortgage, you’ll want to ensure you understand certain critical factors. One such factor is the principal limit. The principal limit will have a strong influence on your finances, which is why you’ll need to ensure you know – before applying for your reverse mortgage – what your principal limit is.
The Quick and Easy Guide to Understanding the Math Behind Your Mortgage Closing Costs
It’s amazing that in a year with extremely low mortgage rates being reported around the country, closing costs are up by as much as 6% from the previous year. Part of the reason for this is that the stricter regulations on loans have increased the costs to banks, and they always find a way to pass on new costs to the consumer.
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