Investing in your mortgage loan or paying it off early – Which is a wiser idea? Should you repay your mortgage loan earlier? This is something that most people wonder about irrespective of whether you’re trying to make extra payments every month or paying it off all at once by making a lump sum arrangement. Who doesn’t dream of that day when he will be mortgage debt-free and own his house totally?[...] Read More
Loan modification helps troubled homeowners to manage their mortgage loan and avert dire consequences like foreclosure. Just because of this, homeowners find it safe to opt for loan modification whenever they face trouble with the monthly mortgage payments. In fact U.S. government also has numerous modification programs to assist the homeowners. Still, many homeowners don’t get to save their homes from foreclosure just by following loan modification program. This is because banks can decide to foreclose a property even if the borrower has applied to modify the existing mortgage loan.[...] Read More
Buying a home is an exciting time for most people. The first home is usually the most exciting buy, but many people who have bought and sold more than once find that each new home purchase can be an adventure. One of the daunting things about buying a home, though, is the sheer length of time a mortgage is set up for. A ten-year term is often the shortest for a home loan, but they are usually set up with a 25 or 30 year repayment schedule.[...] Read More
It’s almost hard to believe no-money-down loans still exist, today. Oh, but they do. Many active duty soldiers and vets can apply for the Veteran Affairs home loan program. The USDA home loan is available to low and moderate-income families.[...] Read More
With home loan interest rates reaching an all time low, home owners have the perfect opportunity to refinance and save money on the home of their dreams. The market is perfect with rates that are at the lowest level in decades. Even with less than perfect credit history, homeowners can refinance a home with no money down and no closing costs required at the close of the loan. Homeowners have an especially great opportunity, as rates are at an all-time low and can save homeowners more than ever.[...] Read More
Traditionally, USDA home loans were simply thought of as a farmer’s loan. Only farmers used them to secure housing or to expand their family farms. That’s not the case anymore. To further assist the development of rural areas in Florida, USDA loans have expanded to include businesses, community facilities, and homes that are closer to metro areas.[...] Read More
The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs.[...] Read More
Did you know that all residents of the US have the right to obtain one free credit report from each of the three credit bureaus per year? Since your credit score is more important than ever due to today’s tightening credit standards, it’s the perfect opportunity to take advantage of this benefit.[...] Read More
he Obama administration on Monday unveiled a new program to help state and local housing finance agencies make more home loans, but some Lee County experts say the program should proceed with caution. The plan will help the agencies finance mortgages for first-time homebuyers and develop rental housing.
The agencies have had a hard time raising money because of the housing crisis and credit crunch. This year, the agencies have sold about $4 billion in tax-exempt bonds — one-fourth the amount in a typical year. That reduction is limiting the number of loans they can make.
Making credit more available is a good idea as long as it doesn’t lead to reckless lending, said Suzanne Sherer of Remax Realty Team in Cape Coral, who’s also president of the Realtor Association of Greater Fort Myers and the Beach.
Courtesy of Summit Mortgage[...] Read More