28
May
By Jim Hasek
Home Mortgage Tips, ,

Did You Know: Reverse Mortgage Requirements Are Changing – Here’s How

Many seniors have taken advantage of reverse mortgages in recent years. These unique mortgages allow seniors who are existing homeowners to tap into their home equity without taking on a mortgage payment. This can be a true benefit to seniors who are on a tight budget or who want to take advantage of their home equity without giving up ownership of their home. However, with new rules and requirements in place regarding reverse mortgages, the fact is that some of the benefits associated with reverse mortgages may be limited. In addition, some who may have qualified in the past may…
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21
May
By Jim Hasek
Home Mortgage Tips, ,

Refinancing on a FHA Mortgage? Learn More About the FHA Streamline Refinance

Home buyers are often drawn to the FHA mortgage program due to the low interest rates, low closing costs and generally attractive loan terms. However, there will come a time when many who have an FHA mortgage want to refinance. After all, refinancing a mortgage may allow you to tap into your home's equity, obtain a lower interest rate, extend or shorten the loan term or achieve other goals you may have. While there are different loan programs that you can use to refinance, many are taking advantage of the FHA streamline refinance program. What Is the Streamline Refinance Program?…
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20
May
By Jim Hasek
Home Mortgage Tips, ,

Freelancing in 2015? Three Tips for How to Secure a Mortgage if You’re a Self-Employed Entrepreneur

If you are self-employed, either as a freelancer or as the owner of your own business, your income can fluctuate greatly from year to year. That can make it difficult to get approved for a mortgage, although there are some things you can do to improve your chances. Here are three tips for securing a mortgage if you are self-employed. Make Sure Your Credit Score Is In Good Shape While your ability to pay back a mortgage is the most important factor in approval, your credit score is a close second, and that goes for every borrower, not just those…
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13
May
By Jim Hasek
Home Mortgage Tips, ,

Saving Up for Your Down Payment? Try These Money-saving Tips to Speed Things Up

One of the most significant challenges that many people face when preparing to buy a first home relates to saving money for a down payment. While there are many different loan programs with varying down payment requirements, the fact is that it can still be difficult to save up a large sum of money. Some programs may require you to save as much as 10 percent or 20 percent of the sales price of the home. You can employ a few different tips and techniques to save money for a down payment more quickly, and these are some of the…
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12
May
By Jim Hasek
Home Mortgage Tips, ,

Mortgage 101: the Basics of How Mortgage Refinancing Works

Refinancing your home mortgage can be beneficial for you for a number of reasons. As a homeowner, you may have spoken with some of your friends and neighbors who have already refinanced, and you may have heard about some of the different benefits associated with refinancing your mortgage. For example, refinancing can result in a lower mortgage payment, the ability to pay your mortgage off more quickly, reduced interest charges and other benefits. If you have never gone through this process yourself, however, you may not know what to expect with the refinancing process. Determining if Refinancing Will Benefit You…
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07
May
By Jim Hasek
Home Mortgage Tips, ,

Understanding Lower FHA Mortgage Insurance Premiums and How They May Help You Save Money

FHA loans are designed to help individuals take advantage of the benefits of home ownership, and these loans have low down payment requirements. However, for borrowers who choose to make a down payment that is less than 20 percent of the sales price, the borrower will be required to pay a mortgage insurance premium with the monthly mortgage payment. This premium is in place to minimize the risk that the lender takes when making a low down payment loan, but it does result in a higher monthly mortgage payment for the homeowner. Recently, the FHA has announced a lower rate…
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