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Many homeowners wonder if and when they should refinance their home. With lenders offering rates under 4%, many people would jump at the chance to refinance their mortgage, yet some homeowners argue against refinancing while rates are low. There are two main reasons why homeowners don’t refinance when rates are low. Conventional wisdom says that … Continue reading Refinancing Your Mortgage
As a homeowner, you never want to encounter the damages brought on by natural disasters, but it’s something you have to prepare for. Fires kill more Americans annually than all other natural disasters combined. Preparing your home against the threat of a fire can not only save you money if disaster strikes, it can also … Continue reading Fire Prevention
What is home equity? Many homeowner’s see equity building as one of the biggest reasons to own a home. Simply put, equity is the amount of the house that you actually own. This can be figured out by finding the difference between the amount you owe on your mortgage and the market value of the … Continue reading The Basics of Building Equity
When it comes to refinancing or selling your home, getting a good appraisal is crucial. There are some steps you can take make sure your home won’t be valued lower than you expect and if you take the time to properly prepare your home, you’ll have no worries when it’s time for the appraisal. This … Continue reading 3 Ways to Get a Better Home Appraisal
Before you decide to make your home more energy efficient, you’ll need to know how much energy you are currently consuming. This can be accomplished with an energy audit performed by a certified energy professional. To learn more, visit The Housing Hour’s website and listen to the podcasts in their special series on Energy Efficiency … Continue reading Energy Efficient Home Improvements
If you plan on applying for a mortgage soon, you are probably already thinking about organizing your papers. When you apply for a mortgage you will have to provide documents to verify your income and financial information. You can start gathering your documents early to make the application process easier and faster. Although the documents … Continue reading Documents Needed For a Mortgage
Market Comment Mortgage bond prices finished the week lower, which pushed mortgage interest rates higher. Rates were neutral Monday morning but pushed a little higher that afternoon and into Tuesday morning. There were very few economic releases. The housing data was stronger than expected. Existing home sales printed at 5.19M versus the expected 5.05M units. … Continue reading MIG Market Watch April 27, 2015
When you are shopping for a mortgage you may become overwhelmed by foreign terms. Even though your lender and real estate agent will help you understand any unfamiliar financial terms, it’s nice to have a good understanding of the more important ones. This way you won’t need a translator when you hear financial jargon. If … Continue reading Loan-to-Value Ratio Explained
When you are looking for a mortgage, your credit score is one of the most important factors in determining the type of loan you can receive. This article will discuss a few of the biggest influences on your credit score, and what you can do to avoid a lower score. FICO credit scores are a … Continue reading What Makes Your Credit Score Go Up or Down?
The US government wants to make homes more affordable for first-time home buyers. Affording private mortgage insurance, and getting low money down is becoming easier once again. This is due to policy changes put in effect by the federal government as well as private lenders. Financial juggernauts Fannie Mae and Freddie Mac are offering low … Continue reading New Regulations Make Homes More Affordable
Having a low LTV is definitely a key factor in obtaining a mortgage. Although lenders want to see low LTVs, there are mortgage loan programs for borrowers with high LTVs and even some that do not take LTV into account. Following are some loan programs for borrowers with a low LTV ratio who want to … Continue reading High LTV Mortgages
Home owners are required to pay Private Mortgage Insurance (PMI) if their LTV is above a certain amount. Borrowers who do not want to pay PMI will have to put at least 20% down on a home. FHA mortgage loans allow borrowers to have a 96.5% LTV, while the USDA and VA have loan programs … Continue reading Private Mortgage Insurance and LTV
