Mortgage Basics

Finding Best Deal

It’s generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about […]

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What Is It

In 1934, the Federal Housing Administration (FHA) was established to improve housing standards and to provide an adequate home financing system with mortgage insurance. Now families that may have otherwise been excluded from the housing market could finally buy their dream home. FHA does not make home loans, it insures a loan; should a homebuyer […]

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FHA vs Conventional

The main difference between a FHA Loan and a Conventional Home Loan is that a FHA loan requires a lower down payment, and the credit qualifying criteria for a borrower is not as strict. This allows those without a credit history, or with minor credit problems to buy a home. FHA requires a reasonable explanation […]

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Benefits

100% Financing & No Down Payment Loans No Private Mortgage (PMI) No Penalties for Prepaying the Loan Competitive Interest Rates Qualification is Easier than a Conventional Loan Sellers Pay Some of the Closing Costs Can be combined with additional down payment assistance to reduce closing costs

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