Whether you buy or Rent, you are paying a mortgage

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s. As The Joint Center for … [Read more...]

5 Tips to Help Buyers Save for a Down Payment

Saving for a down payment can pose one of the biggest challenges for potential home buyers. Indeed, “a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy,” says Corey Carlisle, executive director of the American Bankers … [Read more...]

Bank of America Rolls Out 3% Loans

Bank of America announced a new loan program to help low- and moderate- income borrowers qualify for a mortgage with down payments as low as 3 percent of the purchase price. The loans have financing available up to $417,000. Eligible borrowers must not earn more than the median income for the … [Read more...]

How 5M Buyers Could Save Big

Mortgage rates have been near record lows for years, but still more than 5 million borrowers who could qualify and benefit from refinancing have not taken advantage, shows a new report from Black Knight Financial Services. Mortgage rates have recently fallen back below 4 percent. That means about … [Read more...]

What You Really Need To Qualify For A Mortgage

A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today. 1. Down Payment The survey revealed … [Read more...]

FHA’s Cost-Cuts Cause Loan Demand to Soar

Mortgage applications for government-backed Federal Housing Administration loans spiked last week, as the government moved to lower its annual insurance premiums by half a percentage point. FHA offers mortgages with down payments as low as 3.5 percent. FHA refinance applications last week jumped … [Read more...]

Should you wait for interest rates to come back down?

A graph of the movement of the 30 year fixed mortgage rate since the beginning of 2012. Some buyers are waiting to see if interest rates will come back down before making a decision about buying a home. Though no one can guarantee where rates will be in a few months, we don’t believe waiting is a … [Read more...]