Home Loans

Home Equity Conversion Mortgage Allows Senior Citizens to Purchase a Home

Whether you’re a senior looking to purchase your first home, downsize to a smaller property or purchase an additional home, a little-known reverse mortgage tool called the Home Equity Conversion Mortgage for Purchase, or HECM, may be just the ticket. Generally, reverse mortgages are known as a vehicle for senior citizen homeowners to ... More

ARM Loans 101

Adjustable Rate Mortgage loans, commonly called ARM loans, are one mortgage loan option available to prospective homebuyers. By definition, these are loans linked to an economic index, meaning the interest rate will fluctuate over time. Despite the uncertainty in rate, ARM loans can be very attractive because they typically feature a very low ... More

Can I Get A Home Loan Without Putting 20 Percent Down?

Research consistently shows that the number one thing holding renters back from buying is an inability to save for the required down payment. This is due, in part, to a long-held belief that the only good down payment is one of 20 percent or more. Unfortunately, with the average home in the United States selling for $311,400 these days, ... More

Is a Cash-Out Refinance Right For You?

Homeowners looking to refinance their mortgage loans are generally hoping for one of two benefits: a lower interest rate and lower monthly payments, or a large sum of cash in-hand. If an influx of spendable dollars is what you most need, a cash-out refinance may be the optimal tool for you. In essence, a cash-out refi allows you to tap ... More

Many Homeowners See Refinancing as a Daunting Process

Refinancing can offer a host of benefits to a homeowner, but research shows many view the process as confusing and choose to put off looking into it. Although refinancing does require several steps, it doesn’t have to be daunting. And for many homeowners, a refinance can mean lower monthly payments, a speedier payoff – or even both. ... More

The ‘Short Sale’ Explained

If you’re searching for your next home and have come across listings for “short sale” properties, you may be wondering what that means. In layman’s terms, when a seller’s debt on a home surpasses the property’s market value, they may choose to avoid foreclosure by selling their home as a short sale. This requires bank approval, ... More

Rent-To-Own Can Ease Buyer Anxiety

The thought of your first home purchase can easily bring on anxiety about the responsibilities, financial and otherwise. In fact, many first-time prospective buyers struggle with making the commitment. After all, a home is likely the most meaningful – and most expensive – purchase you’ll ever make, so it’s natural to feel the weight ... More

Purchasing an REO Can Be an Arduous Process

As you begin a house hunt, one option available to you is to purchase a real estate owned property, or REO. An REO is a foreclosed home that the lender was unable to sell at public auction. This happens frequently because the minimum bid on a foreclosure is often higher than market value. This is because the bank is attempting to recoup their ... More

The Rise of Institutional Rent-To-Own Arrangements

For decades, the rent-to-own home purchase model typically meant a business relationship between an individual buyer and an individual seller. Since the housing bubble burst in 2007, however, the market has seen major growth in institutions – real estate investment firms – entering rent-to-own territory. Savvy buyers should know there are ... More

How To Refinance When You Owe More Than Your Home Is Worth

As the housing market rises and falls over time, many homeowners find themselves in a position of owing more on their mortgage loan than their home is actually worth. Luckily, there is help for folks in this situation – and the program has been extended through September 2017. The Home Affordable Refinance Program (HARP) allows homeown... More