Three Types of Mortgage Lenders You May Not Know Exist

In recent years, changes in the mortgage lending industry have led to greater restrictions and more competition. Some prospective home buyers find themselves left out of the game when it comes to traditional lenders like banks and credit unions. Fortunately, lesser-known lenders are stepping up to the plate to provide more options to those ... More

Three Things To Know About Second Mortgages

If you own a home and find yourself in need of an infusion of cash – say, to pay for a wedding or unexpected medical expenses – a second mortgage may be the right tool for you. A second mortgage, in this sense, refers to an additional home loan on the same property on which you already have one mortgage. As with any financial scenario, ... More

REO Properties: The Basics

The hunt for a home can take a prospective buyer in many directions, and you may find yourself wondering if a real estate owned property – or REO – is right for you. Read on to learn more about this unique buying opportunity. What is an REO? An REO is a foreclosed property that the mortgage lender was unable to sell at public ... More

Three Risky Mortgages To Avoid

In the mortgage business, there are a plethora of home loan instruments available to make your dreams of homeownership a reality. While each type has advantages and disadvantages, some of these loans inherently carry more risk than others. For the majority of homeowners, it is usually best to avoid the following three types of loans: Adj... More

Mortgage Loans: Conventional vs FHA

If you’re in the market for a mortgage, chances are you will hear strong arguments from friends, family – and even financial experts – about the respective advantages of both conventional loans and FHA loans. With all the competing information, how do you know which loan vehicle is right for you? The truth is, both are fantastic ... More

What is a Jumbo Mortgage?

Most prospective buyers apply for a common mortgage loan called a conforming loan. Though the Federal Housing Finance Agency establishes limits on conforming loans, borrowers may still exceed conforming loan amounts in particular cases. When this occurs, the mortgage instrument is called a jumbo mortgage. As the name implies, jumbo ... More

When Is It The Right Time To Refinance?

Refinancing a mortgage loan can be quite an undertaking, as the process is very similar to purchasing a new home. For this reason and others, many homeowners are hesitant. However, there are times when a re-fi is the best financial move you can make, including the following two scenarios: If you’re stuck in a loan with a high interest ... More

Mortgages and Millennials: Tips for Today’s Young Buyers

Taking on the responsibility of owning a home is not a decision to be entered into lightly, but that doesn’t mean young buyers should shy away from the American dream. Contrary to much of the media hype around Millennials – a term typically used to describe those aged 18-34 – many are gainfully employed, starting families and thinking ... More

Mortgage Rates May Reach a Record Low

Two months when the Federal Reserve raised its funds rate, mortgage rates began a free fall. "Mortgage rates are going down again, and it's good for borrowers, but is it really good for the housing market and the broader economy? The answer is no," said Guy Cecala, CEO and publisher of Inside Mortgage Finance. Investors are flooding the ... More

Mortgage Rates Fall For Fifth Week in a Row

For the fifth straight week, average long-term U.S. mortgage rates have fallen. According to mortgage buyer Freddie Mac, the average rate on a 30-year fixed-rate mortgage fell to 3.72 percent this week. Last week it was at 3.79 percent. In December, the Federal Reserve decided to raise the short-term rate, but mortgage rates have ... More