Is an FHA Loan or a VA Loan Best for You?

There are many different home loan programs available that individuals can obtain depending on their circumstances. Whether you are a student or in retirement, getting your first or sixth home mortgage – this will always be an interesting topic of conversation. With so many options to wade through, we wanted to focus on two different government loan programs: FHA and VA. Though they are backed or insured by the federal government, that doesn’t mean they are the same.

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Making a Mortgage Loan Application Process Easy

Having an offer accepted on a home is a wonderful moment! But many out there believe the process of getting approved for a mortgage loan is like pulling teeth. There are ways to make it easier, just like flossing regularly before going to the dentist. The loan process is not that hard, as it largely boils down to submitting the collection of items that are required for your loan to be approved by the lender so your file can go through underwriting.  For every mortgage application, there is the basic list of items you will need to provide your lender: 

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“No-cost” Refinancing Deals: Should You Consider It?

A “no-cost” refinance simply means that you’re not using any cash reserves to pay the closing costs upfront but in other ways. Mortgage interest rates are the lowest in 50 years, according to the Wall Street Journal and we can now offer you refinancing with almost nothing out of pocket. Although interest rates are at historic lows, refinancing only makes sense if you are aware of all that is involved in your refinancing process.

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How Would You Know if it’s the Best Time to Cash-Out Refinance?

Mortgage interest rates are at tempting levels that could make you wonder if it’s the right time to reap the rewards of your investment as a homeowner. Cash-out refinancing could be an option if you want to take advantage of the historically low interest rates and augment your finances especially during this difficult time as the nation deals with a health crisis.

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What Struggling Homeowners Need to Know About Dual-Tracking

Homeowners must notify their mortgage servicer or lender immediately if they experience financial hardship and find it difficult to repay their monthly mortgage. Working out with your servicer is important if you want to protect your home from foreclosure especially during this time that the federal government has declared a national emergency against the COVID-19 pandemic. Applying for any loss mitigation like a loan forbearance could be an option to keep your family safe.

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3 Ways You Can Ditch Private Mortgage Insurance

When you take out a conventional mortgage to buy a home, your lender will require you to pay a premium for a private mortgage insurance (PMI) coverage if you opt to put a low down payment. Like the majority of homebuyers, a PMI gets you an approved mortgage that you would barely qualify to take. After several years of repaying your monthly mortgage, you’ll realize that your PMI becomes a burden and canceling it could help increase your savings.

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