Search Results for: blog securing a home loan

Tips For Securing A Mortgage

Getting a mortgage is not as easy as you might think. There are many things that could come between you and the financing that you need for your new home. I have collected information about some common mistakes that can hurt your chances of getting a mortgage so that you can avoid them. One thing that can hurt your chances of getting a mortgage is applying for other credit around the same time as the mortgage, such as a car loan or a new credit card. Also, job hopping makes lenders hesitant to approve a mortgage because they can not … Continue reading →

The Homeowner’s Protection Act (HPA) of 1998

The Homeowner’s Protection Act (HPA) generally applies to residential conventional mortgage transactions taking place after July 29, 1999. There is however requirements for loans obtained before that date which will be outlined in my next Blog. The HPA laws don’t apply VA or FHA government-guaranteed loans. There are also different requirements for loans classified as “high-risk.” Fannie Mae and Freddie Mac are corporations chartered by Congress to create a continuous flow of funds to mortgage lenders in support of homeownership. The HPA doesn’t outline what a “high risk” loan is; instead it allows Fannie Mae and Freddie Mac to issue … Continue reading →

Tips For Applying For A Mortgage

Getting a mortgage is a very big deal. It is probably one of the most major financial decisions that you will ever make, if not the most major. The process can be nerve wracking and time consuming, but there are a few things that you can do to make it a little easier on yourself. The following tips are for you to use before and during the process of applying for a mortgage. If you think that you can just go out and apply for a mortgage and get it, you may be incorrect. Applying for and securing a good … Continue reading →

Is Your Degree Worth The Debt?

The idea behind student loans is that you borrow money to earn a college or graduate degree that will in turn enable you to earn so much money that you will be able to pay back the enormous amount of money that you borrowed to acquire the degree. While this is a good idea in theory, many people who have student loan debt are now feeling like their degree is not worth the debt that they acquired to get it. I can tell you that this is not just a feeling, it is a cold, hard fact that is supported … Continue reading →

Reverse Mortgages

Should you use a reverse mortgage? First, you have to make sure you qualify. Reverse mortgages are only for those who are 62 and older, who own a home with significant equity, and those who expect to live in their home for many years. A reverse mortgage must be paid back to the lender when you no longer plan to use your home as your primary residence. This can occur upon death, when you decide to sell the home, or if you have to move out longer than 12 months. At that time, the loan balance or market value of … Continue reading →