How Can FHA Loans Help You Buy a Home?
FHA loans are specifically designed to assist homebuyers in purchasing homes they couldn’t afford if they opted for other types of mortgages. The Federal Housing Administration (FHA) was founded in 1934, and its aim was to help people purchase homes. This organization does not make any loans, but it does insure the finance that private […]
Should Homeowners Make Extra Mortgage Payments?
It is often recommended that homeowners make additional mortgage payments to pay the loan off early. Online calculators can assist homeowners to doing so. Some mortgage providers allow for payments every two weeks which will result in one additional payment a year. Since all mortgages do not have early payoff penalties, it stands to reason […]
When to Refinance a Mortgage
Refinancing can cost between 3 – 6% of the total value of a loan. The best time to refinance a mortgage is when the savings are more than prepayment penalties, refinancing costs, and other expenses. 1. To transfer their loan to a lender that charges a lower rate of interest There is a traditional refinancing […]
Thinking about Refinancing? Here are Reasons Why It’s a Good Idea
Like many homeowners, you probably want a lower interest rate and a shorter mortgage. If you are considering refinancing your mortgage, it can take a lot of effort and time to begin the process. While there are some not-so-pleasing aspects of refinancing, it can be a good financial move if your mortgage payment is lowered. […]