All About Adjustable Mortgages
An ARM or an adjustable mortgage has a fixed rate of interest during the initial period of the loan. This initial period can range between one month and 7 or more years. When the initial period expires, the interest rate will change. Note that borrower’s monthly payments can change even if the interest rates remain […]
New FICO Score Suite to Launch This Summer
FICO is releasing a new version of their FICO score this summer, called the FICO Score Nine. This new product is expected to address the concerns that lenders have regarding score variations that occur across the three credit bureaus. According to FICO, 90 percent of US lenders use the FICO Score when making credit decisions […]
Government Guaranteed Loans
Government guaranteed loans help lenders enhance their credit. When the loan is guaranteed by a government agency, you can extend the credit knowing very well that it will not lose its money. It is true that government loan programs offer substantial benefits to lenders; however, they also come with rigorous application processes. Federal agencies often […]
How to Improve Your Chances of Getting a Refinance
Now that interest rates are at their historical lows, many homeowners are exploring the possibility of getting a refinance. By refinancing your existing mortgage, you can enjoy today’s low interest rates. It is true that current mortgage rates are pretty low; still getting a refinance is tougher than you think. Thanks to the refinance boom, […]
Understanding the Different Kinds of Mortgage Lenders
While shopping for a home loan you might come across terms like retail lenders, direct lenders, mortgage brokers, and wholesale lenders. Many borrowers simply look at the terms and the interest rate and if they are satisfactory, they go ahead and purchase the loan. They don’t really bother to find out what sort of lender […]
5 Keys to Get the Best Deal in a Real Estate Transaction
Both sellers and buyers want to get the best deal in a real estate transaction. That is quite reasonable, but success can’t be yours if you do not take the right steps. All real estate transactions are unique. Sometimes the buyer wins; sometimes the seller wins. In some cases, the interests of both parties are […]
