On the surface, a short sale seems like the perfect deal. However, before you take the plunge, you need to understand how this type of home purchase works. What Is a Short Sale? A short sale is a home sale in which the homeowner is selling the home for l
Jun 07, 2018 |
Years ago, a 20% down payment was a requirement for obtaining a mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of fo
Jun 07, 2018 | First-time Homebuyers
When a homeowner stops making regular mortgage payments, the bank can foreclose on the property. This means that the bank takes possession of the property in an attempt to recover the debt the homeowner owes. In some cases, the bank may try to recover th
Jun 06, 2018 |
Last week’s economic reports included readings on Case-Shiller home prices, pending home sales and construction spending. Weekly readings on mortgage rates and new jobless claims were released, along with monthly labor-related reports on job creati
Jun 05, 2018 |
Borrowers who cannot qualify for a conventional mortgage are often able to obtain an FHA loan. However, to secure this type of loan, you must still meet certain requirements. What Is an FHA Loan? FHA loans are mortgage loans that are backed by the Federa
Jun 02, 2018 |
When you are filling out a mortgage application, the lender will be asking you for specific financial information. One of the reasons they ask for this information is to enable the underwriter to calculate your debt to income ratio. The debt to income ra
Jun 01, 2018 |