How Much Is My VA Funding Fee?
VA loans are a great option for military personnel but it’s important to know about all the fees associated with these types of loans. The VA must be paid a loan funding fee before the VA will issue a guaranty. The amount of the funding fee depends on the amount...Is There Ever a Good Reason for an Adjustable Rate Mortgage?
An adjustable rate mortgage or ARM is a home loan with an interest rate that can change periodically. Monthly payments can go up or down based on the current interest rate. The initial interest rate is lower than a fixed rate mortgage but after a certain period,...
Is a Bridge Loan a Good Idea?
A bridge loan is a loan between two transactions, typically the buying of one house and the selling of another. A bridge loan is ideal when a homeowner cannot afford to mortgage payments at the same time. This works when you are buying one home when your previous home...Buying Down Your Interest Rate
Have you heard the term “buying down an interest rate”? This is a common phrase in home loan applications, especially when working with a bank or mortgage broker. You can buy down your interest rate by asking for a series of different rates and associated...How a Bank Statement Mortgage Works
For self-employed individuals, a bank statement home loan may be the best thing since sliced bread. Instead of using W-2’s and tax returns, which most loans rely on, a bank statement loan uses the money you deposit into your bank account each month as proof of...
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Here you’ll find tips, updates on mortgage laws and changes that can affect your loan or approval. Check back often for more great ideas.