If you get to a point where you are experiencing a permanent or temporary financial hardship and feel you may miss a mortgage payment, it is good to know there are options. Whether you have a conventional, FHA or VA loan, your mortgage loan servicer has options to help you through those tough times. It’s…

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The government backed FHA loan is a popular choice among first time homebuyers as well as repeat buyers because of its forgiving debt-to-income ratios, low down payment requirements and lack of reserves required. These relaxed requirements don’t come without restrictions! Being a program designed for owner occupants, the rules behind limiting the number of FHA…

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HELOC-loans

Anyone who got a mortgage prior to the middle of 2022 probably has an interest rate below 5%. With first mortgage rates still upwards of 7%, many homeowners who want to use their equity for home improvements, to consolidate debt, buy another property or just have some extra cash set aside for unforeseen expenditures are…

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Two Types of Mortgage Insurance

There are two kinds of mortgage insurance, private mortgage insurance or PMI and the mortgage insurance which is on all FHA loans, MIP or mortgage insurance premium. Both types of mortgage insurance are designed to cover a lender in the event of a loss but there are many differences between the 2. FHA charges both…

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A house is more than a place to live. A house is a home that provides a multitude of financial and emotional securities that we cannot get by being a tenant in someone else’s house. Homeownership provides financial rewards in the form of wealth building. Think about the $2,000 per month that you pay in…

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