Articles by Liz Clinger

What Are Finance and Lender Charges?
Most people associate closing costs with the finance charges that are levied by lenders. The charges you pay will vary among lenders, so it's worth it to shop around for the best combination of mortgage terms and closing (or settlement) costs. . These are some charges...

Mortgage Application Checklist
Below is a list of standard documents that lenders require during the loan application process.. Property:A copy of fully signed sales contract including all riders.. Verification of the deposit you placed to the home (copy of front and back of earnest money check).....

Lower Payments With Discount Points
Mortgage points are costs that need to be paid to a lender in order to receive mortgage financing under specified terms. A point is a percentage of the loan amount (one point = one percent of the loan). One point on a $100,000 loan would be $1,000. Discount points are fees that are...

What is Bankruptcy ?
Although many people are hesitant to discuss bankruptcy, it is incorrect to think of bankruptcy as an embarrassment or a cowardly option.  If you are unable to meet your financial obligations now and do not expect your financial outlook to change, consider declaring...

The Ultimate Guide to Credit and Credit Score
Credit represents the ability of a borrower to obtain goods or services before payment, based on the trust that payment will be made in the future. A credit score is a number representing the risk which a borrower presents to a lender, or the likelihood that the borrower will be...

What Happens at a Mortgage Closing?
At a closing, ownership of the newly purchased home is transferred to you. It involves you, the seller, the real estate agent, representatives from the title or escrow firm, clerks, secretaries, attorneys and other staff. . It is possible to have an attorney act on your...

What is an Interest-Only Mortgage?
With an interest-only mortgage, the borrower takes out a 30-year mortgage, electing to pay interest only for a set period, such as 3, 5, 7 or 10 years. . After the end of the interest-only period, the monthly payments readjust to include the principal, and the loan is...

What is a Reverse Mortgage?

What is a Jumbo Loan?
A jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac. Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are the two main agencies that purchase the majority of residential...

Refinancing - Things to Consider
There are three primary aspects to refinancing: the interest rate, loan length, and fees. These aspects should be weighed against the existing loan and the amount of time the borrower is planning to stay in their home. . When not done properly, refinancing...

Get a Mortgage with Bad Credit
If you are worried that bad credit will prevent you from being approved for the loan, a bad credit mortgage loan can be the solution. . Sub-prime mortgage loans were once a popular solution for those with a low FICO score before the housing crash. However, now there...

What is Balloon Mortgage?
A balloon mortgage is one of the many non-traditional mortgages available. Unlike many other mortgage loans, a balloon mortgage loan does not amortize, or pay itself off ,at the end of the loan term. . At the end of the loan's term, a part of the principal remains and...

Can I Get a Home Loan after Bankruptcy?
If you have filed for bankruptcy in the past, and want to know if you can still purchase a home, the answer in short is: generally yes. The bigger question is how long after the bankruptcy do you have to wait before you apply for a new financing?. Most new mortgage loans will require a...

5 Most Important Things to Look for in a VA Home Loan Lender
For eligible homebuyers, home financing through the Department of Veteran Affairs can provide numerous benefits and advantages over other types of loans. Borrowers looking for a VA loan will need a lender authorized by the VA to handle this type of home financing. While many...

Can a Low Appraisal Affect My Refinance Options?
You can't rely solely on sound financial standing when you're refinancing. For an easy refinance approval as well as lowest interest rates, you'll need an accurate home appraisal. . In the past, loan officers had relationships with local...

VA Hybrid ARM (Adjustable Mortgage)
The VA Hybrid ARM loan combines the qualities of both fixed and adjustable rate mortgages. . This mortgage begins as a fixed rate mortgage for the first 3, 5, 7, or 10 years with interest rates locked into place. Following this period, the mortgage becomes an adjustable...

Can I Get a Second Mortgage with a Bad Credit History
With a poor credit score, acquiring a loan can be tremendously challenging, especially when it comes to a second mortgage. Second mortgage loans tend to be more difficult for creditors to collect in the event of a borrower’s default, due to all available payment going...

VA Loan for Land Purchase
VA guidelines allow eligible borrowers to finance the purchase of mobile homes, manufactured homes, or even land. While many websites may say otherwise, VA mortgage loans can be applied toward land purchases under the right circumstances.. Purchasing Land with a VA LoanThe...

7 Questions You Must Answer Before Getting a Mortgage
1. Why do I need a mortgage? This question may seem obvious.  "I need a mortgage so that I can purchase a home."  Fair enough.  But do you need to buy a home?  Even if your answer is yes, you can still go deeper.  . Do you...

Is It Time To Switch Lenders?

What Are Mortgage Points?
In mortgage terms, a "point" is a sum paid up front at the closing in exchange for better loan terms.  Points lower the lender's risk.  When more money is paid to the lender up front, the loan itself is smaller and less risky. Point payments allow the...

The 5 Types of Paperwork Your Lender Will Demand
. The home purchase loan often begins and ends with mortgage paperwork.  Why?  It’s simple.  You’ll have to get preapproved for a mortgage before you can negotiate with a seller to buy a house, and in order to close the deal, you’ll have to sign a finalized mortgage...

Get Your Credit Score Ready for a Mortgage
You may have found the home of your dreams and you may feel that you’re ready to take on a mortgage, but how is your credit score?  If your credit score isn’t ready, you won’t qualify for the home mortgage loan you need and you won’t be able to...

Adjustable Rate Mortgage Pros and Cons
There are many loan options available to choose from to fund your home purchase.  Some loans are fixed rate mortgages, while others come with rates that adjust upward or downward over time.  This latter type of loan is called an adjustable rate mortgage and...

Reverse Mortgage Checklist
Our reverse mortgage checklist will walk seniors through the reverse mortgage process to help them better understand how they can tap into their home equity without dealing with mortgage payments. . Here are the required steps:. Study the reverse mortgage terms...

Reverse Mortgage FAQ
The FHA’s reverse mortgage program allows equity to be taken out of a borrower’s home upon retirement. This particular mortgage program gives many qualifying senior citizens additional retirement income. However, there are pros, cons, and...

Mortgage Refinance Overview
Our detailed overview will provide you with all the refinance information you need to take control of your financial situation and make an informed decision about your mortgage.. Refinancing a Home MortgageIn a refinance, you take out a new home loan and use it to pay off your...

What Are Some of the HARP 2.0 Limitations?
HARP 2.0 Takes TimeThe HARP application process could take months to complete. Lenders who manually underwrite mortgages could start refinancing applications immediately; however, those who depend on automated software to underwrite mortgages must wait until updates...

Fannie Mae Looking Towards Mortgage Lenders Contract Changes
Tuesday, May 1, 2012 Fannie Mae announced that some terms under purchase agreements, pricing and mortgage-backed securities contracts with lenders could change.. Lenders with large inventories of outstanding purchase requests would be affected with the new rules.. Fannie...

Mortgage Rates at All Time Low Today
According to the Freddie Mac survey, fixed rate mortgages for 30 years are at an average of 3.84% as of today. This is the lowest rate ever recorded in the survey; the previous all-time low from February 9, 2012 was 3.87%. Last week the average was 3.88% and at this time last year 4.71%.. 15...

New Housing Scorecard Results
According to the Obama administration, the United States lowered levels of delinquencies and higher rate of home sales in the first quarter benefited the housing market, however, home prices remain inconsistent which is still creating an uncertainty in the market.....

Obama Administration Introduces Three Bills to Complete Refinancing Initiative
Intended to increase homeowner refinancing, three bills introduced by Democratic Senators last week would complete Obama’s plan for refinancing which was outlined in his State of the Union Address. HUD Secretary Shaun Donovan said that the bills are a “Win,...

Mortgage Applications Rise Significantly
For the week ending May 11, 2012 mortgage applications rose a significant 9.2%, a reaction from investors fearing the debt crisis in Europe and fleeing to U.S. Treasury securities according to an industry trade group on Wednesday.. The Mortgage Bankers Association believes the...

Mortgage Rates Reach Record Lows Again
For the third week in a row, FRM rates continued to decline to all-time lows. For the week ending Thursday, the Freddie Mac survey shows 30-year fixed rate mortgages hit the lowest rate ever recorded, averaging 3.79% which is a 0.04% decrease from last week’s average and 0...

Mortgage Delinquencies 7.4 Percent 1Q
According to the Mortgage Bankers Association National Delinquency Survey, mortgage loans on residential properties from 1-4 units lowered to a seasonally adjusted rate of 7.4% of all loans delinquent at the end of the first quarter. This is a 18 basis points drop from...

Monthly Median Sales Price Continues to Rise
As 2012 reaches the end of the first half of the year, the median sales price of homes rose for the third straight month in April, according to a survey of 53 metropolitan areas by the RE/MAX National Housing Report. The survey shows that median home prices were 3.2% higher than...

FHA May Soften Condo Rules
Currently, the FHA has in place rules to block new loans on condo developments with any more than 15% of its units more than 30 days past due on condo association dues, and with a minimum of half the condo units owner-occupied on any development less than a year old. The FHA also...

Third Week Spike In Mortgage Applications
With record low rates, it’s no wonder that mortgage application filings are rising. The refinance application activity raised a significant 5.6%, though home purchase decreased 3% from the week before, according to the MBA. The total mortgage applications filing for...

Home Affordability Up As Rates Stay Low
As mortgage rates continue to stay at record breaking lows, housing affordability across the nation is high.. According to the Freddie Mac survey, 30-year fixed rate mortgages reached a new low at 3.78% for the week ending today, 0.01% down from last week’s 3.79% and down...

14.1 Percent Decrease in Freddie Mac Portfolio
According to GSE’s monthly report in April, 2012 Freddie Mac’s total portfolio decreased at an annualized rate of 14.1%, a large decline compared to March’s annualized rate reduction of 2.9%.. Loan modifications completed in April was 3,454 down from...

30 Year Fixed Mortgage Rates Show Slight Rise
According to a report by the FHFA, conventional 30-year fixed mortgage rates of $417,000 or less rose to 4.21% or 9 basis points in April. The report by the Federal Housing Finance Agency is based on 30-45 days before a loan closes, which means it reflects the market from the...

Decline in Mortgage Applications
For the week ending May 25, mortgage applications declined 1.3% according to an industry trade group.. A market composite index released by the MBA that is a measure of loan application volume shows the refinance and purchase activity declined from the previous week....

Record Breaking Mortgage Rates Continue
30-year fixed rate mortgages have reached all-time lows for the fifth week in a row, averaging 3.75%, a 0.03% decrease from last week’s record low of 3.78% and down 0.8% from this time last year, according to the Freddie Mac survey.. 15-year fixed rate mortgages have hit under...

Mortgage Debt Decreases by $350 Billion Over Last 12 Months
According to the Federal Reserve Bank of New York, $350 billion in mortgage debt decreases occurred over the last 12 months, by payoffs, foreclosure or other forfeiture in lieu of eviction. Consumer credit reports on mortgage balances met peak highs at around $9 trillion in...

1Q 2012 Shows close to double Harp Refinance Activity
According to FHFA data, close to 180,000 GSE loans were refinanced in the first quarter of 2012. This is almost double the 93,000 from the fourth quarter of 2011. This is highly due to the large banks launching the expanded HARP program.. When HARP was launched in April of 2009,...

Home Prices Show Increase in April
According to the research firm, CoreLogic, home prices reached a 1.1% increase in overall prices over the last year in April. That makes it the second year over year increase in 2012. From March to April, home prices increased 2.6% in April, if you include distressed sales, the...

Blog Review:. http://barkerrealestatesantafe.com/blog/. With current mortgage rates at record lows in and around the Santa Fe area, there is no better place for New Mexico residents to get their insider news than the Barker Real Estate Blog. Here you will find tips and tricks...

Mortgage Applications Up
According to an industry trade group, mortgage applications filed by borrowers in the U.S. had an increase of 1.3% for the week ending June 1, over the previous week.. As reported by the Mortgage Bankers Association, the refinance index reached upwards to 2% over the prior week,...

Mortgage Rates Reach New All-Time Lows
As long-term Treasury bond yields further decreased, fixed-rate mortgages continued to plummet for the sixth straight week.. According to the Freddie Mac survey, fixed rate mortgages reached all-time lows while treasury indexed adjustable rate mortgages showed no...

First Quarter Increase in Multi-Family Markets
For the seventh quarter in a row, the Multifamily Production Index (MPI) which measures developer and builder sentiment on the conditions currently in the multifamily market, rose. It reached an index level of 51 over 49 on a scale of 0-100 in the fourth quarter of 2011,...

FHA Helps Severely Delinquent Homeowners to Stay In Their Homes
For homeowners in foreclosure with FHA backed mortgages that have exhausted all loss-mitigation tools through existing FHA programs with their servicers may now have one more option.. While HUD’s inventory of distressed properties hit a three year low, FHA backed...

20% Increase of Defaults Speculated by UFA
The University Financial Associates of Ann Arbor, MI put out the latest UFA Mortgage Report indicating that under current economic conditions, lenders should be expecting around a 20% increase in default loans or foreclosures than similar types in the 90’s due to...

Mortgage Applications Up 18%
According to an industry trade group, mortgage applications reached an 18% increase in the week ending June 8 over the prior week, which is not surprising as record low interest rates sweep the nation at under 4%.. Reaching its highest level since April 2009, the refinance...

Mortgage Rates Even Out From Recent Plummets
According to the Freddie Mac weekly survey, the 6 week streak in record breaking mortgage rate declines have come to an end.. Fixed rate mortgages with a 30 year length showed an increase of 0.04% to reach a 3.71% average over last week’s historically low 3.67%, though still a...

Fannie Mae and Freddie Mac Audited for REO
According to a while paper by the Inspector General released June 14, 2012 potential risks in the processes at each GSE were found by the Federal Housing Finance Agency’s recent study of Fannie and Freddie, which finalized in March 2012. Errors ranging from failing to...

FHA Removes Credit Rule
In March of 2012, the Federal Housing Administration drafted a rule to help lower its risks to its emergency fund, which was to require borrowers to pay all collection accounts over $1,000.00 or have documented payment arrangements with them before a mortgage loan was...

Mortgage Applications Settled with Only Slight Increase Overall
In a week over week review, mortgage applications filed in the U.S. only edged up a slight 0.8% overall for the week ending June 15, 2012.. According to the MBA, home purchasing mortgage applications showed a declined while refinance application activity slowed pace.. Refinance...

Mortgage Rates Fall Again
According to the Freddie Mac survey, 30-year FRM reached a new record low averaging 3.66% for the week ending today, down under last week’s 3.71% average and down from this time last year’s average of 4.50%.. 15-year fixed rate mortgage averages also down from the...

Slight rise in national home prices
According to Lender Processing Services, Inc.’s First Look Home Price Index report, home prices reached an overall average of $200,000 in April, up 1.1%, though still down 0.1% from the previous year.  The report reviews the status of home pricing in 15,500 United...

New Home Sales Up
Since mid-2010, the pace of sales in May for new single-family homes reached its highest point. New single-family home sales reached upward 7.6% from April to May, reaching an 19.8% increase since this time last year.. New single-family house median sales prices reached...

Mortgage Refinance Activity Speculated Not to Last
According to some bank analysts, the recent surge of mortgage refinance activity is speculated to drop off in August.. With the Fannie Mae and Freddie Mac HARP program starting to take off when banks implemented the program in March, refinance activity had already started to...

7.1 Percent Decline In Mortgage Applications
For the week ending June 22, 2012 mortgage application volume decreased 7.1% according to the Mortgage Bankers Association.. With the high demand for refinance on government loans more than doubling a week prior, the MBA indicated that the cool in activity is because of the new...

Mortgage Rates Sit In Limbo From Last Week's Averages
According to the Freddie Mac survey for the week ending today, mortgage interest rates have barely shifted from last week’s drop to record or near record lows.. 30-year fixed rate mortgages reached and average of 3.66% this week, matching the same rate average as last...

Foreclosure Activity Up in May, Down from Last Year Levels
An increase in completed foreclosure activity from April’s revised 62,000 to 63,000 in May, though still significantly down from this time last year’s 77,000.. Since September of 2008 the total of completed foreclosures is 3.6 million, though it’s safe...

Las Vegas Home Prices Reach 2 Year Peak. According to DataQuick, Los Vegas median home prices reached an increase to $122,000 or 2.5% in May,  and also up 4.3% from the prior year, reaching its highest median price since Dec 2010 for new and resold homes.. Distressed property...

Bidders for Fannie Mae REO Pilot Program Selected by FHFA
The FHFA created a pilot program to help stabilize communities and home values in areas that were hit hardest by foreclosures by creating rentals out of the foreclosures rather than letting them sit empty. This initiative began after over 4,000 responses on how to sell the...

Mortgage Applications Fall Again, Rates Still Hitting Record Lows
After the initial rush for government backed refinance, mortgage applications as a whole have fallen 6.7% over the last week.. According to the Mortgage Bankers Association, the refinance index overall showed a decline of 8% over the last week while HARP 2.0’s portion of...

Consumer Financial Protection Bureau to Overhaul Mortgage Process The Consumer
Financial Protection Bureau is a recently formed regulator with intentions to improve fairness and clarity in the home mortgage market, by remaking the mortgage process for the consumer, making it clear and easy to understand the kind of loan the borrower is getting and its...

Is the Housing Market Looking Up?
According to the most recent housing scorecard from the Obama administration, HUD and U.S. Treasury, home equity has reached an uptick of 7.4% between last years fourth quarter and this year’s first quarter of which it reached upwards of $457.1 billion dollars, the...

Underwater Homeowners are Receiving Loan Mods
Hope Now announced on Monday that in the month of May about 63,000 owners of homes modified their loans while 38,000 short sales have been finalized.This data has been collected since 2007 by nonprofits, servicers of mortgage, investors, and insurers who have worked...

Mortgage Application Activity Falls Again, Rates Still Falling
According to the MBA, mortgage applications reached a 2.1% decline for the week ending Wednesday, July 7, even after adjusted results for the holiday on 4th of July.. The refinance portion of all mortgage applications decreased 3% totaling a 77% share of activity, giving the...

QM Rebuttle Presumtion Causing Waves
Washington saw its fair share of push-and-shove on Wednesday when two consumer groups pushed for their right to sue banks regarding lending rule violations in the future.The consumer group is pushing for change, and it’s coming; the Consumer Financial Protection...

More Fannie and Freddie Borrowers Refinancing Underwater Mortgages
The Federal Housing Finance Agency recently reported more than a two-fold increase in the percentage of Fannie Mae and Freddie Mac borrowers who owe more on their mortgage than their house is worth and are choosing to refinance into shorter-term loans.. With the goal of...

Mortgage Applications Up 16.9%
With continued decreases to record low mortgage interest rates, mortgage applications overall raised 16.9% for the week ending July 13, 2012.. The refinance index reported by the Mortgage Bankers Association increased 22% week over week, hitting the highest percentage of...

The Decline In Mortgage Interest Rates Continue
Week over week mortgage rates continue to drop, offering home buyers and mortgage owners a chance to get amazing interest rates on their home loans.. 30-year fixed rate mortgages have reached an average of 3.53% this week, a 0.03% decline under last week’s 3.56% average,...

Short sales are more beneficial than foreclosures for lenders
Darin Blomquist, the vice president of RealtyTrac made a statement on Thursday that the distressed homes market is showing  a lean towards short sales over foreclosure, making it easier for distressed homeowners while reselling the homes faster and with a higher...

June Showed Higher Economic Activities
According to the Chicago Federal Reserve Bank’s most recent National Activity Index, heightened activity levels in production-related indicators and a better housing outlook helped balance economic activity during the month of June.. The CFNAI index with a score...

Freddie Mac buys $44B in loans in June
In June, Freddie Mac bought $44.1 worth of loans. They sold or liquidated $48.2 billion of it, which made its mortgage portfolio balance shrink in June at an annualized rate of 2.5%. Freddie also reduced its portfolio in June to $2.012 trillion, down by $4.1 billion. In May, the...

FHA Finances will Rebound on Loan Volume and Higher Premiums
Analysts believe that the Federal Housing Administration will finish the fiscal year with $3 billion in reserves.  This is a direct result of FHA increasing their premiums and the growing loan volume offsetting shortfalls. . U.S. Department of Housing and Urban...

What Is an FHA 203k Loan?
The FHA 203k loan is a variation of the Federal Housing Authority-insured loan, commonly known as an FHA loan. The Section 203k program is the Federal Housing Authority's primary program for rehabilitating single-family homes and is an important means of community...

Who is Eligible for a VA Loan ?
The Department of Veteran Affairs has specific guidelines for VA Loan eligibility that depend on the length of term served, conditions of the discharge, conditions of service (peacetime or wartime), and the branch of military served.  . If you have ever served in the...

What are the requirements for a VA loan?
This article does not address the VA Loan Eligibility but describes in detail the standards that Veterans of the United States must meet for getting a loan from the Department of Veteran Affairs. Under certain circumstances, like job relocation, a veteran may borrow two VA...

VA Loan Credit Score Requirements
The credit requirements for the VA home loan program are lenient. However, applicants must still meet the credit and income criteria established by the Department of Veteran Affairs (VA). . While the VA has not set a minimum credit score requirement, most lenders...

Comparison: VA Loans vs. Conventional & FHA Loans

Refinancing a Conventional Loan
There are several reasons why one would want to refinance from a government-backed loan into a conventional loan. . Conventional Loan RequirementsCredit: Generally, borrowers should have a credit score of at least 620 with a solid credit history to refinance, though higher...

USDA Loan Requirements
The USDA loan program, also referred to as the Rural Development loan, or Rural Housing Loan, is a unique loan product offered by the United States Department of Agriculture (USDA). It provides qualified borrowers with zero down payment, 100% financing at minimal up-front...

Mortgage Rates Fall After Last Week's Increase
Mortgage rates have been making major headlines lately, and today’s improvement over last Thursday is no different. Although rates are still the lowest the market has seen in some time, this week rates actually rose, making some in the financial world slightly...

USDA Rural Development Loan FAQ
While USDA loans share many qualities with other government loans, such as FHA and VA, they also include many unique requirements and characteristics which can be confusing for first-time home buyers or borrowers who are unfamiliar with the mortgage application process...

What is VA Funding Fee?
To secure home loan benefits through the Department of Veteran Affairs (VA), VA-eligible borrowers must pay a mandatory VA funding fee. Through this charge, the borrower contributes toward the cost of the highly advantageous VA mortgage loan program, thereby lessening...

VA Loan Closing Costs
For military borrowers, VA loans provide exceptional benefits exclusive to active duty servicepersons and military veterans. To provide assistance for veterans, the Department of Veteran Affairs (VA) enforces strict guidelines on the closing costs which lenders can...

VA Loan Benefits
Due to the VA Home Loan program's flexibility, guaranteed backing by the federal government, and major benefits, a VA home loan can help members of the service who may otherwise struggle to find and purchase a home of their own.. Down Payments Not Required for a VA LoanSince...

VA Loan Down Payment
Unlike FHA home loans and Conventional Loan programs, VA mortgage loans offer qualified borrowers the option of a zero down payment. However, other fees and restrictions apply.. VA Down Payment Guidelines:All borrowers may not have the option of omitting a VA down payment....

Benefits of Refinancing With a VA Mortgage
 VA loans offer tremendous benefits to qualified military personnel. Many are unaware that the VA loan program also helps homeowners refinance their existing mortgages.. Refinancing a VA loan is a great option for many qualified homeowners, especially in the current...

What Banks Will Give Me a HARP 2.0 Refinance Loan?
Many banks offer mortgage loan refinances through the Home Affordable Refinance Program(HARP), a refinance program designed for underwater borrowers with loan-to-value ratios (LTV) that disqualify them from traditional refinance loans. . With qualifications...

Can I Refinance an Investment Property with HARP?
To dispel any confusion, this article will examine the main myths of the Freddie Mac HARP refinance that prevent borrowers from being able to obtain a HARP refinance on investment properties.  But first, it's imperative to understand that  HARP refinancing...

Avoid Loan Application Denial for Undocumented Cash
Several problems may result in your home loan application being delayed or denied. One issue, in particular, creates most of the delays in the mortgage application process --undocumented cash deposits. . You must show that you have a sufficient down payment when...

Comparison: VA Loans Versus Conventional Mortgages
While you may qualify for both loans, generally there is one option will benefit you more than the other. The main differences between VA loans and conventional loans are the eligibility qualifications, mortgage insurance, and down payment. . For example, if you want to...

What is FHA MIP?
When taking out an FHA-insured loan, home buyers are required to pay a mandatory mortgage insurance premium (MIP).  MIP protects the bank from taking a loss if a homeowner stops making their mortgage payments. It's insurance that gives the banks the ability...

Buying a Condo ? Consider These Tips
Purchasing a condo can be very much different from purchasing a single family home. One of the most important criteria for deciding whether or not to go with this option is know the monthly maintenance (HOA) fee.  . Many buyers are priced out of range due to the high fees that...

What is HomePath?
HomePath is the brand used for any property that is owned by Fannie Mae. HomePath mortgages give borrowers the option to have mortgages backed by Fannie Mae and offers the opportunity to get a HomePath renovation loan, allowing borrowers to include basic renovations needed...

What Are Mortgage Points?
The term "point"  refers to a lender fee. One point is equivalent to 1% of your mortgage loan. If mortgage points sound tricky, it’s because they can be. . It is best that you are prepared to ensure the lowest interest rate and prevent unexpected...

What is Fannie Mae?
Fannie Mae is considered a (GSE) government sponsored enterprise, and its intentions are to purchase mortgages from lenders to sell them at lower costs. This process, called securitizing, intends to assist the housing market in regaining strength. . The concept is...