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Home Loans: Where Do I Begin?
So you've finally decided you've had enough of paying rent and want to jump into home ownership. Well you've got your work cut out for you. Plumbing problems are now your responsibility, not your landlord's. A nice, clean yard is also your responsibility, not your landlord's. The air-conditioning goes out in August, who do you call. Not the landlord, you're now responsible. Yep - a lot of work.
But none of that matters if you can't get into the house in the first place. Unless you just won the lottery or your dead Uncle Fred left you a small fortune, you will have to take out a loan to get your dream home. But where do you start. It's more complicated than going to the bank and asking for a loan. There's 100% financing loans for those with no down payment. Government loans for those who qualify. Conventional loans where you, as the buyer has to come up with a substantial down payment. And that's just the beginning. So let's take a quick look at what is out there to help you get started on the most important financial purchase you will ever make.
A conventional loans is the type of home loans most people think of when they think of borrowing money. The conventional loan requires good credit and at least a 3% down payment. That's at least $3,000 down, WITH good credit, on a $100,000 home. And how many of us out there have a completely clean credit report? If you've ever been late on a car payment or a credit card payment, or even if you've been late returning a movie, this may not be the kind of loan for you. Anything can show up on your credit report and keep you from getting a conventional loan. But you have options.
Two of the more popular alternative home loan programs are 100% financing and government loans. One-hundred-percent financing loans are available through the VA, FHA and conventional means. But if you try to get a 100% financing loan through conventional means, your credit report had better be so spotless that it's opaque. Not an option for most people.
The Veteran's Administration and the Federal Housing Authority both offer 100% financing loans - which means you don't have to come up with a down payment. But you will pay a price. Both the VA and the FHA consider 100% financing loans high risk and offset that risk with a higher interest rate.
But that's just the beginning. You have numerous options available to you if you put in the work to really research home loans. In addition to conventional, VA and FHA loans, there is a whole host of other options available depending on where you fall on the perfect-to-lousy sliding credit scale. Following are just a few:
So as you can see, you have your work cut out for you. Don't jump into the first deal you come across. "Research, research, research" should be you motto on this new endeavor. Find out every type of loan that you qualify for and decide which is better for your situation. But remember, you can't wait for the maintenance man to come fix your toilet anymore. Go buy a plunger. The toilet is now your responsibility. After all, it's your house. Good Luck!
Allen Shaw is a successful author who provides tips and information on home loans and refinance loans. "I am the news director at USA News Network and have been working as freelance writer for 2 years. I've been published in a few magazines, newspapers and websites and my specialty up to this point has been movie and music reviews."
MORE RESOURCES updated Sat. July / 20 / 2019
Good time to refinance your mortgage? Fox Business
The 30-year fixed mortgage rate recently reached its lowest levels since September 2017.
How to Refinance a Mortgage and When to Do It TheStreet.com
Your mortgage can cost a lot of money over time. Here's how it might just cost a little less....BAC.
Consider a Mortgage Refinance, Even If You Bought Recently NerdWallet
Mortgage rates have fallen so much lately that millions of homeowners might benefit by refinancing — even if they bought a home in 2018.
Will mortgage rates drop even more? Should I wait to refinance? The Mortgage Reports
Mortgage rates are near historic lows, but maybe you've heard that nagging voice, the one which says “wait just a little longer. Rates can drop lower.
Refinance rates advance for Monday Bankrate.com
Several benchmark refinance rates cruised higher today. If you're shopping for a mortgage, see what that means for you.
Refinance mortgage rate moves up for Thursday Bankrate.com
Refinance rates were mixed, but one key rate cruised higher. See what that means for your refinance.
Refinance rates decline for Friday Bankrate.com
Several closely watched refinance rates decreased today. If you're shopping for a mortgage, see what that means for you.
Refinance rates trend higher for Wednesday Bankrate.com
Several closely watched refinance rates cruised higher today. See what that means for your refinance chances.
Debt Consolidation with Mortgage Refinancing: How to Pay Off Debt with a Refinanced Mortgage - Zing! Blog by Quicken Loans
Debt Consolidation with Mortgage Refinancing: How to Pay Off Debt with a Refinanced Mortgage Zing! Blog by Quicken Loans
Considering a mortgage refinance to consolidate debt? Before you do, read our guide to make sure you understand how it works along with the pros and cons.
Mortgage rates today, July 18, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates fell by a worthwhile amount yesterday, as we predicted. The drop wasn't enough to offset recent rises. But it was a step in the right ...
Refinance rates retreat for Wednesday Bankrate.com
Several key refinance rates trended down today. See what that means for you if you're in the market for a mortgage.
More than 8 million homeowners are leaving big money on the table by not refinancing CNBC
Mortgage rates have been on a roller coaster for the last year, but now they're sitting at the bottom of the track, and that is giving a major boost to the number of ...
Refinance mortgage rate retreats for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a mortgage, see how your payments might be affected.
Refinance mortgage rate eases for Thursday Bankrate.com
Refinance rates were mixed, but one key rate slid lower. If you're shopping for a mortgage, see how your payments might be affected.
6 Strategies To Make Your First Mortgage Refinance A Success CBN News
Mortgage rates may be rising but there's still room to refinance your home loan. Use these six ways to get the best deal on your first mortgage refinance.
Refinance mortgage rate slides for Monday Bankrate.com
Refinance rates were mixed, but one key rate decreased. If you're shopping for a refinance, see what that means for you.
Should you refinance your mortgage now? Clark.com - Clark Howard
Money expert Clark Howard has a simple rule for when to refinance your mortgage. See if it applies to you and how you can hit a "grand slam" if you do it.
4 irresistible perks of a VA mortgage refinance Bankrate.com
Interest rates are near historic lows, and one particular VA loan refinance option that is easy to qualify for can enable homeowners to save thousands on their ...
This is how ridiculously low mortgage rates are now. A historical perspective - The Mortgage Reports
This is how ridiculously low mortgage rates are now. A historical perspective The Mortgage Reports
Home refinance rates are low. This is a statement which is both true and does not adequately describe the current mortgage situation. Mortgage rates in the 3% ...
How to get the best deal on your home mortgage refinance cleveland.com
Mortgage rates may be rising but there's still room to refinance your home loan. You might have heard much said about the constant rise of interest rates over the ...
Mortgage rates today, July 19, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates barely moved yesterday, as we predicted. What small move there was, turned out to be friendly. And the small fall took rates very close ...
Refinance rates trend higher for Tuesday Bankrate.com
Multiple key refinance rates trended upward today. If you're in the market for a mortgage, see what that means for you.
Mortgage rates today, July 15, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates rose again on Friday, as we predicted. However, for the second day running, the increase was sharper than we expected. So those ...
Weekly mortgage rates fall further, but only refinance applications rise CNBC
Mortgage application volume was 40% higher than a year ago, largely because lower rates are strengthening the refinance market.
Should you refinance your mortgage now? | FOX13 FOX13 Memphis
Mortgage refinancing rates in recent weeks have been dropping at a pace we haven't seen in quite a long time.
Fed interest rate cuts to usher in new era for home buyers | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Fed interest rate cuts to usher in new era for home buyers | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Home prices are high but there's hope for home buyers. Falling rates should make homeownership more affordable as the Fed seeks to cut rates in 2019.
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big - PaperCity Magazine
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big PaperCity Magazine
Are you leaving money on the table when it comes to your home mortgage payments? If you are one of 5.9 million, homeowners who could lower interest rates ...
Fixed mortgage rates end up back where they started after an up-and-down week The Washington Post
Mortgage rates were caught in a tug of war this week as economic news pushed them up and then pulled them down, leaving them back where they started.
Low mortgage interest rates stimulate homeowners to refinance Chicago Daily Herald
The usual reasons to refinance a home mortgage loan are to reduce the monthly payment or to raise cash. The third option, which is underappreciated, is to ...
Your Mortgage: What's up with all this refi talk? Shawnee Mission Post
By Mike Miles Mortgage rates can be both boring and attractive. Chances are strong that if you have a conversation at a party concerning mortgage rates (in ...
Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy - The Washington Post
Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy The Washington Post
Mortgage rates hit their lowest levels since November 2016 on the heels of the Federal Reserve meeting last week. According to the latest data released ...
Refinance rates tick lower for Tuesday Bankrate.com
Multiple closely watched refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both declined. Meanwhile ...
Mortgage rates increase for Wednesday Bankrate.com
Several benchmark mortgage rates cruised higher today. If you're in the market for a mortgage, see how your payments might be affected.
Time to Refinance Your Mortgage? Inside INdiana Business
Amazingly, mortgage rates are once again at historical low levels. Last year the average rate on a 30-year mortgage was 4.54 percent. Now rates have dropped ...
Mortgage rates today, July 16, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, July 16, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Average mortgage rates held steady yesterday, as we predicted. That was a relief after four days of rises, the last two of which were fairly sharp. Of course, they ...
Buying or refinancing? The mortgage rate frenzy is back STLtoday.com
Average rates are around 3.82% nationally for 30-year-fixed mortgages, after peaking near 5% in November.
More than 8 million borrowers can now benefit from refinancing their mortgage HousingWire
Last week, Freddie Mac's fixed mortgage rate fell to its lowest level in three years, bumping the pool of refinance candidates up significantly. At the end of June, ...
Mortgage rates today, July 12, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates rose yesterday, as we predicted. However, the increase was sharper than we expected. It wasn't huge (equal-third biggest movement ...
Guild Mortgage Will Consider Airbnb Income on Refinance Applications Mortgageorb
Guild Mortgage recently launched a new mortgage option in partnership with Airbnb that considers short-term rental income from Airbnb as an acceptable ...
Mid-year review: What’s happening in housing, and more important, what’s not Bankrate.com
The first half of 2019 bore promising gifts to eager homebuyers, namely low mortgage rates and slowing home price growth. This comes, however, amid a ...
U.S Mortgage Rates – FED Chair Powell Pins Mortgage Rates Back Yahoo Finance
Mortgage rates held steady as FED Chair Powell offset the effects of the previous week's NFP numbers on Treasury yields…
Here’s what mortgage rates might do after the July 2019 Fed meeting The Mortgage Reports
Will mortgage rates rise or fall after the Fed meeting in July. Most experts think the Fed will cut bank rates and that mortgage rates will also be reduced. But what ...
Qualify To Refinance Using Short-Term Rental Income Zing! Blog by Quicken Loans
Do you rent your primary or vacation home on Airbnb, HomeAway® and Vrbo™? You can now use the income to qualify for all conventional loans.
Tech improvements help make mortgage refinancing faster | Homes & Garden The Union Leader
A massive wave of homeowners now has an incentive to refinance their mortgages and they could find the process faster than it's been in recent memory thanks ...
Real Estate Advice: When's a good time to refinance Wicked Local
Q: What's a good rule of thumb about refinancing? With mortgage interest rates dropping again, I'm wondering if I should refinance.A: The refi rule of thumb is ...
U.S Mortgage Rates – Mortgage Rates Slide Again as the FED Turns Dovish Yahoo Finance
Mortgage rates were back on the slide following the previous week's 1st rise in 7-weeks. In the week ending 27th June, 30-year fixed rates fell by 11 basis points ...
Refinance mortgage rate moves up for Monday Bankrate.com
Refinance rates were mixed, but one key rate cruised higher. See what that means for you if you're in the market for a mortgage.
Benchmark mortgage rate falls for Tuesday Bankrate.com
Mortgage rates were mixed today, but one key rate was down. The average for a 30-year fixed-rate mortgage ticked downwards, but the average rate on a ...
Benchmark mortgage rate moves lower for Wednesday Bankrate.com
Mortgage rates diverged today, but one key rate fell. See what that means for you if you're in the market for a mortgage.
Mortgage rates trend higher for Monday Bankrate.com
Multiple closely watched mortgage rates notched higher today. See what that means for you if you're in the market for a mortgage.
Over 8 million homeowners are leaving big money on the table by not refinancing The Coloradoan
Refinancing can lower monthly payments, but it can also provide easy money for homeowners with high levels of home equity.
Mortgage discounts | United Federation of Teachers United Federation of Teachers
The following discounts are paid advertising. The appearance of these ads does not imply any endorsement by or connection with the United Federation of ...
Could we see 2% mortgage rates before this is all over? The Mortgage Reports
Is it really possible that we'll see 2% mortgage rates in the next year or so? No doubt some folks laughed when we suggested earlier this year that mortgage ...
Mortgage rates move up for Tuesday Bankrate.com
Multiple closely watched mortgage rates trended upward today. If you haven't locked yet, see how your future home loan payments could be affected.
Wisdom of crowds? Ordinary Americans beat ‘experts’ in predicting mortgage rates MarketWatch
Forecasts for mortgage rates from average American households have been pretty solid over the past few years, even as markets professionals missed the mark ...
U.S Mortgage Rates – Rates Rise for the 1st Time in 7-Weeks Yahoo Finance
30-year fixed mortgage rates rose for the 1st time in 7-weeks. The latest FOMC projections and rising geopolitical risk could reverse that with interest…
4 Student Loan Refinancing Myths Debunked NerdWallet
Student loan refinancing isn't a scam. To help you decide whether refinancing is a good option for you, we're addressing four common misconceptions.
Mortgage rates today, July 1, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates reversed direction during Friday and ended up lower — though only by the smallest measurable amount. So they remain adjacent to ...
Guild Mortgage launches refi option for Airbnb hosts HousingWire
Guild Mortgage has partnered with Airbnb to launch a refinance program for property owners who host guests through the Airbnb platform. The program allows ...
Mortgage Rates Rest, Maybe Before They Head Even Lower? Yahoo Finance
Mortgage rates found a nice spot and have been hanging out there for three straight weeks. But thanks to the Federal Reserve, it may not be long before rates ...
Is Recasting My Mortgage A Good Idea? Benzinga
Are you a homeowner who's tired of high monthly mortgage payments? Are you looking to build your home equity in less time, but can't seem to ...
9 Housing and Mortgage Trends for the Rest of 2019 Yahoo Finance
The first half of 2019 surprised housing markets across the country: Mortgage rates fell. That's the opposite of what the experts had predicted at the beginning of ...
Mortgage rates fall for Tuesday Bankrate.com
Multiple key mortgage rates receded today. If you're in the market for a mortgage, see what that means for you.
Mortgage rates today, July 3, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, July 3, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Owing to markets being closed for the Independence Day holiday, this report will not appear tomorrow. As predicted, average mortgage rates fell a little ...
Homeowner value perceptions improve as prices rise - News from southeastern Connecticut - theday.com
Homeowner value perceptions improve as prices rise - News from southeastern Connecticut theday.com
While the typical homeowner continued to overestimate the value of their property, their perception of how much their residence was worth improved in June.
Mortgage Rates Keep Dropping – Market Update Zing! Blog by Quicken Loans
Some data around home sales disappointed, but mortgage rates continue to fall. All that and more on the way in Market Update!
Mortgage rates today, June 24, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, June 24, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Average mortgage rates rose on Friday, as we predicted. But the increase was tiny. Leaving aside Thursday, that average is currently at its lowest since ...
Mortgage rates today, June 26, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, June 26, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Average mortgage rates moved lower yesterday, as we predicted. The fall was tiny but it was enough to match last Thursday's level, which was the lowest in 20 ...
Latest 2019-2021 Predictions: Home Sales & Prices, Mortgage Rates & Loan Volume Yahoo Finance
Last week, our friends at the MBA released their latest predictions on home sales, home prices, mortgage rates, and mortgage volumes. Rates dropping this year ...
Homeowners refuse to tap into massive equity. Is that a mistake? The Mortgage Reports
Home equity is up and rates are down. But homeowners refuse to tap into equity for major financial goals like a college education or home improvements. Is that ...
'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing Forbes
Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...
Refinancing Jumps in Government-Backed Mortgages, Bucking Market Yahoo Finance
(Bloomberg) -- A surge in government-guaranteed mortgage refinancings is underway, bucking the decline in the broader market since early June.While a ...
Mortgage rates predicted to fall to “the lowest they’ve ever been” The Mortgage Reports
Mortgage rates fell to 3.84% in mid-June according to Freddie Mac, but could they go lower? A lot lower? Even the lowest they've been in 50 years? Mortgage ...
Dougherty Mortgage Closes Fannie Mae Loan for 165-Unit The Trails of Oak Creek in Kettering, Ohio - MultifamilyBiz.com
Dougherty Mortgage Closes Fannie Mae Loan for 165-Unit The Trails of Oak Creek in Kettering, Ohio MultifamilyBiz.com
NASHVILLE, TN - The Nashville, Tennessee office of Dougherty Mortgage recently closed a Fannie Mae loan for the refinancing of The Trails of Oak...
As mortgage rates plunge, should you refinance? Fox Business
Nearly 6 million people can now cut their mortgage payments with refinancing.
Mortgage rates today, June 25, 2019, plus lock recommendations The Mortgage Reports
Average mortgage rates held steady yesterday. A modest fall had looked more likely first thing. Still, their being unchanged was a real win for borrowers.
Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan - MarketWatch
Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch
More people are pursuing refinances as mortgage rates have dropped.
As rates drop, mortgage refinancing surges but home purchase loans remain tepid USA TODAY
Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Mortgage insurance often gets a bad rap. But according to new data, it actually helped more than 1 million Americans either purchase a home or refinance their ...
Important mortgage rate falls for Wednesday Bankrate.com
Mortgage rates diverged today, but one key rate trended down. If you're shopping for a home loan, see how your payments might be affected.
Lend America exec to be sentenced in fraud case Newsday
A Long Island man who pleaded guilty to felony charges in the collapse of a $1-billion-a-year mortgage lender is scheduled to be sentenced in federal court ...
Your Home: Things that won't affect the value of your home Shawnee Mission Post
By Chad Taylor. I have recently had the pleasure to meet with several potential sellers. And I am noticing a trend. The word is finally getting out that now is the ...
Mortgage rates are falling—here's how to tell if you could save money by refinancing CNBC
As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
5 Signs It's Time To Refinance Your Mortgage Forbes
You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...
Nearly 6 million people can now cut their mortgage payments with refinancing Bankrate.com
The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...
When Mortgage Refinancing Makes Sense Seeking Alpha
There are many misconceptions about what happens with refinancing a mortgage and the effect on interest payments. The important factors are rate, time and ...
TRANSACTIONS Real Estate Weekly
Marcus & Millichap Capital Corp. (MMCC) arranged a total of $4,280,000 in refinancing for 29 single-family rental properties in the southern New Jersey area.
These are the best (and worst) reasons to refinance your mortgage Bankrate.com
Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
Mortgage refinancing spree becomes a race against the clock Bankrate.com
Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News
Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
If You Ever Want To Retire, Here's The Best Way To Refinance Your Mortgage Forbes
The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...
Mortgage refinance boom goes bust as rates shift higher CNBC
A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
This Week's Mortgage Rates Head Up San Marcos Corridor News
MCLEAN, Va. — Freddie Mac yesterday released the results of its Primary Mortgage Market Survey, showing that after three weeks of holding fairly steady, ...
Freddie Mac CHOICERenovation construction / renovation loan: 2019 guidelines The Mortgage Reports
The CHOICERenovation (sometimes written “Choice Renovation”) mortgage from Freddie Mac gives borrowers a new option to buy and fix-up homes without ...
Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing Forbes
Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...
What to consider before determining whether to refinance your mortgage Washington Post
REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
Laguna Woods residents complain about the lack of co-op lenders OCRegister
Second of two parts. Linda Nearing is equity rich and cash poor. Nearing bought a Laguna Woods co-op with her late husband in 2002, with financing by ...
Refinance mortgage rates mixed for Monday Bankrate.com
Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
Refi Closings for Millennials Taking Longer National Mortgage Professional Magazine
A combination of lower rates and more Millennial homebuyers has resulted in a refinance closing rate that took six days longer from April to May, according to ...
Mortgage loan rates decrease in the El Paso market KTSM News Channel 9
Mortgage rates are decreasing and are projected to continue on that path. Loan officers and real estate agents in El Paso tell KTSM more people who previously ...