If you put less than 20% down on a conventional loan, you pay for Private Mortgage Insurance. The PMI protects the lender should you default on your loan. It makes sense that USDA loans would have mortgage insurance too, right? After all, you can borrow 100% of the home’s value. The USDA doesn’t charge Private Mortgage Insurance, though. Instead, they charge an annual fee. Get Matched with a Lender, Click Here. Keep reading to … [Read more...]
How Does the 3-Day Closing Disclosure Rule Work?
When you apply for a mortgage, you’ll receive a Loan Estimate. As the name suggests, it’s an estimate of how much the loan will cost you. Lenders must send you this document within three days after you apply for the loan. Looking for Current Mortgage Interest Rates? Click Here. Once you get through the underwriting process and are ready to close on your loan, lenders must then send you a Closing Disclosure. This document also has … [Read more...]
What’s the Difference Between the Assessed Value and Market Value?
Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [Read more...]
What is a Conditional Loan Approval?
If you started searching for a home before getting your conditional approval letter, you may have done things backward. While it seems right to find a home and then look for financing, this can complicate matters. How do you know how much loan you can afford? How do you know what lenders will give you? Without these answers, you really don’t know how much you can spend on a home. Looking for Current Mortgage Interest Rates? Click … [Read more...]
What You Need to Know About USDA Refinance Loans
If you currently have a USDA loan, you have several options available to you when you want to refinance. These refinance options include a pilot, streamline and non-streamlined refinance. The difference between the programs is how you verify your eligibility. The streamline program, as the name suggests, is much simpler, but has stricter guidelines. The non-streamlined refinance offers a little more flexibility for USDA borrowers and … [Read more...]
Find Out if Your Home is in a USDA Eligible Rural Area
USDA loans are often thought of as farmers’ loans. People consider them only when they think about purchasing a farm or an area with a lot of land. This, however, is not what the loan is for – it is for homes that are located within a rural area. Understanding not only where rural areas lie, but what areas are considered a USDA eligible rural area can help you determine if you could apply for a USDA loan. Finding a USDA Eligible Rural … [Read more...]
Here’s is How You Can Find USDA Homes for Sale
Popularity for the USDA mortgage program is on the rise. This lucrative financing program used to be a little known program which got looked over by potential candidates. It was a shame, too, because the program allows for no down payment and flexible guidelines. Many borrowers assumed they had to live in a remote area with nothing around them since the program is for rural areas. Little did people know, the areas the USDA called rural … [Read more...]
USDA RD Home Loan Programs
The RD Home Loan or the USDA Rural Development Loan offers a loan program for borrowers with low income and little to no money to put down on a home. The USDA loan provides borrowers with up to 100% financing, low costs, and payments low-income families can afford. Looking for Current Mortgage Interest Rates? Click Here. The USDA sets the guidelines for the RD home loan, but individual lenders write the loans. You’ll go through a … [Read more...]
Most Common Mortgage Mistakes Made By USDA Borrowers
If you are thinking of buying a home, you probably need a mortgage. In order to get a mortgage, you’ll need to have the proper qualifications. It’s important to understand that once you qualify for a mortgage, it’s not ‘in the bag.’ You still have to tread carefully until you actually sign on the dotted line and take possession of the home. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the most common … [Read more...]
Home Loans for People with Bad Credit
If you have less than perfect credit, you may wonder if you have a chance to secure a mortgage. Don’t you need perfect credit for lenders to approve your loan request? Looking for Current Mortgage Interest Rates? Click Here. Luckily, you don’t need perfect credit to secure a mortgage. The government-backed loan programs make it easy to secure the approval you need, even with bad credit scores. Just what credit scores do you need … [Read more...]
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