Blog
Being Pre-qualified vs. Being Pre-approved
December 10, 2009 by Rob Spring · Leave a Comment
Are you ‘pre-qualified’ or ‘pre-approved’ for a loan?
Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction [...]
Zero Down Financing Still Available!
December 10, 2009 by Rob Spring · Leave a Comment
YES Zero Down Financing is still available. Although the no downpayment programs of today are not as easy to qualify for as a few years ago, they are still around!
-VA still offers the same 100% program
-Conventional programs are also available for the higher credit scoring borrowers (minimum score for conventional 100% - 680) These conventional programs even offer financing [...]
The Benefits of a VA Loan
December 10, 2009 by Rob Spring · Leave a Comment
VA Loans
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed [...]
Understanding ‘Discount Points’ and What They Do
December 10, 2009 by Rob Spring · Leave a Comment
How do you “buy” a better rate?
Do you plan on keeping your loan for a while? Then it may make sense to “buy” a lower interest rate by paying one or more “points.”
Even if you’re unsure of how long you plan to keep your mortgage before you move or refinance, paying points now for [...]
Tapping Into Your Home’s Equity
December 9, 2009 by Rob Spring · Leave a Comment
Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you’ve accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower [...]
Hybrid Loans: The Best of Both Worlds
December 8, 2009 by Rob Spring · Leave a Comment
The best of both worlds
Today homebuyers are in a unique position to combine the benefits of a fixed rate mortgage with the savings opportunities of an adjustable rate mortgage. With a hybrid loan (also called a fixed-period ARM or hybrid ARM) you get the best of both worlds.
A hybrid loan gives you a fixed rate [...]
Mortgage Rates: Fixed vs. ARM
December 8, 2009 by Rob Spring · Leave a Comment
What are the advantages of fixed rate versus adjustable rate loans?
With a fixed-rate loan, your monthly payment of principal and interest never change for the life of your loan. Your property taxes may go up (we almost said down, too!), and so might your homeowner’s insurance premium part of your monthly payment, but generally with [...]
Government Loan Programs
December 8, 2009 by Rob Spring · Leave a Comment
Government Loan Programs
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available [...]
The Truth Behind Bi-Weekly Mortgages
December 8, 2009 by Rob Spring · Leave a Comment
Bi-Weekly Mortgage
If you search for “bi-weekly mortgage” with an Internet search engine, you will be overwhelmed by the number of companies offering “Bi-weekly Mortgage Reduction Services” or “Bi-weekly Savings Programs.” Beware, you are entering dangerous waters.
Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs
These “Reduction Services” and “Savings Programs” are charging you fees to “make [...]
Can’t Find It? Use our Site Search Tools —> In the Bottom Right Corner
December 4, 2009 by Rob Spring · Leave a Comment