What is an FHA Mortgage?

By on May 3, 2011 in Blog

An FHA mortgage is a home loan insured by the Federal Housing Administration. The FHA does not provide money directly to borrowers; rather they insure the mortgage against a default. This makes Federal Housing Administration borrowers particularly attractive to lenders. The lenders know that if the borrower fails to pay, they can come after the [...]

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What is a Rate Lock?

By on May 3, 2011 in Mortgage Rates

A rate lock is a short-term agreement for a lender to “hold” an interest rate on a home while the buyer negotiates the actual sale. Rate Lock Requirements Requirements for rate locks vary from state to state. Within states, individual lenders often set their own individual policies and practices. For instance, a broker may require [...]

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Should You Be a Homeowner?

By on May 3, 2011 in Home Buying

Before you become a first time homebuyer, it’s a good idea to stop and ask yourself a few questions. Depending on your circumstances, renting for a few more years may be the sound financial move to make. How Long Do You Plan to Stay in the Home? If you’re taking out a 30-year purchase mortgage [...]

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Rent or Buy a New Home?

By on May 3, 2011 in Home Buying

Is it wiser to rent a home or to take out a mortgage and purchase one? In the past, conventional wisdom has held that buying is more sound financial decision. In today’s market, however, there are some cases where you might actually come out ahead renting your home. When making the rent versus buy decision, [...]

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When is the Right Time to Refinance My Mortgage?

By on May 3, 2011 in Refinance Mortgage

With interest rates at all time lows, many homeowners are attempting to refinance their mortgage, and with the economy in a spiral it makes perfect sense to refinance or seek a home loan. ItÕs also important to remember the many factors that go into the process. Below we have highlighted some things you need to [...]

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