Deed in Lieu of Foreclosure Explained
You may have heard the term, "Deed in Lieu of Foreclosure." Essentially, a "deed in lieu of foreclosure" is when a borrower gives all of the property to a lender in an effort to avoid a foreclosure on a defaulted loan. While this seems fairly drastic, this can help the borrowers...
How to Reduce Your Monthly Mortgage Payments
If you have a mortgage, you've probably wished you were paying less at some point or another. Though this isn't always possible depending on your circumstances, there are usually some steps you can take to reduce your mortgage payment. Here are our top 3 favorite ways of...
What You Need To Know About Escrow
When you purchase or refinance your home, you will receive a GFE (good faith estimate) from your lawyer approximately when you will go into escrow. This GFE will describe in detail the information for your escrow account; this is commonly referred to as insurance impounds and...
Homeownership Tax Benefits
One of the biggest benefits of homeownership is that you get tax benefits. Here are the three most significant tax benefits associated with homeownership:
When you purchase a home and take out a mortgage, you will get a tax break on the interest of that...
What Is the Process of a Short Sale?
When the economy collapsed a few years ago, many people in the United States could no longer afford mortgage payments and had to undergo a short sale. Even though this was a hard an unfortunate process, it still allowed these homeowners to avoid worse alternatives such as foreclosure. If...
FHA 203k Versus Fannie Mae HomeStyle Renovation Loans
If you want to take out a renovation loan, you can decide between the Fannie Mae HomeStyle loan or the FHA 203k rehab loan. Both of these loans are one-time construction loans and have several differences. Here are the key differences between an FHA 203k loan and a Fannie Mae HomeStyle...
Lowered Fannie Mae and Freddie Mac Down Payment Requirements
We have some big news for the mortgage industry: Fannie Mae and Freddie Mac down payment requirements have been lowered! The down payment requirements used to be a standard minimum of a 5% down payment, but it has now been lowered to a 3% down payment. These new minimum down...
What Do I Need To Know Before Renting My House?
If you're a homeowner, there may be a time where you need to rent out your home for career reasons or to gain some extra cash flow. If you are going to rent out your house, here are some quick tips you need to know:
Get an Insurance Policy.
Before you rent out your home, you will need to get an...
Behind on Your Mortgage? Learn About Government Options
If you are behind on your mortgage, there is a program for you called HAMP that can easily help you. Here are the five most common HAMP FAQ Questions:
Q: If I already have a HAMP modification that exists, can I use the new principal forgiveness program?
Using Gifted Funds for Your Down Payment
Many people who want to purchase a home often cannot do so because they cannot afford the down payment. It can take buyers years and years to save up for a down payment, but there is another option: gifted down payments. This means that part or all of the down payment is made as a...