USDA interest rates are typically significantly lower than any other program, including FHA, VA, and conventional loans. Because the USDA guarantees a portion of the loan, many lenders feel comfortable providing borrowers with a low interest rate because they know they will be covered should you default on the loan. With loans where there is no guarantee or backing from the … [Read more...]
Tips for an Easy Mortgage Loan Approval Process
You have decided to make the leap and be a homeowner, but first, you have to get qualified for a mortgage. How do you make your chances of getting approved as high as possible? You must make yourself look as good as possible on paper. Sometimes this can take planning that takes 12 months or longer while other times it simply means getting your affairs in order and applying for … [Read more...]
Will HARP 3.0 Become a Reality?
The current HARP 2.0 program is designed to end this year - and there may or may not be a HARP 3.0 coming out to help more homeowners refinance their mortgage. It is possible that HARP 2.0's deadline is extended or it is also possible that a HARP 3.0 will expand the guidelines and allow more homeowners to refinance. Under HARP 2.0, the following requirements must be met to … [Read more...]
Understanding The Costs of a VA Loan
Most veterans who apply for VA home loans for the first time think that a mortgage would only cost them the interest on top of their VA principal amount. Well, if such was the case then people would practically just need to apply for a loan and get it as soon as it is approved. But things are not that simple in the real world. Before closing on a VA home loan, it is best to … [Read more...]