Bella Mertz When it comes to mortgages, there are two main ways payments can be structured: amortized and interest-only. Both borrowing structures have advantages and disadvantages, so it’s essential to understand each before committing to a loan. Here’s a look at the differences between amortized vs. interest-only payments. When taking out a loan, one of the most … Read more
Buying a home is an exciting milestone, but it also comes with big financial responsibilities. When applying for a USDA direct home loan, it’s important to accurately estimate your monthly mortgage payment and other costs to ensure they fit your budget USDA provides an online payment calculator to help applicants get a realistic preview of … Read more
As the owner of a mobile home, you’re already well-aware that banks don’t value your property as highly as they would if it were a traditional home. This may be why you’re wondering about home equity: can I get a home equity loan on my mobile home? It’s a great question. If you’ve kept up … Read more
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.15.1″ custom_margin=”0px||||false|false” custom_padding=”0px||||false|false” global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.15.1″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”0px||||false|false” custom_padding=”0px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.15″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”content” module_class=”glossarycontent” _builder_version=”4.15.1″ _module_preset=”default” locked=”off” global_colors_info=”{}”] The interest of adjustable-rate mortgages (ARM) are tied to the index and margin. The index is a reference point for the interest rate and will vary based on the … Read more
Making sure their children grow up in a safe and healthy environment is a priority for many people â including single parents. If youâre a single parent looking to buy a home for your family, considerations like finding the best home loan option are well worth your time and attention. While there are no âsingle … Read more
Figuring out how to get rid of PMI (private mortgage insurance) on an FHA loan can be confusing, so we’ve done the research to make it easier to understand. But first, please understand one important fact: FHA loans do NOT carry PMI. Instead FHA loans may have a Mortgage Insurance Premium (MIP). The two insurance … Read more
The right mortgage program can help you save money while paying off your debt. While 30-year mortgages are the most common, they’re not your only option. Some borrowers may prefer a short-term mortgage that allows them to save on interest payments and pay off their home in a shorter amount of time. Unfortunately, short-term mortgages … Read more
Applying for a new home loan can be intimidating, especially if you have a less-than-ideal credit score. While most loan programs and lenders have minimum credit score requirements, it is possible to get a no-credit-check mortgage that allows you to qualify for a home loan with no credit. Here’s a look at what to expect … Read more
Officially known as the Section 502 Single Family Housing Guaranteed Loan Program, the USDA loan is a $0 down mortgage option available to rural and suburban homebuyers in the United States. USDA loans are issued by qualified lenders and guaranteed by the U.S. Department of Agriculture (USDA). The purpose of a USDA loan is to … Read more
If you want to use a VA loan for second home, there are a few factors you will need to consider. To be honest, there are more than a few factors. On the plus side, it is possible to get a second home with a VA loan guarantee. On the minus side, it’s not as … Read more