The 50-year mortgage first appeared in southern California, where housing was becoming increasingly costly, and people were looking for new ways to reduce their monthly mortgage payments. Except for the extra two decades to pay off the loan, it works the same as a 30-year fixed mortgage. The advantage of a 50-year mortgage is the … Read more
Do you know your debt-to-income ratio? Learn more about your DTI ratio, from how it works to how you can use it to your advantage in your next purchase. Between credit scores, interest rate percentages, and auto loan term lengths, buying a car incorporates several types of numerical amounts. The term “debt-to-income ratio” represents another … Read more
An earnest money deposit is a deposit of good faith on a home loan from a buyer to a seller. Including an earnest money deposit with your offer is a part of the VA home loan process and serves to protect VA buyers and sellers in a real estate transaction. Learn how earnest money might … Read more
Purchasing a home is a major financial undertaking, and it can be especially daunting for elderly parents who are on a fixed income. As children, we want to ensure our parents have a comfortable place to live out their golden years. Thankfully, there are special mortgage programs that provide financing options for seniors looking to … Read more
This type of financing can put mobile home ownership within reach for many Part of the Series Federal Housing Administration (FHA) Loans Understanding FHA Loans Despite the relatively modest cost of a manufactured home (commonly referred to as a mobile home), it can be harder to qualify for a mortgage for one of these dwellings … Read more
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If you want to build your dream home but youre having a hard time meeting the requirements of a conventional loan, weve got good news for you. An FHA Construction loan provides you with more flexible lending requirements, giving moderate-income families the opportunity at custom-homeownership. Lets find out how an FHA Construction loan can help … Read more
Getting a new car is an exciting experience But financing that new car can be stressful, especially if you’re not familiar with how auto loans work. One of the biggest decisions you’ll need to make is whether to get a fixed or variable interest rate on your loan While fixed rate loans offer predictability variable … Read more
While there’s a lot to like about FHA loans, they may not be right for everyone. Before you make a major financial commitment, it’s important to understand the pros and cons of FHA loans. Only then can you truly decide whether it’s right for you. FHA loans make homebuying possible for many buyers who can’t … Read more
Buying a multi family home can be an excellent investment opportunity. With several units that can be rented out, you can generate rental income to help cover your mortgage payment. However, financing a multi family property requires more consideration than a single family home. In this comprehensive guide, we’ll cover everything you need to know … Read more