When you make a home purchase offer, including an earnest money deposit demonstrates your commitment and introduces the critical role of a mortgage or loan contingency in the buying process. Known as the earnest money deposit, this shows that you’ve got skin in the game, and represents your good faith to buy the home. This … Read more
Getting an FHA loan can be a great way for many homebuyers to purchase their first home. With lenient credit requirements and low down payments, FHA loans make homeownership attainable for those who may not qualify for other types of mortgages. But can you get an FHA loan more than once? Or are you limited … Read more
The United States Department of Agriculture (USDA) home loan program helps low-to-moderate income buyers purchase homes in rural areas These government-backed mortgages require no down payment and offer below-market interest rates. To qualify for a USDA loan, your household income must fall under a maximum limit set by the agency. This income cap varies based … Read more
It’s official. You’re ready to move on to the next chapter in your life. You’ve met the necessary service requirements and now you’re ready to apply for a VA home loan. But how long will it be before you’re able to close on your loan and get the keys to your new abode? Here’s what … Read more
Commercial real estate financing can be complex, with many factors impacting loan rates and terms. For property investors and business owners, it’s critical to understand current market conditions when seeking capital for acquisitions, renovations or refinancing. One of the most common loan terms for commercial real estate is the 10-year fixed rate mortgage. This article … Read more
At some point, you might find yourself looking to get a loan. In general, a personal loan is more flexible, in that it can be used for a variety of purposes, while a mortgage is used solely to buy real estate. Loans and mortgages are common financial tools that many people utilize, but what exactly … Read more
Foreclosures often allow buyers to purchase a home under its current market value. Since lenders and banks don’t want to hold onto foreclosed properties, they’re typically motivated to sell, giving buyers more bargaining power. Of course, foreclosed homes may need repairs because they’re often sold as-is. However, it might be well worth it to save … Read more
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A 40-year mortgage is like a traditional 15- or 30-year mortgage, but it offers an extended repayment term. Having ten more years to pay off a loan can give you lower monthly payments, but in the long term you’ll pay far more interest. 40-year mortgages can be a more affordable way to purchase a home … Read more
Getting an interest only construction loan to build or renovate your dream home can be an exciting yet daunting process. Using an interest only construction loan calculator is a great way to estimate your potential loan payments during the construction phase as well as your payments once the loan converts to a traditional mortgage. This … Read more