Your closing costs might include two types of title insurance policies, but do you know how these policies differ? If youve ever mortgaged a home, chances are you were required to purchase a title insurance policy. This lenders policy (often called a loan policy) is required by most lending institutions as a way to insure … Read more
When you need to take out a loan, especially for a large purchase like a house or car, lenders often require collateral Collateral refers to an asset that you pledge to the lender that can be seized if you fail to repay the debt While putting up collateral introduces some risk, it can help you … Read more
Fannie Mae and FHA loans are two common options for homebuyers, but they actually have some important distinctions. While both offer more flexible underwriting standards than conventional loans, Fannie Mae is not an FHA loan. Understanding the key differences between Fannie Mae and FHA loans can help you determine which is the better fit for … Read more
Figuring out a hard money loan can be a complex process. There are many variables, such as fees and interest rates, to consider. Fortunately, with a hard money loan calculator, you can easily calculate your monthly payment on a hard money loan. It’s as simple as inputting the principal balance, interest rate, and repayment period … Read more
Buying or building a new home is an exciting but often complicated process. Traditional construction loans require two separate closings – one for the construction loan and another for the permanent mortgage. This can add unnecessary hassle and expenses to an already stressful experience. That’s where one time close FHA construction loans come in. As … Read more
A Notary Signing Agent is a Notary who has been trained to handle loan documents. Lenders and title companies hire Signing Agents as independent contractors to assist in the last step of the loan process. Have you ever had to get a document notarized and wondered what exactly a notary public does? Or maybe you’ve … Read more
Buying a home in Colorado can be tricky when it comes to securing financing especially if you’re looking at pricier properties that require jumbo loans. Jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA) each year, allowing borrowers to finance more expensive homes. However jumbo loans come with stricter … Read more
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners. Fannie Mae and Freddie Mac are … Read more
Buying your first home is an exciting milestone! But it can also be overwhelming, especially when it comes to choosing the right mortgage. Two popular options for first-time homebuyers are USDA loans and FHA loans. But what’s the difference, and which one is better? In this article, we’ll compare USDA and FHA loans side-by-side so … Read more
A VA loan can help you achieve your dream of homeownership with more flexible lending criteria. However, these loans are only available for eligible veterans, active duty service members, and surviving spouses. If you’ve used your VA loan before or are considering using your entitlement to purchase your first house, you might wonder, “How many … Read more