If you’re looking to generate some extra income with a rental home or buy a fixer-upper to flip for a profit, an investment property loan may be in your future. However, investment property mortgage rates are typically higher than what you pay for a primary residence, and you’ll need to meet stricter qualifying requirements. Knowing … Read more
Private mortgage insurance (PMI) is an extra cost required for some home loans. Specifically, PMI applies to conventional loans with less than 20% down payment. This insurance protects the lender in case the borrower defaults. With an FHA loan, this insurance is called mortgage insurance premium (MIP) and works differently than PMI. So can you … Read more
As a veteran, one of the benefits you’ve earned is the ability to get a VA home loan. This program allows eligible veterans active-duty servicemembers reservists, and surviving spouses to purchase a home with no money down and no private mortgage insurance. It can be an incredible help to those wanting to buy their first … Read more
As a homeowner your house is likely one of your biggest assets. The equity you’ve built up over time represents a substantial amount of value that you could potentially tap into if needed. However, conventional lenders often require proof of income to approve you for a home equity loan. This can present challenges for those … Read more
Getting a loan can be difficult when traditional lenders like banks are closed. But what if you need money on a Sunday or holiday when most banks are shuttered? Are there any options for borrowing money when banks are not open? The short answer is yes – there are a handful of places that offer … Read more
Veterans and service members may have whats considered “poor” or “bad” credit and wonder if they can still use their VA home loan benefit. It’s important to understand the VA doesnt set credit score requirements. In fact, the VA doesnt mandate a minimum credit score at all. The ability to obtain a VA loan with … Read more
The USDA one time close loan, also known as the USDA single close construction loan allows borrowers to purchase land build a new home, and get permanent financing all in one loan. This convenient loan product eliminates the need for separate land, construction, and mortgage loans. If you’re looking to buy vacant land in an … Read more
Every mortgage comes with closing costs (even those advertised as “no closing cost” loans). A home loan is a product, and like any kind of good or service, there are related costs. So, what exactly is included in “closing costs” for a VA loan? As it turns out, “closing costs” is really a catchall term … Read more
Being unemployed and not having a full-time job can hurt your chances of getting approved for a mortgage. That’s because two major deciding factors for lenders when reviewing a mortgage application are your income and job history. Unfortunately, not everyone has those. Some individuals don’t have full-time jobs because they work for themselves as freelancers … Read more
Investing in real estate can be an excellent way to build long-term wealth. As an investor, you buy properties, improve them, and either flip them for a profit or hold them as rental income properties. But at some point, you may feel ready to exchange one investment property for another one through something called a … Read more