The VA home loan program boasts a ton of incredible benefits, but the two biggest might be these: Qualified borrowers dont need to put a downpayment on a VA loan, and theres no cap on how much a seller can pay toward your closing costs. Unfortunately, in terms of the latter, theres no guarantee that … Read more
When taking out a loan, one of the most critical choices you’ll make is which repayment structure to use. The payment method you select determines how quickly you pay down the principal balance versus interest. As a borrower, you want to fully amortize the loan to eliminate your debt efficiently. But what exactly does “amortize” … Read more
A home equity loan is a type of second mortgage that lets you borrow against your home’s value. There’s some confusion surrounding the terms “second mortgage” and “home equity loan.” So, let’s be clear: A home equity loan is a type of second mortgage. But that’s not all you should know. Many homeowners have built … Read more
The Federal Housing Administration’s (FHA) loan default rate has been steadily increasing over the past few years. This rise in defaults on FHA-insured mortgages has significant implications for the housing market and economy overall. In this article, we will examine the causes behind the rising default rate, analyze the potential consequences, and explore solutions to … Read more
Many homebuyers consider manufactured homes as an affordable housing option. Also known as mobile homes manufactured homes can provide a lower cost alternative to site-built houses. But financing manufactured homes can be tricky. A common question from veterans is “will VA loans cover manufactured homes?” The short answer is yes, VA loans can be used … Read more
Looking for a car loan? Learn more about debt-to-income ratio and how it might affect getting a vehicle loan with this blog post from TDECU. When you start shopping for a new car, you may envision yourself driving a big, shiny, new vehicle loaded with all the latest features. Before you make a list of … Read more
Whether youre a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.580 Credit Score- and only -3.5% Down RELATED ARTICLES FHA loan limits were established to define how much … Read more
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When you take out a mortgage, understanding how interest is calculated can help you make the best financial decisions Most mortgages use a simple interest calculation, which is more straightforward and favorable for borrowers compared to compound interest. In this comprehensive guide, we’ll explain what simple interest is, how it works with mortgages, and the … Read more
Amortization schedules are vital tools for understanding how loans work, especially for long-term financing like mortgages. However, amortization schedules can seem complicated at first glance. This article aims to explain term loan A amortization schedules in simple terms, so you can better understand this useful concept. What is a Term Loan A? A term loan … Read more