Category: Home Loan Products

Good Faith Estimates: What to Expect When You’re Borrowing

Shopping for a loan isn’t the same as shopping for shoes. Though loans do come in different sizes and cater to different needs, when you’re shopping for a loan you’ll mostly be looking at a lot of paperwork. Exciting, right? Your loan officer can explain some of these papers, but it’s important to be aware of a few steps you’ll go through before you get there. This will ensure the best fit possible.

Something that is an important part of every mortgage process is the good faith estimate (GFE). It’s an official document that is required by the Real Estate Settlement Procedures Act (RESPA) and therefore is carefully put together by the mortgage broker. Here’s why knowing how to read a GFE matters to you and your future mortgage. Continue reading “Good Faith Estimates: What to Expect When You’re Borrowing”

FHA is Putting Money Back in Your Pocket

As of January 26, 2015 new borrowers who apply for an FHA mortgage will receive reduced mortgage insurance premiums. The announcement comes as part of a plan to appeal to first time home buyers and stimulate the housing market. The impact is significant; according to the Federal Housing Administration, the Department of Housing and Urban Development “estimates these lower premiums will save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.”

The rule only affects those mortgages with case numbers assigned on or after January 26, 2015. So if you’ve not yet closed on your loan, or if you are in the process of purchasing a home, make sure you know the important stipulations of this exciting announcement! Continue reading “FHA is Putting Money Back in Your Pocket”

Don’t Get Duped: Tips to Avoid Loan Modification Scams

We’ve all been desperate at one point or another. Maybe it was for a good grade, or a winning play, or even a bag of popcorn at the movies. Financial desperation, however, whether it be trying to find a job, or trying to keep a roof over your head, can be stressful beyond measure. And when you’re financially desperate you have to be especially careful to protect yourself and your family against scams.

Loan modification scams have grown exponentially in the last few years—especially since the economic downturn. Even though the markets are stabilizing, scammers are still out there ready to exploit and to ruin. Though their tactics are forever changing, the following tips hold true and can help keep your money, your home, and your investments safe. Continue reading “Don’t Get Duped: Tips to Avoid Loan Modification Scams”