If you’re thinking of building a new home the first steps are to find the land (if you don’t already own it), find a house plan you love and then put it out to bid. You need to determine the cost of your project in order to determine the financing terms. Meanwhile you really need […]
Building a House – vocab quiz
What are the most important words you need to know if you’re thinking of building a house? Lets start with these three: turn key, end loan and construction loan. Turn key: this is when a builder builds a house for you on a piece of land and when the house is 100% complete you buy […]
Top 4 Reasons People Refinance
Many people refinance their mortgages for different reasons depending on where they are in life. We have taken a look at the top four reasons that people decide refinancing is right for them. Here are the top reasons to do so and how it can help you financially: Get a lower payment. If you can […]
When does my mortgage insurance go away?
When/how to remove private mortgage insurance (PMI) from a loan… To remove private mortgage insurance (PMI) that you pay on your mortgage loan, you must be up to date with your monthly payments. These rules apply to mortgages closed on or after July 29, 1999. Federal law generally provides two ways for you to remove PMI […]
5 ways to improve your mortgage options!
Your credit score will influence your mortgage options as well as the interest rate you will get. If you’re thinking of buying a home in the future, don’t take chances! These steps can help you improve your credit score now so you’ll have more mortgage options later. Don’t over use your credit cards! Ideally credit card balances should be paid in full […]
Fannie Mae making home financing more av...
Fannie Mae instituted new rules surrounding student loans earlier this year which make a significant difference in what people who have income based repayment plans and graduated payment plans can qualify for. The old guideline was, if the student loan was an income based or graduated payment, the lender would consider the payment to be […]
What is Mortgage Insurance?
You’re thinking of buying a house and a lot of terms are being thrown around and your lender assumes you know what they all mean. Well one of the terms that is often confusing is “Mortgage Insurance” which is often referred to as “PMI” (private mortgage insurance). In the lender’s world, Mortgage Insurance is abbreviated […]
Title Insurance
Title Insurance is purchased at closing; it is a one-time charge. There are no annual premiums. You pay once, at closing, and never have to pay again. The lender will require you to have title insurance on their loan. You will have the option to insure your interest too. Because you are insuring the difference between what […]
Can the seller pay all my closing costs?
Many first time buyers (and move up buyers too) negotiate for the seller to pay some or all of their closing costs. This is a great strategy to reduce the total amount of cash needed to purchase a home. All loan programs allow the seller to pay some or all of a buyer’s closing costs (and […]
TRID? TILA? RESPA? What are these acr...
We’re ALL (Amazing Loan Ladies) about simplifying the complicated and taking care of the details! TRID stands for TILA/RESPA Integrated Disclosure Rule TILA = Truth in Lending Act RESPA = Real Estate Settlement Procedure Act TRID is CFPB’s requirement to simplify all of this. CFPB = the Consumer Finance Protection Bureau, the new agency overseeing […]