By law, hazard insurance which is also referred to as Homeowners Insurance (HOI) is required on every home in which there is a mortgage loan. Having proper coverage in not only important for protecting the homeowner, but also for protecting the lender; therefore, before a lender approves any loan, this particular item is thoroughly examined. Let me discuss further. Read the rest of this entry
Mortgage Loan Products
In today’s mortgage industry, there are many different loan products to choose from. Knowing what products there are and choosing the right one for your particular circumstances within the current economic environment can be intimidating. This is when it is vital to be working with a seasoned loan officer. These products can include, fixed rate, adjustable rate mortgage (ARM), Interest only, Balloon, Home Equity Line of Credit (HELOC), Construction, Home Equity Conversion Mortgage (HECM), Bridge Loan and the list can go on. Over the next few weeks I will discuss the details behind these loan products. Read the rest of this entry
Can You Answer “YES” To Any of The Following?
- Do you have an FHA loan?
While FHA loans are good for people who don’t have much money for a down payment, they become very expensive to hold on to for the full term of the loan. I have helped many clients with getting out of an FHA loan and into a much lesser expensive conventional loan product. This results in saving them thousands of dollars from carrying inflated mortgage insurance premiums.
- Do you currently pay for mortgage insurance? Read the rest of this entry
Home Loan Programs Part II
Last week I discussed the importance of being informed on what loan programs there are available when shopping for a home loan. This is so that you can be best aligned with the right program for your circumstances. This week I am going to continue that discussion and talk about a few non-conventional programs. Below are just some of the non-conventional programs that are available to consumers. Read the rest of this entry
Home Loan Programs Part I
When shopping for a home loan it can be challenging to understand all the different home loan programs there are to choose from. Having a thorough understanding to what there is to offer is vital to making sure that you are aligned with the best program for your circumstances. Below are just some of the conventional conforming and non-conforming programs that are available to consumers. Read the rest of this entry