Consumer News and Advice Archive


What is the difference between a conforming and non-conforming loan?

Tuesday, December 4th, 2007
Conforming loans have terms and conditions that adhere to guidelines established by Fannie Mae and Freddie Mac, the two, big quasi-government corporations that purchase mortgage loans from lenders then packages them into securities that are sold to investors. ...
more


Can I make an all-cash purchase instead of getting a mortgage?

Tuesday, December 4th, 2007
That certainly is an option, although not one most people can afford. The national median home price is well above $170,000 and much more than that in many areas of the country. Unless you're independently wealthy or have hit the jackpot, it may be difficult to make a "no-mortgage" investment. ...
more


Should I put more or less down, if I can afford it?

Tuesday, December 4th, 2007
Putting down as little as possible lets you take full advantage of the tax benefits of homeownership. Mortgage interest and property taxes are both fully deductible from state and federal income taxes. Also, making a small down payment frees up cash that you can use to meet unexpected home improvements. ...
more


New Life for Energy Legislation

Monday, December 3rd, 2007
RISMEDIA, Dec. 4, 2007-The framework for a November 30 deal between Congressional leaders offers new hope for the passage of energy legislation. However differences on some key issues still remain, and it may yet get derailed in Congress or vetoed by President Bush. ...
more


Is it possible to get a no-down payment loan?

Monday, December 3rd, 2007
Builders will typically offer no-down-payment loans to sell properties in a slow-moving development or a depressed market. Desperate sellers also may commit to finance the down payment for the buyer to move a hard-to-sell home or to make a quick sale. And veterans may buy a home with nothing down ...
more


What things do lenders view positively and negatively during the application process?

Monday, December 3rd, 2007
When you apply for a loan, long, steady employment is always seen as a plus, as is a large down payment, a good credit rating, a history of regular savings, and property located in a "good" neighborhood. ...
more


What does a mortgage broker do?

Monday, December 3rd, 2007
Much like a stockbroker helps you buy stocks, a mortgage broker can help you purchase a home loan. Because the broker has access to many lenders, you will be able to select from a wide variety of loan types and terms that fit your specific needs. ...
more


What’s the best way to choose a home loan?

Sunday, December 2nd, 2007
A lot will depend on the length of time you plan to live in the home, other financial obligations, and potential savings gained from comparing the monthly costs of a home against the up-front costs and closing costs involved with a particular loan. ...
more


How do I qualify for a home loan?

Sunday, December 2nd, 2007
Your real estate agent has information on lender loan requirements and will be able to calculate a rough monthly figure you can afford based on the maximum monthly payment for the loan, taxes, insurance, and any type of maintenance fees. This pre-purchase evaluation by the agent can save you a ...
more


© RISMedia 2010. All Rights Reserved -- Realtor Websites & Real Estate Marketing with 1ParkPlace.com