3 Things To Look For In A Home Purchase Lender Online
The decision to purchase a home is a big one. It's important to find the right lender, since they will help you through the process from start to finish. There are many factors you'll want to consider when shopping for home loans online, including fees and rates, but there are also three things that you should definitely look for in any potential lender: coverage, credibility, and accessibility.
* Coverage: The amount of personal liability your property loan carries. A good range of coverage can be found with major lenders like Wells Fargo or PNC Bank (both offer $1 million in insurance). A good lender will offer you the best insurance that you're allowed to get with your loan.
* Credibility: A lender's credibility is not necessarily about how long they've been in business, though that's important. It's also about their reputation and the types of customers they work with. For example, a company like PNC Bank has been around for over 150 years and is known for providing excellent loans to veterans as well as to private citizens.
* Accessibility: The ability of your lender to be contacted via phone or email is vital during the loan process; when you're looking around online, find out if you can contact them easily. If you need to call them on the phone, make sure to take time out of your schedule to do it.
Taking these three key things into consideration will help you determine if any lender or service is right for you. For more information about finding the right mortgage company for home financing, visit http://www.loan-options.org now.
Title: Getting A Mortgage Loan In 2013
Post by: kevinl on January 23, 2013, 09:38:40 PM Getting A Mortgage Loan in 2013 - Tips & Advice
There are many different methods of paying for a home and obtaining a mortgage loan in today's market is no exception. The government's involvement in the mortgage loan sector has created a range of new options for home buyers, some of which are more advantageous than others. This report will provide current information on mortgage loan programs and how they operate.
Mortgage Lenders
One of the first steps in getting a mortgage is finding a lender. The government's involvement in loans has made this process much easier for both borrowers and lenders alike. Loans now come structured in many different forms that make the process much simpler, including loans that allow buyers to sell the home before it is paid off. Most importantly, finding good lenders is much simpler as well; there are many sites online that offer resources to assist in this area, such as http://www.bestmortgage.org/
FHA Loans:
The FHA loan, otherwise known as the Federal Housing Administration loan is a government-backed loan that has traditionally been available to buyers with lower credit scores and those who are first time home buyers. FHA loans are generally much easier to acquire than other government-backed loan programs; however, in the past few years the government has made it more difficult for new buyers to get an FHA loan. These changes may help stabilize prices and housing markets in general, but they can make using an FHA loan even more beneficial for home buyers.
VA Loans:
The VA loan (Veterans Affairs) offers significant benefits to home buyers who have served in the military. Veterans will be able to use their eligibility for a VA loan for life, provided they are currently on active duty. Other unique advantages of a VA loan include no down payment required and no private mortgage insurance (PMI). This means that the government will pay all mortgage insurance costs for the life of the loan. There are some restrictions on this program however; first time buyers and those with significant equity in a home cannot use this form of financing.
FHA Down Payments:
FHA loans require just 3% down as compared with 20% or more for many other loans. This is a huge benefit for home buyers, especially considering that the money for down payments can be borrowed from various sources. A home buyer could use this 3% as part of the 20% they need to reserve for a down payment or they could borrow the money from a friend or relative and have them co-sign on the loan. There are many great options available when it comes to FHA loans, and some of those options have been significantly improved in recent months.
Government Intervention:
While government loans and programs like VA loans are beneficial, there is also a downside. The reality is that government involvement in the housing sector has made real estate more expensive for everyone and has also threatened to destroy market stability. From a buyer's standpoint, this is a great thing as it makes home buying more accessible to those who need it most. However, the government's involvement in this area has also increased costs and complexities for lenders and home buyers alike.
Title: 10 Advantages That FHA Loans Offer In 2013
Post by: kevinl on January 23, 2013, 10:54:59 PM 10 Advantages That FHA Loans Offer in 2013 - Tips & Advice
The Federal Housing Administration (FHA) has made things significantly easier for potential home buyers who are looking for a mortgage loan that is backed by the government. The FHA loan offers great advantages to the home buyer, from low down payments to lower interest rates and low fees. This report will outline the 10 most important advantages that FHA loans have to offer in 2013
1. Investment is Smaller:
Mortgage lenders charge a fee equal to 1% of the outstanding loan balance for the FHA mortgage insurance premium (which fees are typically passed on to buyers), however, there is no upfront cost or out-of-pocket expense. The upfront cost of an FHA mortgage is also smaller than other options as well; only 3% of the total loan amount is necessary as a down payment, which many buyers are unable to pay in full for a conventional loan.
2. Down Payments are Easier to Obtain:
With an FHA mortgage loan, buyers may not have to put down more than 3% of the total home price. This means that sellers need to have less equity in their homes in order to sell, which is also better for the market as a whole. This can help the market remain stable and healthy even during tough economic times, as it will attract potential home buyers who would otherwise not purchase homes because of high costs and limited profit potential.
3.
Conclusion:
There are many advantages to the FHA loan, and its funding sources just keep on growing. One of the most recent changes to this program is the way that sellers are required to pay for fees associated with the sale; sellers can now off-set smaller fees and costs by selling their home quickly and for a better price. Thereby lessening their financial burden as well as making them more willing to sell their home quickly instead of holding on to it until they are forced to sell at a lower rate.