Mortgage Refinance Information
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Next Mortgage Refinance Topic : Foreclosure Scams To Be Aware Of - Homeowners facing foreclosure should be aware of unscrupulous lenders and scammers. Don't get me wrong, most lenders and agencies are reputable and legit. However some lenders, commonly second mortgage issuers will use unethical practices that increase the risk of nonpayment by the borrower. These tactics may include lending a large amount in hopes...[ read more]
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Some Mortgage Loans are Available with Absolutely no Money Needed From You
Today, FHA will loan up to 97 percent of the purchase price of a home, meaning a borrower only needs 3 percent. The three percent down payment can come in the form of a gift, and closing costs can be financed into the loan, making this a true no money out of pocket purchase transaction. Now, you may be thinking, I don't have anyone to gift me the money for a down payment, so what good does this do me? Not to worry. There are organizations that specialize in this kind of mortgage transaction. If you have a good mortgage professional, ask him or her about AmeriDream Inc. or the Nehemiah Corporation. Both of these companies offer gift down payments. Don't worry about qualifying, if your credit isn't perfect. Unlike conforming lenders, who want good credit and other things that make qualifying for a mortgage difficult, FHA is not a credit score driven program. In fact, you can even have a bankruptcy on your credit and still get an FHA loan, along with a very good interest rate. (Your bankruptcy must be discharged for two years.) Even if you have a very low credit score and other problems, like collections, you can still get the loan. Just check with your mortgage professional, and a true no money down loan can be yours. Mark Barnes is the author of the new novel, The League, the first work of fiction, based on fantasy football. He is also an investment real estate and home loan finance expert. Learn more about his suspense thriller at http://www.sportsnovels.com Get his free mortgage finance course at http://www.winningthemortgagegame.com
Related Products For Download: Read Next : Foreclosure Scams To Be Aware OfHomeowners facing foreclosure should be aware of unscrupulous lenders and scammers. Don't get me wrong, most lenders and agencies are reputable and legit. However some lenders, commonly second mortgage issuers will use unethical practices that increase the risk of nonpayment by the borrower. These tactics may include lending a large amount in hopes...
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RELATED ARTICLES
Types of Home Equity Loans There are at least two types of home equity loans. Types of Financing for Your Mortgage When financing a home purchase, the kind of mortgage you choose determines your monthly payment and the interest rate you get on your loan. There are four main ways of financing the mortgage for your home: 30-year fixed rate, 15-year fixed rate, adjustable rate, and interest only. Each of these mortgage financing options has its pros and cons, your credit union can help you find the right financing for your situation. Imagine Cutting Over $8,000 Off Your Mortgage This Year I once helped a customer cut over $700 off his monthly mortgage payment. That's right, over $8,000 each year and over $40,000 in just five years. Now, not everyone can save this much, but if you have a loan that is over $200,000, you could come close to this, if you refinance your fixed rate mortgage to a new loan program. 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In fact, refinancing your mortgage can help rebuild your credit to good standing in two year's time. The following steps will help you find the best refinance lender while helping your rebuild your credit record. Mortgage Glossary of Terms A brief list of some of the most common Mortgage terms. Home Equity Loan Tax Deductions Interest - is an amount you pay for the use of borrowed money. Real Estate Tip: Escrow Accounts -- Do You Really Need Them? If you have a mortgage on your property, whether it's for your personal residence or a real estate investment, chances are you have an escrow account. But if you are working on building wealth through real estate, you may want to take a hard look at your escrow account (or accounts, if you own more than one piece of real estate) and decide if you really need it. 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Mortgage Advice Beneficial In All Important Decisions Mortgages are easy as long as you understand them well. But how many borrowers can be confident of their knowledge of mortgages. Buying a Home After a Foreclosure Buying a home after a foreclosure is not an impossible task. With some careful planning and some savvy shopping, you can secure a mortgage loan even with a foreclosure in your credit history.
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