Month: September 2018

How the FHA Mortgage Insurance Affects Your Monthly Payment

If you take out an FHA loan, you’ll pay mortgage insurance for the life of the loan. The mortgage insurance protects your lender should you default on the loan. It’s in exchange for the low down payment requirements and flexible underwriting requirements the FHA offers. Get Matched with a Lender, Click Here. Just how much does the FHA MIP affect your mortgage payment? We take a look below. UPFRONT MORTGAGE INSURANCE First, you should know that you’ll pay mortgage insurance upfront. This doesn’t affect your mortgage payment, but it does affect the amount of cash’s you need to close...

Read More

How to Prepare for a HELOC Reset

If you are like millions of other Americans, you may be about to enter a HELOC reset. Just what does that mean? Remember that HELOC you took out around 10 years ago? It’s about to reset, meaning your payments are about to skyrocket. Get Matched with a Lender, Click Here. This may not be something you want to think about, but it’s reality. You get 10 years of available funds to do with what you please. During that time you were able to make interest only payments. Now that the draw period is up, you are in the repayment...

Read More

The Complete Guide to Fixing the Most Common Credit Report Errors

Mistakes happen, even on your credit report. If you don’t review your report periodically though, you’ll never know when those mistakes occur. Worse yet, you won’t have them fixed, which can be detrimental to your financial future. Compare Offers from Several Mortgage Lenders. So how do you know when there are errors and what can you do about them? Read this helpful guide to see the steps you must take to fix your credit. GET YOUR FREE CREDIT REPORTS First, you have to get your hands on your free credit reports. You are eligible to receive one free credit...

Read More

Tips for Getting Around the Mortgage Lender Runaround

Once you have a mortgage, you want to know that your loan servicer will respond to your inquiries or requests. Unfortunately, that’s not always the case. Thousands of complaints are filed against mortgage lenders every year for lack of communication and/or help with their situation. Get Matched with a Lender, Click Here. If you are in a mortgage lender runaround situation, what you can do? Luckily, the law has your back and as long as you take certain steps, you should see a resolution to your problem. THE LAW IS ON YOUR SIDE Once you make a formal request...

Read More