January 19, 2022

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Articles in Category: Growing Equity Mortgage

How to Shop For an FHA Home Loan

Applying for an FHA loan is, in the minds of some borrowers, the beginning of the process. But when you fill out an application for an FHA insured mortgage, you should actually be ending one process and starting another. One of the most important aspects of getting an FHA loan is finding the right lender and the most favorable terms. But how should an FHA borrower do that? Some go into their FHA loan research thinking the only real data needed is a list of interest rates on offer and calculating the monthly payment amounts is enough.


FHA Loans: Using Online Calculators to Choose the Loan For You

When you want to get an FHA loan--especially for that first home purchase--there are a lot of options to choose from. How does a buyer know which FHA loan product to choose? There are many ways to answer that question, but it all depends on the buyer, what his or her goals are, and how important certain kinds of savings are to the future home owner.


FHA Loans for Unique Properties

House hunting has some unique challenges depending on the type of property a buyer wants. When an FHA loan applicant finds a home that isn't quite standard but still desirable, the buyer and seller alike may be a bit nervous when it's time to have the property looked over by an FHA assigned appraiser. Sometimes establishing fair market value isn't the reason for those nervous feelings; the buyer and/or seller might be worried the property won't get appraised at all because of those features.


What is an FHA Growing Equity Mortgage?

For every new home owner, there is a different set of needs. FHA mortgages are designed to serve a range of preferences. Some people apply for an FHA home loan looking simply for low monthly payments. Others purchase homes looking for lower interest rates so they can save money over the lifetime of the FHA loan. Still others want to purchase homes with shorter commitment times. For those who want shorter mortgage terms, the FHA Growing Equity Mortgage or GEM is an option worth looking into. GEMs are basically Graduated Payment Mortgages; they let the borrower pay off the principal faster while shortening the mortgage term by increasing the payments over time.