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Articles Tagged With: Mortgage Closing

FHA loans

What Do FHA Loan Closing Costs Include?

What do FHA loan closing costs include? There are certain fees and expenses you will need to save up for during the planning stages of your FHA home loan. They include an up-front mortgage insurance premium, home inspection, appraisal fees, and other costs that add up and you may encounter unexpected costs like a compliance inspection that would come on the heels of the appraisal where repairs or corrections are required. They are not required in all home loan cases (only when deemed necessary as a result of the appraisal), so it’s not an expense you will definitely have to pay. Remember that the less you have included in the loan amount (certain permitted closing costs may be added to the loan) the lower your mortgage payments potentially are. Closing | more...

 
FHA loan

FHA Home Loans And Closing Day Delays

Getting to your closing day can be challenging. There are fees and expenses to pay for, credit checks to submit to, negotiations with the seller, and more. And on top of all those details, there are issues that could slow down your home loan, and may in some cases even affect your closing day.  Don’t assume that such issues are always the borrower or seller’s fault. There are many reasons why your closing day could be delayed or otherwise affected by circumstances. What Can Delay Closing Day?  Many issues can affect your ability to close the loan. For example, what if the appraisal comes back with corrections or with a value that is lower than the asking price of the home? Those things may or may not require a rethink | more...

 
FHA Loan

Worried About Getting Scammed During Your Home Loan Approval Process?

There are plenty of warnings about mortgage scams, mortgage-related identity theft schemes, and much more. We could go into the specifics of one or two of the more popular variations, but it’s equally important to know how to protect yourself more or less unilaterally against such threats to your privacy, your personal data, and your money. The first type of “best practices” you should adopt to protect yourself against scams of any kind? Refusing to respond to “out-of-the-blue” contacts on social media, text messages, or emails that you did not initiate.  People get contacted unsolicited for legitimate reasons all the time. What we’re talking about here is third parties who write you trying to get you to click on a link, provide your account information, or perform some other act | more...

 
FHA Loan

FHA Home Loans: Mistakes To Avoid When It’s Time To Close

As you get closer to the day when you sign the paperwork, pay your closing costs, and take possession of your new home, there are some important mistakes to avoid. Do you know what they are? FHA home loan closing day is an important milestone; make sure you know what to expect leading up to the big day. Don’t Move The Same Day You Close Closing dates can change, circumstances may require a new closing date. If you hired movers or rented a truck on the same day that you are supposed to close the deal, you may be disappointed. Don’t Be In A Hurry Take the time to carefully read all documents you are required to sign, don’t skip the home inspection, and don’t give in to any kind | more...

 
FHA Mortgage Loan

Before You Apply For Mortgage Pre-Approval

A lot of people assume they are ready to apply for any major line of credit at any time. But if you want to apply for mortgage pre-approval, there are some important things you need to ask yourself to determine whether you are truly ready to apply. Where are you at in the current process of planning and saving for a home loan? FHA mortgages, conventional loans, and even some first-time homebuyer downpayment assistance plans require the borrower to make a minimum investment.  If you don’t have a down payment saved or have a plan to come up with your down payment and closing costs before seeking a lender, you may not be ready to apply for pre-approval. But what else should you be asking? One of the first things | more...

 
Mortgage Loan Approval During Coronavirus

How Early Should You Use A Mortgage Calculator?

The short answer? The moment you think you want to commit to being a home owner, you should consider using an online mortgage calculator. A mortgage calculator can help you plan and save for your mortgage. The use of a mortgage calculator is something most real estate blogs and home loan websites encourage you to use. The most basic, entry-level finance blog advice includes “use a mortgage calculator”. But there are some things to keep in mind about using a mortgage calculator–you want to use one that includes more than just the principal and interest for your loan. If you use one that limits the input to just those two things, you won’t really get an estimate of your monthly mortgage payment. Why? Because you will need to factor in | more...

 
FHA Home Loan

FHA Loan Down Payment Facts

Some borrowers get nervous about having to come up with a down payment. It is more than some have spent on one thing in their adult lives all at once, who can blame them for worrying? FHA home loans permit down payment gifts and grants and that can be a huge help for the first-time homebuyer. The rules for these programs must clearly explain the conditions of the grant or gift, under what conditions it might be required to be paid back–those payback terms of often triggered by violating the terms of the agreement. It can also happen when the home is sold, paid off, or no longer used as the primary residence.  Such gifts may come from state or local housing development agencies or other local entities–remember that the | more...

 
FHA loans

Down Payment Help For Your Home Loan

If you need a home loan but worry about the down payment, you may be able to take advantage of state-run or locally operated down payment assistance programs in your area. The FHA home loan program itself does not offer down payment assistance so you will need to find a local program that can help. What should you know about down payment assistance programs? For a start, these programs can be used with an FHA mortgage to purchase an owner-occupied single-family residence. In some cases you may be able to purchase a home with more than one living unit, but occupancy is a requirement both for the FHA loan program for single families as well as many down payment assistance options. For FHA loans, the minimum required 3.5% (of the | more...

 
Is your credit ready for an FHA loan?

5 Things To Know About Home Loans

What do you need to know about home loans? There are certainly more than five things you’ll want to remember, but this is a great way to begin the planning stages of your new home loan. Home Loan Tip #5: One Application At A Time When you are in the planning stages of a new home loan, it might not occur to you (at first) to think of all your finances as a single entity. This is important because your lender will certainly do so, and if you have applied for any other credit in the meantime it can make it harder for your loan officer to justify approving your home loan. Plan on applying for ONE line of credit in the year you commit to the loan–your mortgage. Home | more...

 
Buying A Home With A Lower Credit Score

Issues That Can Affect Your Home Loan

There are certain problems that crop up with home loan applications that can make it difficult for a mortgage lender to approve a loan application. We have written many articles about credit scores, debt payment history, and the amount of debt you carry, and how these issues affect your ability to get home loan approval. But what about the lesser-known issues? The Nature Of The Property Counts Some property types have restrictions from either the lender or under FHA loan rules. Those rules are found in HUD 4000.1. Did you know that no mobile home built before  June 15th, 1976 can be approved for an FHA mortgage? No home may be sold under the FHA loan program for commercial purposes. That means the home purchased with an FHA loan can’t | more...