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Found 25 blog entries about Mortgage Information.

 

Foreclosure, it’s something that can scare even the bravest. In this world of uncertainty, it can happen to nearly anyone. However, there are ways to salvage your finances and even prevent foreclosure.

If you find yourself in a situation where your lender is threatening to foreclose on your home, don’t panic, there are people out there that desire to help. Odds are that your lender has a loss mitigation department. These departments will meet with and work with you and show you how to fix your problem.

You also need to be honest with your lender, let them know your situation. If they don’t know what’s going on they will be less cooperative and there will be less avenues open to you.

You can also go through a third person party to mediate…

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There are many different facets to the home buying process and mortgage insurance is definitely one you need to understand. If you want to buy a home, then mortgage insurance is a term you have probably heard thrown around by lenders, your real estate agent, and so forth, but what does it mean and why do you need it?

Let’s start with the basics and go over some of the general terms that you will run into when you are navigating the wide world of real estate insurance.

1. MI or PMI: MI is short for Mortgage Insurance and PMI is short for Private Mortgage Insurance. We’ll talk more about these later.

2. FHA: This is short for Federal Housing Administration. This is a government agency that governs all things real estate. From construction to…

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Why are so many people worried about their credit score? What does it matter what kind of score I have? Why should I worry about my credit? You may have asked yourself these questions at some time or another, or have struggled with a similar quandary, but what is the answer? What is credit and why is it so important?

What is credit?

Credit is not as complicated as you think. It is essentially a way for a bank to grade you on how responsible you are with money. Banks and other establishments can access a giant database with everyone’s credit score so they can know whether they can trust you enough to lend you money. Usually a credit score will be a number between 300 and 850 or so and ‘good credit’ is considered to be a score above 700 in most…

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One of the first steps of buying any home is getting a mortgage loan. But what do you do when you have a foreclosure on your credit report? You might be worried that you will never be able to buy a house again. While getting approved for a home loan after you have a foreclosure is difficult, it’s not impossible. You can find lenders that will be willing to look past the foreclosure, but it won’t happen overnight. You will have to rebuild your credit and wait.

How long you have to wait will depend entirely on the type of home loan that you are looking at getting. Each one has different requirements, both in terms of credit, income, and wait time. Some loans might make you want as long as seven years before you can apply for another one, where…

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When you are buying a home for the first time, it’s easy to make mistakes. You have never bought a house before. It is easy to get caught up in the excitement of homeownership, but you will need to remember that owning a home is more than just paying a mortgage. And you don’t want to fall into the trap of looking for houses first, and then finding financing. Not only might you lose out on the house, but you might find out that you aren’t approved for enough a loan to buy the house that you want.

Don’t worry; buying your first home can be a great experience. You just need to take it slow, do your research, and ask for help when you need it. Here are four mistakes first-time homebuyers can make, and how to avoid them.

Mistake #1: More Than a…

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If you purchased a home with less than the conventional 20% down, chances are that your lender required you to buy private mortgage insurance (PMI). For you, having PMI is another expense you can tack onto homeownership, but for the lender it's extra protection. PMI is designed to protect the lender in case the borrower defaults by using the money you paid into your PMI premiums each month to recoup some of their losses.

For example, on a loan of $250,000, PMI can cost you anywhere from $50 to $220 each month. It all depends on the size of the down payment you made and the length of the loan.

Why is PMI Necessary

For FHA insured home loans, PMI is required regardless of how much you put down as a down-payment. It can be 20% or even 90%, and FHA will…

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It is still possible to buy a home in Boise, ID with no money down!  Zero down programs in Idaho were very popular a few years ago before the downfall of the mortgage and housing markets.  Most people think they have all but disappeared but if you know where to look, they are still available and offer attractive interest rates.  There are income and credit score restrictions.  It is important to talk to a lender who is well versed in these programs to determine your individual eligibility. 

Here are 4 great ways to buy a home in Boise with 100% financing.  The first 2 are Idaho Housing Financing Authority and can be used in conjunction with FHA Loan Programs.  The last 2 are U.S. Government Programs that are available to use for purchasing Idaho…

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Two Story House

If you're finally ready to hit the Idaho real estate market this summer, you'll need to get acquainted with the rules of the game.

If you want a new home in Boise, Idaho this year, you'll need to jump on new listings at a faster pace than previously. The trend of tight inventory and slim pickings across the country has heated up various markets, and Boise is no exception. So, if you're ready to find the home of your dreams this year, whether you're looking to Boise, Meridian, Nampa, Kuna, Caldwell, or any of the other communities in and around the Treasure Valley – prepare yourself with a strategy.

Mortgage Rates

Amidst bidding wars and low mortgage rates, the market today is red hot. As you prepare to do a little Idaho home shopping, as with…

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House For Sale

Buying a home is an important financial decision. In fact, it's likely the most important financial decision you'll ever make, and likely the largest. It's normal to have reservations. But no matter what your reservations might be, 2013 has shaped up to be the year to buy real estate. It's a fantastic time to get into the market. And in case you need to hear more than just that, here are some rock solid reasons why buying a new home in Idaho is a good idea.

Pride

There's nothing like the feeling you get after becoming a homeowner for the first time. The pride of owning a home isn't like any other large purchase you can make; this is the big time. It means you've made it. It means you've made a solid investment into your future that's rolled up in…

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Two-Story House in Star 
Spring Home Buying and Selling Season

The beautiful spring weather has been slowly moving its way in, and it looks like its going to stay. But with spring comes more than just pleasant weather, especially for the real estate market. Spring tends to be a frenzy of buying and selling in the housing market, when buyers and sellers move from the sidelines. As more and more people see reports of rising home prices, worries of slipping home values take a backseat. We've seen some the country's highest rise in home prices, which makes this spring's buying season the best time to hit the market and buy the home you've been holding out for.

According to Fannie Mae's monthly national consumer attitudinal survey report from February of this year, Americans…

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