Nominal rates
Updated Oct. 24, 2014
When banks and mortgage companies are showing their rates, these are NOMINAL rates, even if the note would show these rates, but they don't include other hidden costs, or fees that the lender may charge, which would be included in the annual percentage rate (APR) and the is the rate that borrowers should...

General Refinance Info.
Updated Oct. 24, 2014
Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your...

Cash Out Refinancing
Updated Oct. 24, 2014
Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The...

Purchase
Updated Dec. 16, 2013
If you're like most people, purchasing a home is probably one of the biggest investments you'll ever make in your lifetime. If you're considering buying a home, you're likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home,...

Paperwork Needed for Loan App
Updated Oct. 24, 2014
Present Federal regulation requires all lenders to review a potential borrower's ability to repay the mortgage. Therefore, your loan officer will request information required to complete this process; below please find examples of information necessary for the mortgage loan application process:....

What Is a 203(k) Loan?
Updated Oct. 24, 2014
The FHA 203(k) loan lets you purchase or refinance and rehabilitate a property with one loan closing. The projected rehabilitation costs are held in an escrow account and disbursed as work is completed and inspected. The loan amount is based on the lower of the projected market value following repairs or...