The Mortgage Page
Here are brief recaps of numerous articles on mortgages, reverse mortgages, FHA and VA mortgages and financing related issues:
Mortgage Delinquencies: Fact and Fiction
Kenneth Harney, a highly respected columnist for the Washington Post, expresses surprise in his column recently because home buyers in high-cost parts of the country like California, Hawaii, Boston and Washington, D.C. are not leading the nation in mortgage delinquencies.
A HUD Reverse Mortage can Help Seniors in Retirement
HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.
Are you really pre-approved for a loan or merely pre-qualified? The difference between the two terms will be crucial when you...
An FHA mortgage is insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). FHA insurance on a mortgage means that the mortgage lender is protected by the full backing of the U.S. federal government if the home buyer defaults in mortgage payments. Because of the FHA insurance, the lender is willing to loan funds to borrowers that might not be able to buy...
Do You Qualify for VA Financing?
VA mortgages are guaranteed by the U.S. Department of Veteran Affairs (VA) and are made available to eligible veterans for either purchasing or refinancing a home. The VA’s guaranty of the loan means the lender is protected against loss if...
What Type of Documentation Is Needed to get a Mortgage?
The following items will be needed to process your mortgage application:
Required for most borrowers:
- Copies of your most recent pay stubs from the last 30 days for all borrowers. If you are paid weekly you will need your last four consecutive pay stubs. If you are paid twice a month or every two weeks, you will need your last two...
Debt-to-income Ratio? What's That?
Your debt to income ratio is a mathematical way of determining how much of your income should go toward your monthly mortgage payment after...
How to Buy with No Down Payment
Can you make your dreams come true with a zero down payment mortgage? Yes, believe that you can, because it is...
A standard requirement in the mortgage application process is to verify the sources of your...
How Much Down Payment is Wisest?
What you have available for a down payment will affect the type of mortgage you can obtain and the interest rate you will receive. Down payments usually range from 0 to 20 percent of the new home’s sales price. In recent years, approximately one third of home buyers did...
What Are Reverses Mortgages and How Do They Work?
If you have a home that’s paid off – or almost paid off – a reverse mortgage can help you live better by providing a steady stream of dependable income. This type of mortgage is called a reverse mortgage because instead of you paying the lender a certain amount per month for a certain number of years, the lender pays you.
The No Cost Loan: Is It Worthwhile?
With mortgage rates continuing on a downward trend, the competition in the business is fierce. A day never passes that I don’t hear some crazy advertisement about a new loan program that XYZ mortgage company has and no one else offers. One of the oldest programs remains steadfast in both its high profile and its duplicity. This program is the No Cost Home Loan—the one bankers say is free, but you actually pay for as long as you...
A HUD Reverse Mortgage Can Change a Retiree's Life
HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.