Forbearance is a process whereby homeowners are allowed to have their monthly mortgage payments suspended. This new term has come to the forefront for many due to the number of those who have been unemployed or otherwise facing a furlough from their employer. More than 3.5 million mortgage borrowers had
Financing
15 posts
The Annual Percentage Rate, or APR, is often the most misunderstood number consumers see when applying for a mortgage. Even though consumers are provided mounds of documentation explaining various processes, closing costs and cash-to-close requirements, it seems the APR is the number that causes more head-scratching than others. Too often,
Our Hamilton for Heroes mortgage program is not only for active and retired Military and Veterans. These benefits are now available to active Police Officers, Firefighters and Emergency Medical Technicians (EMTs).
VA home loans are one of the best benefits available to veterans. The program allows honorably discharged veterans to buy a house without a down payment. But now the program is about to get even better. A new law expanding VA disability benefits to more veterans who were exposed to
Most families will go above and beyond the call of duty to help each other out. But have you ever heard of a relative selling a home to another relative with no down payment? It happens; it happens all the time. The down payment comes in the form of a
For parents who have the financial resources to purchase a home for their college-bound child or their senior aged parents, this is a fantastic Freddie Mac program that allows people to invest in a real estate asset, instead of pouring money away in a rental agreement.
You can deduct the interest that you pay on your mortgage loan if the loan meets IRS mortgage requirements. When you repay a mortgage loan, the payments are almost completely composed of interest rather than principal in the first few years. Even later on, the interest portion can still be
Conventional loans make for the bulk of the loan origination pipeline, yet two stalwarts that are not considered conventional still provide a stellar product for those who qualify—VA and FHA mortgages. In Austin and surrounding areas, the FHA loan limit is $389,850, and the maximum VA mortgage is the same
Getting someone to agree to cosign on a mortgage with you means someone else has agreed to pay your mortgage for you should you no longer be able to do so. Yet while cosigning can help in some instances it’s not as pervasive a practice as it used to be.
If your mortgage loan was declined, it’s not the end of the world. It’s just a temporary setback. There are many reasons why the lender says no to a buyer, but the most common reason is the Debt-to-Income Ratio is too high. If you owe too much of your monthly
Higher-end clients will fit into the “jumbo” category when obtaining a home loan. I’m not really sure where the name originally came from, but it is so-called because the amounts borrowed are higher than the prevailing conforming loan limit. In greater Austin, the conforming loan limit is $417,000, as established