US law requires that a home buyer receive a loan cost estimate from the mortgage lender within 3 days of submitting a mortgage application. Additonally a buyer should also receive a closing disclosure no later than 3 days prior to the close of escrow. The disclosure will include the final terms and details of the mortgage loan and associated closing costs.
A recent survey found that the American public is still somewhat confused about what is required to qualify for a home mortgage in today’s real estate market. We want to address two major misconceptions today and a few lending options.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. (Veterans Affairs or VA loan is 100% and the USDA loan can exceed 100%)
Not all loans are approved. And even when they aren't approved immediately, it doesn't have to be the end of your real estate dreams.
You may be wondering what PMI is and how you know when you need to purchase it.
Below is the short version of what you need to know.
According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan.
As another signal of an improving U.S. economy, the nation's biggest banks have started to loosen mortgage lending standards.
Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year.
A reverse mortgage is exactly what it sounds like -- a mortgage in reverse. Here's some analysis on the program and how it could work for you.
Despite an improving U.S. economy, the nation's banks remain cautious about what they will lend, and to whom.
Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today.
The new, revamped HARP program is now available. It was officially released Saturday, March 17, 2012 by Fannie Mae and Freddie Mac.
Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group's new, costly mortgage insurance premium schedule.
Beginning April 1, 2012, the FHA is once again raising its mortgage insurance premiums.
The government's new, revamped HARP program is 6 weeks from release. Homeowners are gearing up to refinance.
After a half-decade of tightening mortgage guidelines, banks are starting to "loosen up".