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Now is a good time to submit good or bad credit home loan applications for multiple home loan lender quotes. Before you apply for a mortgage loan, view national average home loan interest rates and use our mortgage calculator to calculate monthly payments and interest. Learn about a government guaranteed no deposit home loan with no down payment and how spouse credit can affect a joint mortgage loan. Consider all your home loan options before you decide and submit an online application. Browse more home loan resources. Bad credit home loan - Apply for a home loan and stop paying rent. No deposit home loan - Apply for a no deposit, no down payment home loan. Get a new Home loan to purchase the American dream. Home loan lenders multiple quotes with just one application. Mortgage calculator for monthly payments and interest. Mortgage loan for new home purchases, equity, refinancing, 2nd mortgages and more. Joint mortgage loan - How spouse credit affects joint mortgages, and the impact of divorce.

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What does a title company do when buying a new home? A title company makes sure that the title to a home or other property is legitimate and has no outisde liens or judgements against it.

Title companies also often maintain escrow accounts -- these contain the funds needed to close on the home -- to ensure that this money is used only for settlement and closing costs, and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, the title company will ensure that the new titles, deeds and other documents are filed with the appropriate entities.

The company will do a title search, which is a thorough examination of property records to ensure the person or company claiming to own the property actually legally does. And furthermore, that no one else can claim full or partial ownership of the property.

The company also checks for any outstanding mortgages, liens, judgments or unpaid taxes associated with the property, as well as any restrictions, easements, leases or other issues that might impact ownership.

The title company may also require a property survey to determine the boundaries of the plot of land that a home resides on.

Once all this is completed, the buyer can then be confident that once he buys the property he is the rightful owner.


  

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Whether you are a first time home buyer, selling a home to buy a new home or want to refinance an existing mortgage to pay off bills, give us the opportunity to match you with a home loan lender resource in our network.

 

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First Time Home Buying - Buying a home is a huge step for anyone and there is much to learn. You can either learn smartly, or learn the hard way by making costly and regrettable mistakes.

Consider the type of area you want to live in, and the amount you can afford. You may also want to consider if the homes in that area will be more likely to increase or decrease in value, due to issues such as new businesses or poor road maintance.

Get mortgage education. Learn the industry jargon, know the different types of home loans, and learn about related issues such as home insurance.

To help you determine how much house you can afford, consider getting a Mortgage Pre-Approval. Lenders offer borrowers a pre-qualification letter or a pre-approval letter. A pre-qualification letter states the amount a lender thinks you’ll be able to borrow; but isn't guaranteed.


First Time Home Buyer Programs - There are numerous opportunities for mortgage financing for first time home buyers. Most states have programs tailored for first timers, many of which involve little or no money down, limited credit reference requirements, and free mortgage information to help new buyers navigate the process with success. So called “government loans” can also be a perfect choice. The Federal Housing Administration (FHA) and the Veterans' Administration (VA) offer mortgage programs that have helped millions of people own their first home. FHA programs allow down payments as low as 3% and also allow many buyers to include most of their closing costs in their new loan. For many first timers, having sufficient cash is a major problem, but FHA loans can eliminate this issue. If you are an active or retired military person, you can obtain a certificate of eligibility for a VA loan, which may qualify people for a no money down loan. The VA also provides pre-purchase counseling to give a new buyer valuable information to help simplify the mortgage process.


A government mortgage may be an excellent choice for a first time home buyer. The big advantage is the ability to get a mortgage loan with very little or no money down, as lack of a sufficient down payment is the most common problem for many first time buyers. There are two primary categories of loans commonly referred to as government mortgages:

* Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development, usually known as HUD.
* U.S. Department of Veterans Affairs (VA), offering mortgage loans to active and retired members of the armed forces. 

A major feature of an FHA loan, your down payment can be as low as 3% which helps buyers short of cash. In addition, FHA allows you to include your closing costs into your new loan.

The VA, like the FHA, does not actually make loans directly, but guarantees part of the loan to the lender who makes the actual loan. Veterans of military service can obtain an eligibility certificate which is their passport to be able to get a VA loan. Most VA loans require no money down.

The only disadvantage of either of these two programs is a mortgage insurance fee (FHA) and a funding fee (VA). The VA funding fee is two per cent of the mortgage amount (two and three-quarters per cent for reservists), but may be included in the loan at closing. The FHA mortgage insurance costs about one per cent of the mortgage amount. For a first time home buyer, these government mortgage loan programs can be a lifesaver.


Home Purchase Loan Fees - Fees include home loan origination fees, broker fees and fees for your transaction, settlement and closing.


Home Buying In Brief:

  1. Figure out how much you can afford: What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.

  2. Know your rights - Fair Housing: Equal Opportunity for All - Borrower's rights - Predatory lending

  3. Shop for a loan - Compare, negotiate - brochure

  4. Learn about homebuying programs - those in your state - FHA loan programs - HUD's special homebuying programs Good Neighbor Next Door - Homeownership for public housing residents - Indian Home Loan Guarantee Program

  5. Shop for a home - features you want - ;location - access to schools, etc

  6. Make an offer on the home

  7. Get a home inspection

   

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Guaranteed loan for Veterans: Are you a US veteran? Get a VA guaranteed loan. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum VA loan but lenders will generally limit VA loans to $240,000. This is because lenders sell VA loans in the secondary market, which currently places a $240,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no down payment financing. A veteran's basic entitlement is $36,000 (or up to $60,000 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran's available entitlement without a down payment, provided the veteran is income and credit qualified and the property appraises for the asking price.

  

Why should you apply for a new home loan: Do you pay rent? Invest your rent money into the ownership of your own home. Not only can you have a place to call your own, being a home owner can also open more financial doors for you. As the equity in your home increases, you can refinance and use the money to pay off bills, send a child to college, go on vacation or use the money for any reason. Owning your own home is a wise investment. Also, you won't have to worry any longer about rent increases. A home can bring stability to a family.

 

Owning your own home is easier than you think. Before you start browsing real estate listings, apply for a new home loan quote to see how much money your credit rating will allow you to borrow. This can help you narrow down the choices.

 

Our home loan lenders are ready to offer free interest rate quotes. Apply for a new home loan or for a mortgage refinance loan, regardless of bad credit or no credit.

 

Get the latest home loan news, and read our home loan articles.

 

Daily events can have an affect on credit throughout the year, life is constantly changing in positive and negative ways. Events like divorce, marriage, loosing a job, being in debt, and other big events have a way of affecting the finances and the budget. Those people who share their income may have an easier time, but they still may need credit from time to time to get the things in life they want or need, whether jointly or separately.

 

Marriage can impact credit history when couples share credit card accounts or other accounts. If someone is not monitoring joint accounts, it could cause some problems to credit scores. For example, if two people have a joint credit card account which ends up being way over the credit limit, it can affect scores in a negative way. If both account holders are charging and not making payments, the account can end up being delinquent which further damages scores. People who share accounts should outline some goals and set some boundaries for charging, paying bills, and living on a budget to avoid financial woes like finding themselves deep in debt.

 

For people who change their name, it is a good idea to let credit bureaus, know to prevent having credit history affected. It is always important to not just establish credit history by means of joint accounts, but to also have individual accounts that establishes credit in each person's name, independent of each other. This is like protection in the event that one partner dies. One will already have established their individual credit history. Credit can be hard to get for someone, when there has not been any history established.

 

Accounts that are held jointly means both partners are responsible, and a credit card company will go after all partners on the account for bill repayment, no matter if a court rules that one person is to pay the bill. This happens everyday, one account holder gets revenge by charging up to the credit limit but they never plan on repaying the bill. They don't care. Bad credit happens when debts are not paid. The sad thing is that the account can not be closed until the bill is paid in full. There may be an option to put a freeze on the account until the account is paid off, and then it could be closed to prevent further problems.

 

When credit is ruined, there are some ways to rebuild it. One way is if there is a mortgage owed, the homeowner can set a goal to pay a bit more each month and to make payments before the due date. This helps prove you can be financially responsible to lenders. Credit can also be repaired by making credit card payments on time each month or paying the bill off in full. Lenders don't care about divorces and other personal problems, they only care about getting paid and who is on an account that is responsible for making payments. Account holders are the ones who will be pursued or sued for repayment no matter what a judge rules.

 

One of the best things to do when faced with a divorce is trying to payoff and close any joint accounts. This can put an end to more complicated financial problems before and after a divorce. Closing accounts helps to close the financial aspects of being married and getting divorced. Sometimes it is necessary for couples to sell a home to really be able to get rid of all financial loose ends when divorcing. Some people attempt to open new, individual accounts in just their name even before a divorce is final, this can be helpful.

 

When people apply for credit, lenders will check credit reports, to help them decide if they want to give credit and just how much they will extend. When credit history is good, there can be better interest rates offered. Good history means bills are paid on time, loans are paid in full or on time, the credit limit is not abused, and there are no negative comments on the reports. If there are only a couple of late payments, it may not affect scores much, but when this is constant and bills are constantly over 30 days or more late, it lowers scores dramatically.



Reverse Mortgage Benefits and Costs: How much will it cost? Like many home loans, reverse mortgages have both interest and fees charged over the life of the loan and up-front costs due at closing. These up-front costs generally can be "financed"-not paid out-of-pocket at closing but added to your loan balance instead. Reverse mortgages may have relatively low interest rates, but they can still be expensive compared with other home loans in other respects, primarily because of mortgage insurance premiums and other up-front costs. The interest rate on a reverse mortgage may be variable, increasing or decreasing with the "prime rate" or some other measure of market rates. How do I repay the loan? In a reverse mortgage, you do not make monthly payments of principal and interest to the lender. Instead, interest and fees are added to your loan balance. Unless you make "escrow" payments to your lender, however, you are still responsible for paying property taxes and insurance when they are due. When do I have to repay the loan? Generally, you do not need to make any payments until you stop using the home as your primary residence-for example, when you sell the home, no longer live in the home, or pass away. The loan then becomes due. Your obligation to the lender will be limited to the lesser of the amount due or the value of the home at the time, unless you or your heirs want to keep the home. To keep the home, you or your heirs would need to pay the full amount you have received, plus all accumulated interest and fees. Can I lose my home before I'm ready to move? Yes, under limited circumstances. With a reverse mortgage, you keep title to your home, but you remain responsible for property taxes, insurance, and home repairs. If you fail to pay taxes and insurance or fail to maintain the home, the mortgage may become due and payable, and you could lose your home through foreclosure. Of course, if your lender requires a monthly "escrow" payment for property taxes and insurance, that risk can be reduced.


What is a reverse mortgage? A reverse mortgage is a loan secured by your home that lets you receive payments from the lender-either over time or all at once-based on the value of your home at the time of the loan. As you receive payments, these amounts are added to your loan balance. Interest is charged on the outstanding balance, so even if you do not receive any further payments from your lender, the loan balance continues to increase. - Who can obtain a reverse mortgage? Generally, to obtain a reverse mortgage, you must be a homeowner at least 62 years old, must use the home as your primary residence, and must have either no current mortgage or a mortgage balance low enough that you can pay it off with funds from the reverse mortgage. - Are there different types of reverse mortgages? Yes. And the differences can be important. For example, most reverse mortgages are made under a Federal Housing Administration (FHA) program. These loans (called Home Equity Conversion Mortgages or HECMs) have government insurance that protects not just the lender, but also the borrower. If the lender becomes unwilling or unable to make payments due to the borrower, the government steps in to make them. Other reverse mortgages do not have this guarantee. - How much can I borrow? That depends on many factors, including your age, the value of your home, and applicable interest rates at the time you obtain the loan and over the course of the loan. Generally, the amount of your loan will be larger the older you are, the more valuable your home is, and the lower that applicable interest rates are. - How do I get my payments? Reverse mortgages can be very flexible about this. Depending on the type of loan you get, you can take out the funds in fixed monthly payments that last either for a set period of time or for as long as you stay in the home, as a line of credit that permits you to take out funds as you see fit, in a single lump sum (or a single draw on a line of credit), or in some combination of these options.





Manufactured Mobile Home Loan Financing: Your retailer usually can provide information about financing. You can also check with lenders in your area. Just as there are choices when you buy a site-built home, there are a variety of financing options when you buy a manufactured home. Downpayments and loan terms are similar - 5 to 10 percent of the manufactured home’s sales price, and loan terms from 15 to 30 years. Most lenders offer fixed and variable rate loans and most have programs that allow you to “buy the rate down.” If you own or plan to purchase the land where you will place your home, traditional mortgage financing can usually be arranged.



I need help with my mortgage payment and I don't want to lose my home. Your servicer wants to help you keep your home. Many servicers implemented new loan modification programs in 2009 to assist homeowners experiencing financial difficulties by lowering their monthly mortgage payments. Plus, many servicers are participating in the government’s Making Home Affordable Program and are working with non-profit counseling agencies through HOPE NOW. Contact Your Servicer Today: Many servicers have recently added new mortgage modification programs for home loans. Call your servicer even if your request has been turned down before, as you might qualify under a new program. Be patient and persistent if you don’t reach your servicer on the first try, as other homeowners are seeking help as well. If you don’t know who services your loan or how to contact them, check your mortgage statement. Apply for a Loan Modification: In a mortgage loan modification, you and your servicer agree to permanently change one or more of the mortgage’s terms to make the payments more manageable for you. The changes could include reducing the interest rate, extending the term of the loan, forbear-ing (interest free) or forgiving principal, or a combination of these factors.





Bad Credit Mortgage Loans: Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders. If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don’t assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can. Whether you have credit problems or not, it’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, visit annualcreditreport.com or call 877-322-8228.



What is a home equity line of credit? A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credit. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75%) of the home's appraised value and subtracting from that the balance owed on the existing mortgage. In determining your actual credit limit, the lender will also consider your ability to repay the loan (principal and interest) by looking at your income, debts, and other financial obligations as well as your credit history. Many home equity plans set a fixed period during which you can borrow money, such as 10 years. At the end of this "draw period," you may be allowed to renew the credit line. If your plan does not allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period (the "repayment period"), for example, 10 years. Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you want. Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on the line. There may be other limitations on how you use the line. Some plans may require you to borrow a minimum amount each time you draw on the line (for example, $300) or keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up. 





Lines of credit vs. traditional second mortgage loans: If you are thinking about a home equity line of credit, you might also want to consider a traditional second mortgage loan. This type of loan provides you with a fixed amount of money, repayable over a fixed period. In most cases, the payment schedule calls for equal payments that pay off the entire loan within the loan period. You might consider a second mortgage instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home. In deciding which type of loan best suits your needs, consider the costs under the two alternatives. Look at both the APR and other charges. Do not, however, simply compare the APRs, because the APRs on the two types of loans are figured differently: The APR for a traditional second mortgage loan takes into account the interest rate charged plus points and other finance charges. The APR for a home equity line of credit is based on the periodic interest rate alone. It does not include points or other charges.



What if the mortgage lender freezes or reduces your equity line of credit? Plans generally permit lenders to freeze or reduce a credit line if the value of the home "declines significantly" or, when the lender "reasonably believes" that you will be unable to make your payments due to a "material change" in your financial circumstances. If this happens, you may want to: Talk with your lender. Find out what caused the lender to freeze or reduce your credit line and what, if anything, you can do to restore it. You may be able to provide additional information to restore your line of credit, such as documentation showing that your house has retained its value or that there has not been a "material change" in your financial circumstances. You may want to get copies of your credit reports (go to the Federal Trade Commission's website for information about free copies) to make sure all the information in them is correct. If your lender suggests getting a new appraisal, be sure you discuss appraisal firms in advance so that you know they will accept the new appraisal as valid. Shop around for another line of credit. If your lender does not want to restore your line of credit, shop around to see what other lenders have to offer. You may be able to pay off your original line of credit and take out another one. Keep in mind, however, that you may need to pay some of the same application fees you paid for your original line of credit.

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