Search Results for: homeowners loan

Green Tree Offers Homeowners and Flood Insurance All in One

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Typically, a homeowners insurance policy will not cover damages caused by flooding. If you want coverage for that type of situation, you have to buy a separate flood insurance policy. Green Tree Insurance has combined the two policies into one. This is great for homeowners! Green Tree Insurance sent a very interesting email to my husband today. We have a mortgage with this company, and it isn’t unusual for people to get email from places that they have a loan with. This email had some unexpected news that I thought was important enough to share. When you buy a house, … Continue reading →

Government Assisted Home Loans

I purchased my home as a single mother with one income. No, I didn’t have a job that could pay a normal mortgage, nor did I have a down payment. But with the help of the federal government, I am the proud owner of a three-bedroom home and almost one-acre of land. I received a loan through the Rural Development Housing program. They provided me with a 100 percent 33-year loan (meaning I didn’t need a down payment). While the loan process took longer than a normal loan probably would have, it was well worth the wait. There were also … Continue reading →

More New Year’s Resolutions For Homeowners

My brother and sister-in-law are beginning 2007 as first time home owners. In previous blogs I addressed the importance of developing a comprehensive household maintenance plan for the New Year if for no other reason than to avoid costly problems in the months to come. While it is a fantastic idea to give your home an annual physical and design a strategy to keep or whip your house into shape, it’s just as important to resolve to get your home finances in order, especially if you are like my brother and have recently bought a new home. Experts recommend you … Continue reading →

Property Mortgage Insurance (PMI) For Loans Opened Before July 1999.

My first suggestion to homeowners who currently have a loan opened before July 1999 is to consider refinancing. The chances are great that you may be able to obtain a new loan at a much lower interest rate even now as these rates are starting to climb. If for some reason it is not possible for you to refinance then you might want to review your loan documents and check your statements to see if you are paying Private Mortgage Insurance (PMI). Home buyer’s who put less than 20 percent down on a home mortgage, are usually required by the … Continue reading →

The Truth Behind Gift Loans

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For people trying to come up with a down payment on a home, there are a number of options, one being a gift loan. In this case, typically family would provide the funds although anyone can provide a gift loan. You will also find programs for gift assistance. Now, the seller of the home can assist the buyer with closing costs by providing a portion of the proceeds back to the buyer at the time of closing. However, the amount the seller can give the buyer would depend on the type of loan being secured. Just remember that a seller … Continue reading →

Types of Government Loans

TYPES OF GOVERNMENT LOANS Today more than any other time in history, homebuyers can enjoy their choice of many different governmental loans. These loans are designed to help people become homeowners and are backed by the federal government. As you will see from the information below, these are just a few of the choices you have. Federal Housing Administration (FHA) – This type of mortgage loan requires just a 3% to 5% down payment. However, the maximum amount of the loan is based on the average cost of living in a specific area. Keep in mind that with an FHA … Continue reading →

Understanding the Real Cost of Homeownership

Although most people interested in buying a home have a good idea of the cost involved, the truth is that there are many hidden costs associated with homeownership that are often overlooked. In addition to the actual loan required to purchase the home, you want to remember settlement costs, which can blindside some buyers. The real estate settlement costs are what a buyer typically pays to include things such as legal services property insurance, mortgage loan financing, title services, and so on. For many years, homebuyers would simply ask various lenders for an estimate of the settlement costs, then comparing … Continue reading →

Securing a Home Loan

After saving for several years and cleaning up your credit, you are finally ready to look at the various options for lending you are ready to buy a house. Although there are many big and exciting things that happen in life, buying your first home is one of the most exciting. After all, this step says that you can now be taken seriously, that you are responsible. Since you have taken the time and care to save enough money for your down payment and closing costs, as well as dedicated time to cleaning up your credit you now need to … Continue reading →

Top Deductions for Homeowners

As a homeowner, you may have tax deductions that you are not even aware of having. The bottom line is that all homeowners deserve all the tax breaks entitled to, which is why we wanted to provide you with some great information on what you might be able to deduct. Remember, if you are uncertain about your tax deductions, you can always consult a professional tax advisor for assistance. First, any interest on your mortgage loan is 100% tax deductible. Therefore, make sure you have statements from your mortgage company prior to having your taxes done so you know exactly … Continue reading →

Comparing Mortgage Loans

When it comes time to buy a new home, mortgage loans can be confusing. In addition to many traditional types of loans, you will also discover many special loans to help more and more people become proud homeowners. The type of mortgage loan you end up with will depend on your personal situation. However, before you start the loan shopping process, we recommend you ask yourself a few questions. For example, how long do you plan living in the house, do you think your finances (debt or credit) will change in the coming years, and are you okay with the … Continue reading →