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The process of buying a home for the first time brings with it a lot of confusion. From how to finance the purchase to what happens at closing, it’s not something most of us do very often. One of the most important steps in the purchase process, if you won’t be paying cash for the home, is seeking out a lender and obtaining a loan preapproval letter. But how do you shop for a lender and a loan? . . .

Read more about How Avoid Overpaying for a Mortgage

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Some lenders are using the Internet, including social media sites, to check on borrowers before approving a loan application

If you think the National Security Agency is the only group spying on folks, think again. In fact, if you’ll be applying for a mortgage loan in the next few years, you might want to think twice about what you share on social media. At one time, not too long ago, bank statements, tax returns and employment and salary verification letters were sufficient documentation for lenders. It appears that is no longer the case for some small lenders that are . . .

Read more about Lenders and Social Media

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The VA construction loan offers many attractive benefits, including no down payment, but it can be hard to get financing

World War II defined the 1940s in the U.S. With the return of our soldiers came the boom – the baby boom generation. Our men required homes to house all these kids, and President Roosevelt came through for them by creating The Servicemen’s Readjustment Act, more commonly called the GI Bill. The bill generated college tuition and home loans for the men who served this country on the battlefields. . . .

Read more about The VA Construction Loan

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If you

There are a number of disappointments that can happen during the home-buying process. Few of them compare to falling in love with a condo only to find out that the complex isn’t approved by HUD, so your FHA loan won’t fly. On several levels, this scenario is just wrong. First, if you’re working with an agent, he or she should only be showing you approved condo complexes. If you aren’t working with an agent, then you have only yourself to blame. . . .

Read more about Condos and the FHA Loan

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USDA loans are a great option for low-income homebuyers who want to purchase a home in a rural area

Keeping your nose to the grindstone, using credit wisely and responsibly, and paying your bills on time every month have their rewards, no matter how much or how little money you make. One reward is how much easier it is to realize your piece of the American dream – the opportunity to purchase your own home. A bonus for the low-income earner is a government-backed loan with no down payment. . . .

Read more about USDA Home Loans

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The VA will not issue home loans for fixer uppers

Veterans Affairs (VA) home loans have experienced tremendous growth in recent years. The VA expects to guarantee more than 620,000 home loans in 2013, which would be the agency’s most successful year on record. But real estate agents need to know that the VA home loan program is unique. It’s quirky. A failure to understand [...] . . .

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refinancing va loans

Want to be a hero? If you are a veteran – or looking to do more business with the veteran market, you should know about this program: The Interest Rate Reduction Refinancing Loan program, or IRRL. In a nutshell, it’s just a streamlined, easy-peasey way for people with existing VA mortgages to refinance quickly and cheaply into a new VA mortgage with a lower interest rate. . . .

Read more about Refinancing VA Loans

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mortgage loan denied

Applying for a mortgage is both exciting and terrifying. It can be one of the most stressful processes and is likely the largest purchase a person makes in his entire life. The mortgage application process requires filling out volumes of paperwork and gathering personal documents. Borrowers will need to provide personal information as well as paystubs, tax returns and credit reports. . . .

Read more about Rejection of a Mortgage Application

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best way to finance home improvements

Many homeowners decide to use their home’s equity to finance home improvements instead of relying on consumer credit, where interest rates are typically higher. There are different ways to access home equity: through mortgage refinancing, a home equity loan or a home equity line of credit. . . .

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home energy ratings and mortgages

A home energy rating is a score that recognizes the energy efficiency of homes. Lenders use home energy ratings as an objective way of helping more homebuyers qualify for special financing. Ratings can apply to new or old homes and are based on thorough energy audits, during which a professional rater will test the home for airtightness, sufficient insulation, and efficiency of . . .

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