What is the difference between pre-approval and pre-qualification?
When does it make sense to refinance?
- Calculate the total cost of the refinance
- Calculate the monthly savings
- Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the “break even” time. If you own the house longer than this, you will save money by refinancing.
What is a rate lock?
What’s the difference between a mortgage broker and a lender?
What is a full documented loan?
What are the other types of loans?
USDA Rural Development: This program is administered by USDA Rural Development, which serves the public through more than 800 field offices nationwide. Sometimes good credit and steady income are not enough to qualify for a home loan at a commercial lending institution, such as a bank or savings and loan. More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA’s Guaranteed Rural Housing Loan Program, low and moderate-income people can qualify for mortgages even without a down-payment.