Mortgage scams to avoid come in a variety of different types and not all of them have to do with purchasing a home or applying for a new loan to so. The Department of Housing and Urban Development warns consumers that mortgage scams frequently involve foreclosure avoidance schemes or refinance loans instead of new purchases. New purchase loans are not always scam-free. But there are some things you can do to protect yourself when buying the … [Read more...]
Government-Backed Mortgages Vs Conventional Home Loans
Do you know the difference between a conventional mortgage and a government-backed home loan such as an FHA loan, VA mortgage, or USDA home loan? There are two big areas some are concerned with; those areas are down payments and mortgage insurance. We’re looking at the differences between conventional and government-backed home loans with this in mind since a home loan down payment and the insurance you’ll need over the course of the loan are … [Read more...]
Should I Refinance My Home Loan?
Should I refinance my home loan? That is a question many homeowners ask. And it's a question that is especially relevant when news headlines at CNN Money and elsewhere reflect a trend toward lower mortgage loan interest rates. When rates go down, the ability to refinance into a lower mortgage interest rate is very attractive, but who should consider making the jump? The United States Federal Reserve Board weighs in on this question on its’ … [Read more...]