Understanding Home Loans, Mortgages, Credit and Refinancing
Understanding home loans is critical for home buyers. Improve your knowledge of home mortgages and the credit process BEFORE you start your home buying experience.
Getting Started
- Do I Rent or Buy a Home?
- What's My Credit Score?
- Getting Your Credit Reports
- Help! I Have Bad Credit!
- Improving Your Credit Score
- Income Requirements for Buying a Home
Understanding Home Loans
- Fixed Rate Mortgage Options
- Adjustable Rate Mortgages
- Who is Fannie Mae and Why Should I Care?
- FHA Loans
- Negative Amortization / NegAm Loans
- Private Mortgage Insurance -- PMI
- Home Appraisals for a Mortgage
- Jumbo Loan Qualifications
- Condo Lending Rules
- First Time Home Buyer Tax Credits
Featured Understanding Home Loan Articles
Understanding Home Loan Types and Options
There are only a few types of loans with a handful of different options. But the combinations can make your head spin. But once you understand these underlying types, the world of home loans will be a lot less complicated. Home Loan Types
Who is Fannie Mae and Why Should I care?
Many Americans had little idea who Fannie Mae (Federal National Mortgage Association) was prior to 2006, except that they had fairly good bond rates that were considered "safe" investments. Now that the Credit Crisis has uncovered all sorts of facts on how the mortgage market works, most of us should be at least a little knowledgeable about how Fannie Mae affects our lives. Fannie Mae
Income Requirements to Buy a Home
A good credit score is crucial for receiving a good interest rate, but banks will also look at your income and debt when deciding whether you qualify. They rely on two ratios, often called the “front-end” ratio and the “back-end” ratio which are the key to Income Requirements to Buy a Home.
Your Credit Report and Credit Score
Nothing may be as important for your home loan and your resulting interest rate, than this three digit number calculated by companies you've probably never heard of. Learn About Your Credit Report and Credit Score.
Re-Financing Your Home
Even though rates have been rising in the last few years, homeowners still have many reasons to refinance their home loans. The main reason is debt consolidation, whether you are combining credit card debts with your home mortgage or if you have more than one home loan. You can also refinance to a lower rate if your credit score improves. Find out more about the pros and cons of refinancing your home.
Pre-Qualify Before You Begin Home Shopping
Don't enter the real estate marketplace without knowing where you stand. Pre-qualify first and put yourself in position to understand what you can afford and even improve your bargaining position. Pre-Qualify for a Home Loan.