How to Buy a House with No Credit Score
Good credit is necessary for easily securing a home mortgage. But what if you don't have a credit score?
First things first: most people do have a credit score. If you have debt of some kind, like a school loan or credit card, then you ...
Posted by Paula Henry on February 24, 2015 in Buyer Resources
What is Included in My Monthly Mortgage Payment?
After taking out a mortgage loan to purchase a home, you will be provided with a dollar figure that you must pay each month in order to repay your loan. Whether interested in Bethesda condos or a home in Indianapolis, it is helpful to have a clear ...
Posted by Paula Henry on March 2, 2012 in Mortgage News and Info
Your Next Home Program from Indiana Housing
Indiana Housing has been instrumental in providing no downpayment loan programs for first time home buyers. They now offer a loan program for home buyers who are moving up or buying their next home, aptly named the 'Next Home' program.
Many home ...
Posted by Paula Henry on June 8, 2011 in Mortgage News and Info
Mortgage Approval is NOT Set in Stone
You've found the Indianapolis home you want to buy and have been approved for a mortgage. Congratulations! You are on your way to being a homeowner. Now that you have approval, make sure you don't do anything to sabotage it.
Since there may be 60 ...
Posted by Paula Henry on October 22, 2010 in Buyer Resources
7 Ways To Protect Your Credit Score For Better Mortgage Rates
As mortgage lenders tighten approval standards in Indiana and nationwide, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also ...
Posted by Paula Henry on February 5, 2010 in Mortgage News and Info
A Simple Explanation Of The Federal Reserve Statement (January 27, 2010 Edition)
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.
In its press release, the FOMC noted that the U.S. economy 'has continued to strengthen', that the jobs markets is getting better, ...
Posted by Paula Henry on January 27, 2010 in Mortgage News and Info
Previewing The New Good Faith Estimate
The new Good Faith Estimate makes its debut January 1, 2010. The new format will make it easier for Indianapolis home buyers to compare loans.
Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it ...
Posted by Paula Henry on December 6, 2009 in Mortgage News and Info
Simple Real Estate Definitions : APR
APR is an acronym for Annual Percentage Rate. It's a government-mandated calculation meant to simplify the comparison of mortgage options.
A loan's APR can always be found in the top-left corner of the Federal Truth-In-Lending ...
Posted by Paula Henry on December 1, 2009 in Real Estate Terms
2010 Conforming Loan Limits
A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac. Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on 'typical' housing ...
Posted by Paula Henry on November 30, 2009 in Mortgage News and Info
One Reason Why Mortgage Rates Are Back To All-Time Lows
Home affordability improved this week after the Federal Reserve released its November 3-4, 2009 meeting minutes.
The FOMC Minutes is a companion to the Federal Reserve's post-meeting press release. It's released 3 weeks after the Fed ...
Posted by Paula Henry on November 28, 2009 in Mortgage News and Info
Real Estate Terms : Escrow Account
An escrow account is a designated savings account into which funds get deposited for a specific purpose.
With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments.
Posted by Paula Henry on October 9, 2009 in Real Estate Terms
Fannie Mae Changes Will Thin the Indianapolis Buyer Pool
If you're thinking about buying an Indianapolis home in the next few months, you may want to move your date up. New Fannie Mae guidelines will make getting approved for an Fannie Mae loan more difficult. For the second time in less than 3 ...
Posted by Paula Henry on September 30, 2009 in Mortgage News and Info
Real Estate Terms - FICO
The basis of most mortgage lending is credit scoring. In general, the higher a person's credit score, the lower his offered mortgage interest rate. Despite the many credit scoring models in use today, however, just 3 are relevant to ...
Posted by Paula Henry on March 11, 2009 in Real Estate Terms
Move-Up Homebuyers Face New Lending Challenges This Spring
When a homeowner sells his home and decides to buy a new one, there are 3 basic options for the residence -- sell it, keep it, or rent it. Unfortunately, no matter which path they choose, move-up home buyers in need of a new conforming mortgage ...
Posted by Paula Henry on January 23, 2009 in Mortgage News and Info
Simple Real Estate Definitions : Refinance
A mortgage is a contract between a lender and borrower, defining the terms by which a home loan must be repaid. The paperwork, signed by both parties, includes provisions for things like:
The interest rate
The length of the loan
The amount ...
Posted by Paula Henry on December 12, 2008 in Real Estate Terms
Making English Out Of Fed-Speak (October 2008)
The Federal Open Market Committee voted to cut the Fed Funds Rate by one-half percent today. The benchmark rate now stands at 1.000 percent.
In its press release, the Fed wasted no time addressing the key issue at-hand, stating ...
Posted by Paula Henry on October 31, 2008 in Mortgage News and Info
Comparing Payback Periods On 15-Year, 20-Year and 30-Year Mortgages
On all principal + interest home loans, the first few years of payments include a lot more money going to interest than to principal. This is because mortgage repayment schedules are front-loaded with interest, meaning large-volume principal ...
Posted by Paula Henry on September 16, 2008 in Mortgage News and Info
Why The Government's Takeover Of Fannie Mae and Freddie Mac Is Lowering Mortgage Rates
When comparing two investments with equal risk, a rational person will choose the investment with a higher rate of return. This behavior is called Risk Aversion and is a basic tenet of personal investing. An off-shoot of Risk Aversion is ...
Posted by Paula Henry on September 9, 2008 in Mortgage News and Info
How Labor Day Weekend Can Impact Home Affordability
As we get closer to Labor Day, volume on Wall Street is dwindling as market players get a head start on their long weekend. Today could be a difficult day to shop for mortgage rates and that can impact home affordabilility. Expect ...
Posted by Paula Henry on September 1, 2008 in Mortgage News and Info
FHA Mandatory Loan Fees Increase For Some, Fall For Others
For the first time in its history, the FHA changed its funding fees and mortgage insurance structure this week. FHA-insured home loans are now subject to a risk-based pricing adjustment. Because of risk-based pricing, FHA home ...
Posted by Paula Henry on July 18, 2008 in Mortgage News and Info