Question: “I’ve been hearing a lot about FHA home loans lately, and how they offer certain advantages over conventional mortgage loans. What’s the difference between them? And which is better, FHA or a conventional mortgage loan?”
I can’t answer the “better” part, because it’s a relative term. It also depends on the type of real estate [...]
Question: “We have been told that we may want to consider a second mortgage loan when buying our home, in order to avoid extra insurance fees. How does a second mortgage work, and why do people use them?”
If you were told this by a lender, I would ask them to explain it. I’m happy to [...]
Do you really need to use a real estate agent when buying home? I’ve always recommended it. It’s even more important to use an agent if you’re buying your first home, buying in a new city that’s unfamiliar to you, or a combination of these things.
What are the benefits of using a real estate agent? [...]
Is now a good time to buy a house? This is one of the most common questions we receive from first-time home buyers. Typically, we refrain from giving specific advice on this subject, because it’s up to the individual to make such life-changing decisions. Generally speaking, however, the current housing market forecast shows a lot [...]
Reader Question: “How does a lender decide what mortgage rate I’m going to get? How are these rates determined when I apply for a loan?”
The amount of interest applied to a home loan is determined by many different factors. But all of these factors fall into one of two categories — economic and personal. Here [...]
I’ve always said the best way to prevent identity theft is to exercise good old-fashioned common sense. By protecting your personal information and keeping an eye out for fraud, you can protect yourself from most threats. But I recently revised my opinion on this subject, after becoming a victim of ID theft. I’ll spare you [...]
Reader Question: “We were told by a real estate agent that we should get pre-approved for a mortgage loan. But we don’t really understand the process. How does mortgage pre-approval work?”
Your agent has given you some good advice. Getting pre-approved for a loan before you start house hunting is always a good idea, and for [...]