Conventional Mortgage - MoneyTips

What Is a Fannie Mae HomePath® Property: Is It Right for You?

Matthew Jones — Fri, 09 Dec 2022 14:10:38 +0000

The Fannie Mae HomePath® program is a great way to buy a home at a more affordable price than you might find on the open market. Getting a mortgage through HomePath® could save you thousands of dollars on your down payment and closing costs. In this guide, you’ll learn everything you need to know about...

The post What Is a Fannie Mae HomePath® Property: Is It Right for You? appeared first on MoneyTips.

What Is a 15-Year Fixed Mortgage?

Adaeze Nwakaeze — Fri, 18 Nov 2022 19:57:00 +0000

Mortgages come in a variety of proverbial flavors. There are short-term mortgages, long-term mortgages, mortgages with variable rates and mortgages with fixed rates. The varieties are endless – and as anyone who has spent time in an ice cream shop knows – it can be challenging to decide on the flavor you want. If you’re...

The post What Is a 15-Year Fixed Mortgage? appeared first on MoneyTips.

15-Year vs. 30-Year Mortgage: How To Choose

Jonathan Pressman — Fri, 18 Nov 2022 15:38:37 +0000

Buying a home comes with a lot of decisions, from the property you choose to the type of mortgage. You also have choices about the length of the loan. While most loan terms are 30 years in length, 15-year mortgages are also available and offer some advantages for homeowners. To help you make the best...

The post 15-Year vs. 30-Year Mortgage: How To Choose appeared first on MoneyTips.

Second Mortgage vs. Home Equity Loan

Andrew Paniello — Thu, 21 Jul 2022 15:17:08 +0000

One of the primary reasons people strive to become homeowners is so they can increase their personal wealth over time. Rather than hand over rent to a landlord every month, homeownership helps ensure that at least a portion of your monthly mortgage payment is returned to you as equity. Watching your equity grow over time...

The post Second Mortgage vs. Home Equity Loan appeared first on MoneyTips.

A Complete Guide to Short-Term Mortgages

Josh Richner — Wed, 06 Jul 2022 14:51:47 +0000

When you’re shopping for a mortgage, you’ll quickly discover that the 30-year fixed-rate mortgage is the go-to for most home buyers. But maybe you’re not interested in a long-term commitment with a mortgage. A short-term mortgage is a home loan with a shorter repayment period than a traditional 30-year mortgage. These loans are typically used...

The post A Complete Guide to Short-Term Mortgages appeared first on MoneyTips.

What Is a Joint Mortgage? Everything You Need to Know

Josh Richner — Thu, 09 Jun 2022 17:28:32 +0000

Are you considering buying a home with someone else? If so, you’re going to want to know about joint mortgages. A joint mortgage is when two or more people borrow money from a lender to purchase a home. This article will explain everything you need to know about joint mortgages. We’ll cover how they work,...

The post What Is a Joint Mortgage? Everything You Need to Know appeared first on MoneyTips.

What Is a Portfolio Loan and How Does It Work?

MoneyTips Writer — Thu, 26 May 2022 15:50:29 +0000

If you’re a potential home buyer, chances are you’re interested in getting a mortgage. And chances are the mortgage you’ll get is a “conventional” mortgage – one that conforms to the standards set by Freddie Mac and Fannie Mae. But if you wouldn’t call your financial situation “conventional,” you might be looking for other mortgage...

The post What Is a Portfolio Loan and How Does It Work? appeared first on MoneyTips.

What are the Different Types of Renovation Mortgage Loans?

Rachel Rose — Thu, 12 May 2022 15:35:59 +0000

When you can’t afford a home in the neighborhood of your dreams, a fixer-upper can give you the chance to renovate a home anywhere and turn it into the house of your dreams. And because fixer-uppers likely need repairs, they’re usually easier on the wallet. Yes, it all sounds perfect until you realize how much...

The post What are the Different Types of Renovation Mortgage Loans? appeared first on MoneyTips.

What Is a Graduated Payment Mortgage (GPM)?

MoneyTips Writer — Wed, 13 Apr 2022 21:05:44 +0000

Even if it’s not your first time buying a home, it may be hard to meet the income requirements to cover your mortgage payment. Lucky for you, you don’t necessarily have to commit to those big payments right away if you can get a graduated payment mortgage (GPM). A GPM is a loan where payments...

The post What Is a Graduated Payment Mortgage (GPM)? appeared first on MoneyTips.

10-Year Fixed Mortgages over 30-Year: Which Is Better?

MoneyTips Writer — Thu, 31 Mar 2022 16:14:48 +0000

Whether you’re looking to take the leap into buying your first home or looking to upsize from your current property, you’ll probably need a mortgage to purchase the home. There are lots of different variables to consider as you apply for a mortgage. Your income, debts, savings and career plans should all factor into the decision....

The post 10-Year Fixed Mortgages over 30-Year: Which Is Better? appeared first on MoneyTips.

A Simple Timeline of the Home Buying Process

MoneyTips Writer — Fri, 25 Mar 2022 16:39:06 +0000

Does it ever feel like everyone knows how to buy a house – except you? Well, looks can be deceiving. And, fortunately for you, home buying follows a standard set of steps to help you on your home buying journey. And your good fortune doesn’t end there. We’ll outline the basics of the home buying...

The post A Simple Timeline of the Home Buying Process appeared first on MoneyTips.

CEMA Mortgage: What You Should Know

MoneyTips Writer — Mon, 21 Mar 2022 20:42:27 +0000

For most homeowners and home buyers, CEMA may look like another acronym floating around in the alphabet soup that is real estate lingo. If you’re not a New Yorker, you may have never heard of CEMA because it’s only available to New York homeowners and home buyers. If you are a New Yorker, whether you’ve...

The post CEMA Mortgage: What You Should Know appeared first on MoneyTips.