Is it possible to have two mortgages? If you meet the requirements from your lender, the answer is usually yes. The purpose of the second property will likely impact whether you qualify for a second mortgage. If you’re planning on using it as a second home, you’ll… Read Full Article Share FacebookTwitterLinkedIn
Are the mortgage requirements different for an investment property, or a property I might not be personally living in? The short answer is yes. If you’re purchasing a property that won’t be your primary residence (with between one and four units), you fall into what’s called a non-owner occupied mortgage. Requirements for this type of loan are more stringent… Read Full Article Share FacebookTwitterLinkedIn
Who are Fannie Mae and Freddie Mac? The Federal National Mortgage Association is known as Fannie Mae and Freddie Mac. Created by Congress, they “provide liquidity, stability, and affordability to the mortgage market,” according to the Federal Housing Finance Agency. Fannie Mae typically buys home mortgage loans… Read Full Article Share FacebookTwitterLinkedIn
Is the mortgage process the same in every state? Generally speaking, the process is the same. There will be slight differences in fees and timing of when things occur, but otherwise, it’s pretty similar. Read Full Article Share FacebookTwitterLinkedIn
What is a mortgage? A mortgage is a loan from a financial institution or bank that helps a borrower purchase a home. In exchange for the loan, you are obligated to pay the amount of money back with interest over a predetermined period of… Read Full Article Share FacebookTwitterLinkedIn
What do I need to start the refinancing process? The process of refinancing your mortgage will be similar to when you applied for your first mortgage. First, you should obtain quotes from lenders and see what you prequalify for. Once you’ve determined that refinancing is an option you’d like… Read Full Article Share FacebookTwitterLinkedIn