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Showing posts from May, 2014
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Top Tips For First-Time Home BuyersThe challenge of buying a home for the first time can seem so daunting that it's tempting to either just go with the first house that falls in your price range or continue to rent. To help you demystify the process and get the most out of the purchase, we'll examine what you'll need to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.


Considerations Before You Buy
The first thing you'll need to determine is what your long-term goals are and then how home ownership fits in with those plans. It could be that you're simply looking to transform all those "wasted" rent payments into mortgage payments that actually give you something tangible. Others see home ownership as a sign of their independence and enjoy the idea of being their own landlord. Narrowing down your big-picture homeownership goals will point you in the right d…
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Obama's New Home Loan Refinancing Plan ExplainedOver the past two years, President Barack Obama has made refinancing the centerpiece of his policy response to the housing bust. Tuesday’s State of the Union address could touch on refinancing, but isn’t likely to go into specifics. Here’s a more detailed look at what the administration has done, and what it’s likely to push for in the coming year: Home Affordable Refinance Program Who is eligible: Homeowners with loans that were backed by Fannie Mae and Freddie Mac before June 2009 can refinance as long as they are current on their mortgage payments. Initially, HARP was limited to borrowers who owed between 80% and 105% of their home’s current value. It was expanded in 2009 to borrowers that owed 125% of their home value, but it had disappointing results. In late 2011, after much prodding from the Obama administration and the Federal Reserve, the companies and their regulator, the Federal Housing Finance Agency, revamped the program. Th…
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5 weekend projects to improve your home's value
With the holiday weekend looming over us, many Americans will be enjoying cookouts, trips to the beach, and all the excitement playoffs bring. For those homeowners who aren't dictated by plans, perhaps this weekend is a nice opportunity to tackle some of those home repairs we've been putting off for a while. While you might be thinking about the time and expenses required to dedicated to such a task, the reality is that there are plenty of inexepensive options available that will make an immediate impression not just visually, but fiscally as well. Here is a list of ten simple and easy projects that won't break the bank, and still leave you time to enjoy the time off from work and responsibilities:
1. The de-clutter weekend
De-cluttering should be the first job homeowners cross off their list before starting any other project, agents and real-estate investors say. Get a friend, colleague or casual acquaintance (who won't…
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Questions to Ask Before Choosing a Home Mortgage Term

A lot of decisions go into getting a mortgage loan. For example, you have to choose between a fixed rate or an adjustable rate. Additionally, there are various mortgage loan programs available to you, such as conventional loan, an FHA loan or a VA loan.
These aren’t even  the only decisions to wonder. Mortgage lenders offer multiple home loans, including 30-year, 20-year and 15-year terms. Longer terms result in lower monthly payments, yet you’ll pay more interest over the life of the loan. Shorter terms, on the other hand, increase your mortgage payment, yet allow you to pay off the loan sooner.
Choosing the right mortgage term can be a difficult decision. However, if you ask yourself these four questions, you’re in a better position to make the right decision.
1. How much can I afford to spend each month? Closely evaluate your budget to determine how much you can comfortably spend on your mortgage payment each month. Additionally, spe…
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What Is the VA Streamline Refinance: IRRRL?
The VA loan program offers veterans, active military and other specific groups the opportunity to purchase a home with 100% financing. However, the program does not end there, but continues to provide benefits to homeowners, one of which is the VA Streamline Refinance program, or IRRRL. IRRRL stands for the Interest Rate Reduction Refinance Loan and is the VA program’s most commonly used refinance product. It is also known as a VA to VA loan because it is only available for those who already have an existing VA loan and is used to refinance the current mortgage to a lower rate, shorter term or adjustable to fixed rate. Just like the original VA loan, the IRRRL is designed to make it easier for VA mortgage holders to save money.
Requirements For Obtaining the VA IRRRL - The current loan must be a VA loan. - The mortgage must not have more than one 30 day late payment within the past year. - The borrower cannot receive any cash out from the refinanc…
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Can HARP 2.0 Help You?
Established in March 2009, HARP, which stands for Home Affordable Refinance Program was part of the Obama Administration’s response to disturbing statistics showing that as the economy dove, as many as 5 million American homeowners were underwater (or nearly so) with their mortgages. HARP, part of the HAFA (Home Affordable Foreclosure Alternatives) effort, sought then-- and still seeks-- to help homeowners keep their homes. HARP 1.0 The original version of HARP wasn’t very helpful, mainly because the only people eligible for the program held mortgages with a loan-to-value ratio between 80% and 105%. Unfortunately, the majority of homeowners living in the hardest-hit portions of the country couldn’t qualify for that ratio; anyone who reads the news is aware that as the economy worsened, many American real estate markets lost 50% or more of their value. As a result, records show that fewer than 900,000 people used HARP to avoid foreclosure from 2009 to 2011, at which…
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Popular Mortgage Terms Explained 
You’re considering buying or selling a home in the near future and are wondering how you can get prepared. Maybe you’ve even done some research online or started interviewing real estate agents and lenders. Soon you will realize that the world of lending, home buying and selling comes loaded with lots and lots of buzzwords. There’s just no way to avoid it. So to get yourself fully versed in all things real estate, you’ll want to get quite familiar with this list of top buzzwords:
1)      Adjustable rate mortgage (ARM) and fixed rate mortgage– when applying for a loan, you’ll learn more about adjustable rate mortgages (ARM) and fixed rate mortgages. An ARM is a loan that has a set interest rate for a predetermined amount of time, and then adjusts on a regular schedule. A fixed rate loan is one where the interest rate remains fixed for the entirety of the loan.

2)      Escrow if a third party holds property, cash, and the property title until all condit…
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Considering a Streamline Refinance
Anyone who has ever been through the refinance process knows that the paperwork involved can be exhausting. At some point you’ll probably wonder if it’s worth all the trouble to save money. Why so much paperwork? Naturally, the bank wants to cover its own tracks legally, so everything must be put in writing. As a result, a closing for a refinance can seem to induce the same writer’s cramp the homeowner experienced when they closed the mortgage the first time. Fortunately, for homeowners interested in refinancing, the prospect of signing on the dotted line dozens of times doesn’t have to be a deterrent. Streamline refinancing can provide a more direct route to refinancing a home.

What is Streamline Refinancing? Making life easier for both lenders and borrowers, both FHA and the VA have put a program in place to speed up the process. Each program has its own requirements and stipulations, but in general, streamlining is designed to make the process of ref…
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Some people want to know how to calculate mortgage payments. You don’t really need to do the work, but if you’re curious you can certainly do so. To calculate mortgage payments, you need to know a few details about the loan. Let’s go through the steps and tools you can use to calculate mortgage payments. Why Calculate Mortgage Payments? By going through the process, you get an idea of how much you pay in principal and interest each month. Calculating mortgage payments lets you look "under the hood" and see how your loan really works. When you calculate mortgage payments, you’ll see how your loan amortizes. Amortization is the process of paying down a loan. Fixed-Rate Mortgage Calculator Here at Majestic Home Loan, our fixed-rate mortgage calculator is fairly simple to understand. You only need to plug in three numbers to make it work. You'll use the beginning balance of your loan, your interest rate and the term of your loan in years. Simply type in these numbers and press c…
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MHL is your direct wholesale mortgage lender with the most competitive rates online. There are many advantages to choosing Majestic Home Loan for your mortgage goals. Here are but a few:
Direct LenderIn-House UnderwritersProfessional Mortgage TeamQuick & Easy Instant Online ApprovalConventional 30 year fixed, FHA Streamline Refinance, VA IRRRL and more... Contact us today and let us help you find the lowest rates. 1-877-546-2145 You can also speak with someone using the LiveChat feature located in the lower-right corner of your screen Please click here to visit http://www.mhlmtg.com/getquote
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As the U.S. housing market recovers from last decade's downturn, today's home buyers aren't always flush with cash. For buyers with few funds for downpayment, loans via the Federal Housing Administration are a popular option. The FHA allows mortgage loans with as little as 3.5% down. About The FHA Mortgage The Federal Housing Administration (FHA) was established in 1934, which, in U.S. history, was a period of "heavy renting". The country was emerging from The Great Depression. Just 4 in 10 households owned their homes. At the time, the mortgage terms offered by lenders were a burden to many borrowers. To get a loan meant to make a 50% downpayment; to agree to a loan term of 5 years or fewer; and, to make a large "balloon" payment to the bank after the mortgage's first few years. Few U.S. consumers could meet the terms of a 1930s mortgage. Meanwhile, the government wished to increase the rates of homeownership nationwide. With more homeowners, the …
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Which mortgage option is best for you?
·Do you plan to stay in your home for many years?
·Do you prefer a consistent mortgage payment for financial planning needs?
·Does your peace of mind depend on a payment that never changes?
If you answered “yes” to any of these questions, a 30-year fixed-rate mortgage might be right for you!Since your rate will not change over the life of your loan, your principal and interest payment will never increase.
Fixed-rate mortgages are a good choice if you:
Think interest rates could rise in the next few years and want to keep the current ratePlan to stay in your home for many yearsPrefer the stability of a fixed principal/interest payment to a payment that changes periodically (which is what happens with an ARM, or adjustable rate mortgage)
The 30-year fixed-rate mortgage is one of the most popular mortgage products available today. Many people prefer the fixed interest rate and stable monthly payment over the risks associated with adjust…