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Here are the finest resources for
refinance home loan loans mortgage refinance
Part II: Learn About your Home Mortgage Options
Conventional Mortgages
A conventional mortgage is one that is not insured or guaranteed by the government. Conventional loans with a downpayment of less than 20% typically require private mortgage insurance (PMI), which protects the lender if the homeowner defaults on the loan. For more information about conventional loans, please check the Web sites of Fannie Mae and Freddie Mac,the two primary puchasers of conventional loans.
FHA-Insured Loans
The Federal Housing Administration (FHA), which is a part of the US Department of Housing & Urban Development (HUD), operates several low-downpayment mortgage insurance programs that buyers can use to purchase a home. FHA-insured loans generally require the buyer to make a three percent cash contribution to the downpayment and closing costs. FHA-insured loans are available from most of the same lenders who offer conventional loans.
The maximum FHA-insured loan amount for a one-family home ranges from about $172,632 to $312,895 depending on local area median home prices and other factors. Your lender can provide more details about FHA-insured mortgages and the maximum loan amount in your area, or find information on FHAs loan limits directly from HUDs Web site.
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Be sure to read Part III of this article at:
http://www.houseplancentral.com/articles.php?id=15
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About the author:
Mark Mathis is a building designer and publisher of several stock house plan websites and informational resources including http://www.HousePlanCentral.com, http://www.HousePlanGallery.com, and http://www.moneytalks-bswalks.com. Be sure to visit each site and subscribe to our eNewsletters to receive special offers, promotions, and subscriber-only features.
More Useful Resource and Updates on refinance home loan loans mortgage refinance
- One in five U.S. mortgage-holders underwater (The Globe and Mail)
NEW YORK ? Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens, a report on Friday shows.
- Expert: Don Taylor, Ph.D., CFA, CFP (Bankrate.com)
Dear Dr. Don, We bought a home in California four years ago at $450,000. Our only option at the time was a five-year adjustable-rate mortgage. I would like to refinance to a 30-year fixed-rate mortgage, but am unable to do so because we are now upside down on the loan.
- DEALTALK-GMAC mortgage lender's future in doubt (Reuters via Yahoo! Singapore News)
(For more Reuters DEALTALKS, click [DEALTALK/ ])
- Canadian Tire releases third quarter earnings - Retail sales up 7.3%; adjusted net earnings up 12.7% (CNW Group via Yahoo! Finance)
Canadian Tire Corporation, Limited released its third quarter results today. In a simultaneous news release, the Company announced the appointment of Stephen Wetmore as its next president and CEO effective the beginning of 2009.
- Rate cuts good and bad for consumers (Modesto Bee)
The Federal Reserve just cut interests rates for the sixth time this year in its efforts to restrain the credit crisis.
- Five Financial Fitness Tips (Carteret County News-Times)
(ARA) - The economy's recent rollercoaster ride may make you feel like shouting "I want to get off." But while you can no more seize control of the national economy than you can exit a rollercoaster car mid-way through the ride, it is possible to take control of your personal economic situation.
- World?s Stock Markets Record Mixed Performance (This Day)
Stock markets around the world recorded mixed performance yesterday after Barrack Obama was elected the 44th president of the United States of America, the world?s largest economy.
- What Fed rate cuts mean for average consumers (Tacoma News Tribune)
Last month, the Federal Reserve cut interests rates for the sixth time this year in its efforts to restrain the credit crisis. The move that reduced the rate to 1 percent was a shot in the arm for Wall Street, which was up 10.1 percent last week. But what have these cuts meant for the average consumer?
- What low rates mean to you (Akron Beacon Journal)
Last week, the Federal Reserve cut interests rates for the sixth time this year in its efforts to restrain the credit crisis. The move that reduced the rate to 1 percent was a plus for Wall Street, which was up 10.1 percent last week. But what have all these cuts meant for the average consumer?
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