Fixed Interest Rate (FIR): All You Need To Know About It
What Is a Fixed Interest Rate (FIR)? A fixed interest rate (FIR) is a constant rate charged on liabilities, such as mortgages or home loans. It can be applied to the entire loan term or for part of the term, but it remains unchanged for a specific period. A mortgage ...
What is Veterans Affairs or VA loan?
What is a Veterans Affairs loan (VA Loan)? A Veterans Affairs loan (VA Loan) is a type of home mortgage available through the program established by the United States Division of Veterans Affairs (VA) (formerly the Veterans Administration). The VA loans assist veterans, military personnel, and their surviving spouses in ...
Understanding the FNMA Enhancements Letter
FNMA enhancements are what they sound like. FNMA enhancements are a must-discuss topic when it comes to government-backed home refinancing programs. FNMA, also known as Fannie Mae or the Federal National Mortgage Association, is a key player in the secondary mortgage market. That is to say, FNMA is not a ...
Can Students Get a Mortgage?
Can Students Get a Mortgage? It may be challenging to earn a mortgage at any stage of life. But can students get a mortgage, or does this status alone take the opportunity off the table? In fact, as a student, it would not be easy to receive approval for a ...
Home Appraisal: Everything You Need To Know About It
If you are bidding to purchase a home and the lender's home appraisal value is lower than your bid value—the lender will not approve the mortgage loan even if you are eligible. Therefore, you may need to provide additional cash to begin the home purchase process. How the Home Appraisal ...
Cosigning a Mortgage Loan: Your Ultimate Guide
Cosigning a mortgage loan can help family or friends buy a house or qualify for better loan terms. Although it may be an excellent measure to help others, you also need to understand the risks you are taking on. Even if the primary borrower never defaults on repayments—the mortgage on ...
