The Veterans Affairs (VA) loan was born in 1944 when the United States created a special program designed to help military servicemembers returning from war purchase homes. VA-approved lenders must issue the loans, which the U.S. government then backs. Veteran loans offer distinct benefits that include relaxed standards for qualification and no private mortgage insurance

A mortgage may be the most positive kind of debt to have, but it’s still debt. Even worse, it’s debt secured by the house where you and your family live. All it takes is a single hardship like a job loss, death of a spouse or an accident that results in disability, and you may

If you plan to buy a home and don’t have the cash to pay for it outright, then you need a mortgage. Lenders define mortgage as the money you borrow to pay for real estate. Whether you’re getting your first mortgage or want to refinance the loan you have, you can find specific mortgage assistance

Refinancing a mortgage is one way to manage debt. When you refinance your mortgage, you pay off the original mortgage and get a new one in its place. The new loan has different terms and rates, which should help you pay off your home sooner or lower your monthly payments. You can refinance to get

A reverse mortgage is a special type of home loan that allows you to turn a portion of your home’s equity into cash without requiring any monthly payments. Homeowners who need an additional source of income often turn to this option because it allows them to leverage the equity in their homes without having to

If you want to finance a large purchase, pay for your child’s education or simply need an influx of cash, then you may want to consider getting a second home mortgage. A second mortgage is a subordinate mortgage you take using your home as collateral. You can receive this loan while you are still making

Mortgage insurance is required of borrowers who don’t have a 20% down payment for a home. Mortgage protection insurance safeguards the lender if a borrower falls behind on mortgage payments. Insurance benefits buyers who don’t have a 20% down payment because the extra security it offers to lenders makes it easier to get a loan,

There are many terms and phrases associated with mortgages that make buying a home a confusing process. One such term is “mortgage amortization.” Simply put, mortgage amortization is the series of monthly payments that consist of your principal and interest. The amount of each payment you make that your lender applies to your principal balance

When it comes to bad credit mortgage loans, your options are limited. That doesn’t mean you can’t still qualify for a mortgage with a decent interest rate. Mortgages from the Federal Housing Authority (FHA) are among the top options for borrowers with bad credit. Because these loans are insured through the FHA loan program, they

Many mortgage lenders use the Fannie Mae mortgage underwriting system for mortgage loans. Understanding the Fannie Mae system is in the applicant’s best interests. Home shoppers can get the best deal for themselves if they have a good grip on the process and what specific financial moves to make before they apply for a home