If you're looking for a new home, you've probably heard lots of advice about down payments. About how it's okay to just have a five percent down payment - you'll still get approved. About how you should make the down payment as small as possible to avoid cash flow problems. Here are just four reasons why you should make the largest down payment possible.
Last week's economic reporting included readings on home prices, new and pending home sales, and the post-meeting statement of the Fed's Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released.
S&P Case-Shiller Home Price Indices: Home Price Growth Breaks Records for Second Cons
If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be?
Home prices continued to rise at record rates in May according to S&P Case-Shiller Home Price Indices. National home prices rose by 16.60 percent year-over-year in May as compared to 14.80 percent year-over-year price growth in April. The 10-City Home Price Index reported home prices rose 16.40 percent year-over-year and 1.90 percent month-to-month.
If you have equity in your home, you may wonder how you can access it. You don't want to sell your home, but you know you've earned a profit from it.
We have many options to secure your home's equity, one of which is the FHA cash-out refinance. Unlike the FHA streamline refinance, you don't have to be a current FHA borrower. As long as you meet the requirements below, you can use an FHA loan to cash into your home's equity.