home buyers: How Is My Monthly Mortgage Payment Calculated?
- 07/19/10 07:41 AM
Learn how monthly mortgage amortization works How mortgage payments are calculated is a mystery for most home buyers and even for many Realtors and loan officers. The reason it is a mystery is because the formula to calculate the monthly payment for an amortizing mortgage is the following: To calculate the fixed monthly payment (P) required to fully amortize a loan of M dollars over a term of n months at a monthly interest rate of i. (e.g. If your mortgage rate 6%, i is .06/12 or .005). P = M[i(1 + i)n]/[(1 + i)n - 1] Most people's eyes start … (1 comments)
home buyers: Buying a Home on the Internet
- 06/03/10 08:01 AM
Find Out What Can & Cannot Be Done To Purchase A Home Online Today Home buyers of today can use the Internet in several ways to get the best home at the best deal possible. Not only are current listings of homes for sale available for viewing, but several web sites offer historical prices of the property you are buying along with the sales prices of neighboring homes. Save time searching for homes In the past, Realtors controlled all home listing data so home buyers could only access that data through their Realtor. This created two problems. First, home buyers were … (0 comments)
home buyers: Go Green with FHA Mortgage Programs: The Energy Efficient Mortgage
- 06/02/10 02:38 AM
Learn how home buyers can include energy efficient improvements in their mortgage FHA offers a special mortgage program to help borrowers finance energy improvements when they are buying or refinancing a home. Called the Energy Efficient Mortgage (EEM), the two benefits for borrowers are the ability to qualify for a higher loan amount and savings on energy bills. How can an Energy Efficient Mortgage help me qualify for a larger mortgage amount? Borrowers can use the FHA mortgage program in combination with an EEM to get a loan that is higher than what is normally allowed. For example, a home … (2 comments)
home buyers: How To Buy HUD Foreclosure Homes
- 06/01/10 04:06 AM
Learn how to search for, qualify for and purchase HUD foreclosure homes Many home buyers can get a great deal by buying a foreclosed home from the U.S. Department of Housing and Urban Development (HUD). HUD takes back homes that have been foreclosed on from the FHA mortgage loan program. If you are looking to buy your first home and you are interested in buying a HUD home, understanding the process can get you a great deal. Foreclosure Listings: Where do you find HUD Foreclosure Homes for Sale? Most HUD homes are listed for sale and are not sold at auction … (0 comments)
home buyers: Who Will Be At My Real Estate Closing?
- 06/01/10 03:57 AM
Answer these basic questions to find out if you are really ready to become a home After finding a home, getting a mortgage and getting ready to move, many first time home buyers show up at a real estate closing to complete the purchase of their home and may see a lot of people at their closing. Knowing who should be and could be at your closing and why can help reduce the stress of your real estate closing. The most important two people who need to be at a real estate closing are the home buyer and the home seller. … (1 comments)
home buyers: How To Buy HUD Foreclosure Homes
- 05/28/10 04:33 AM
Learn how to search for, qualify for and purchase HUD foreclosure homes. Many home buyers can get a great deal by buying a foreclosed home from the U.S. Department of Housing and Urban Development (HUD). HUD takes back homes that have been foreclosed on from the FHA mortgage loan program. If you are looking to buy your first home and you are interested in buying a HUD home, understanding the process can get you a great deal. Foreclosure Listings: Where do you find HUD Foreclosure Homes for Sale? Most HUD homes are listed for sale and are not sold at auction … (0 comments)
home buyers: Home Loans for Single Women
- 05/27/10 09:45 AM
Learn how more and more single women are able to buy homes Home buying by single women has skyrocketed over the past ten years. Single women are responsible for more than one third of the growth in real estate ownership since 1994, and more than 20% of all home buyers today are single woman. That is twice as many single women as single men buying homes. Why are single women buying homes more than single men these days? While there is no single overriding factor, the increased success of women in the work force has opened up opportunities for women to … (1 comments)
home buyers: Assembling Your Home Buying Team
- 05/27/10 07:23 AM
Find out how to put together the team you need to help you buy your home Home buyers need to assemble their home buying team before they start making offers on houses. Once you start bidding on a property, events move quickly and you may not have time to select who you need if other bidders also want the same home. Home buyers need five key people on their home buying team, and in many cases these professionals work with a team to insure you get the best service. These team members are: Realtor - Select a Realtor who you feel … (1 comments)
home buyers: What is an Assumable Mortgage?
- 05/24/10 07:51 AM
Learn how to assume an assumable mortgage and find out if it's the right move for you. One of the benefits of mortgages from either the Federal Housing Administration (FHA) or Veterans Administration (VA) is that both types of loans are assumable. If you are interested in a home with an assumable mortgage, you will still have to qualify for the loan but you may save on your interest rate and closing costs. In the past, home buyers did not even have to qualify to assume an FHA or VA mortgage. All they had to do was fill out a form … (1 comments)
Learn how monthly mortgage amortization works How mortgage payments are calculated is a mystery for most home buyers and even for many Realtors and loan officers. The reason it is a mystery is because the formula to calculate the monthly payment for an amortizing mortgage is the following:
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