Tim Lucas (NMLS #118763 ) is an editor of MyMortgageInsider.com. He has appeared on Time.com, Realtor.com, Scotsman Guide, and more. You can connect with Tim on his website, ThisIsMortgage.com.
November 14, 2024
The average mortgage interest rates decreased week over week — 30-year fixed rates went down (6.79% to 6.78%) as did 15-year fixed rates (6.00% to 5.99%). The number of mortgage […]
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January 10, 2024
Some buyers find that they have built equity in the home a few years after buying it using an FHA mortgage. So they take out a home equity loan or […]
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January 10, 2024
Home buyers pay an upfront mortgage insurance premium when they close on an FHA loan. This upfront fee — known as UFMIP or MIP — equals 1.75 percent of the […]
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January 10, 2024
Editor’s note: Starting September 1, 2019, HUD, the administrator of FHA loans, reduced the maximum FHA cash-out refinance loan-to-value to 80%, down from 85%. What is an FHA cash-out refinance? […]
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FHA Loans · Mortgage Strategy · Refinance
January 10, 2024
FHA Streamline Refinance loans help current FHA homeowners lower the monthly payments for their existing FHA mortgages. With this refinance option, homeowners can get approved with no home appraisal and […]
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Conventional Loans · FHA Loans · Home Buying · Private Mortgage Insurance · USDA Home Loans · VA Home Loans
January 10, 2024
One of the most common misconceptions about mortgages is that you need 20% down to buy a home. Nothing could be further from the truth. The fact is that there […]
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Conventional Loans · FHA Loans · Home Buying
January 5, 2024
Here’s one thing you should know as a first-time or repeat home buyer: You don’t have to come up with a down payment by yourself. Family members can help. If […]
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Home Buying · Understanding Mortgages · USDA Home Loans
January 5, 2024
First-time home buyers can get three big benefits from a USDA loan: Buying with no money down: Usually, home buyers put at least 3% down, and a lot of buyers […]
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January 5, 2024
Mortgage closing costs range from 2-5% of a home’s purchase price. That can add up. But, many sellers are eager to pay your closing costs in order to sell their home […]
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Conventional Loans · News · Refinance
January 4, 2024
A conventional refinance is one of the most versatile loans in today’s market. Conventional refinances can convert any type of mortgage loan into a conventional loan. Simultaneously, a conventional refi […]
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