Mortgage borrowers can get lower rates by buying down rates with discount points. If mortgage rates are low and you do not intend on selling your home or refinancing for at least five years, you may consider buying down your rates with discount points. Is Paying Discount Points Necessary? Paying down mortgage interest rates with…
Credit scores is one of the most important factors during the qualification and pre-approval process. Credit scores determine whether a borrower qualifies for a mortgage. All mortgage programs have a minimum credit score requirement. For example, HUD, the parent of FHA, requires a 580 credit score for a 3.5% down payment home purchase FHA loan….
In this article, we will discuss and cover FHA cash-out refinance mortgage guidelines on FHA loans. Home prices have been appreciating since 2011 with no signs of correction. It seems like the real estate market is going strong. Housing demand for housing throughout the United States has been consistently strong. Alarming High Prices of Homes…