When Should You Consider Getting Your Indiana Mortgage Refinanced?

Sooner or later,  many Indiana property owners will undergo the process of refinancing their home; or at least consider whether or not they should get their Indiana mortgage refinanced. They do this for a variety of reasons. Before approaching a lender about a home refinance loan,it is vital that the property owner determines if it is the right decision to refinance their house. A refinance can give help to troubled property owners (particularly individuals who took out ARMs a few years ago), but it is not the solution for everyone. Following are several great reasons to refinance: Mortgage refinancing is typically a great alternative for individuals confronting foreclosure. A number of individuals have discovered themselves on the verge of not being able to...

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What Exactly Is Mortgage Insurance?

What Exactly Is Mortgage Insurance?

The definition of mortgage insurance (also known as mortgage guarantee or PMI) is “an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.”   Many people confuse PMI with homeowner’s insurance. These are actually very different!   Homeowner’s insurance insures the property: dwelling, personal property, other structures on the property, etc.  Mortgage insurance still offers protection, but not to you or your home….it’s for the bank who made the loan on your purchase.  In essence, mortgage insurance protects the bank from loss in case you, the new borrower, fails to make your payments, and the...

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What Exactly Is A Real Estate Appraisal?

Most people know that an appraisal is part of the home buying process.  Do you actually know what the appraisal consist of?  The official definition of an appraisal is “the process of valuing real property. The value usually sought is the property’s Market Value.  Appraisals are needed because real estate transactions occur very infrequently. Not only that, but every property is different from the next, a factor that doesn’t affect assets like corporate stock.  The appraiser usually provides a written report on this value to his or her client. These reports are used as the basis for mortgage loans, for settling estates and divorces, for tax matters, and so on. Sometimes the appraisal report is used by both parties to set the sale price of...

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Options For A Low Down Payment On An Indiana Home

Many people who have reasonable, steady incomes hold off on the dream of owning a home because they are afraid they can’t come up with the down payment. Fortunately, there are still mortgage options for those with limited cash reserves. One of the biggest misconceptions in the post-housing bubble era is that you need to put 20 percent down to get a mortgage. While credit has become much tighter and no-money down loans have virtually disappeared from the mortgage market, it’s still quite possible to get a mortgage for 5 percent down or less. Here are some options for buying a home with a relatively small down payment: 1. Conventional Mortgage Technically, Fannie Mae and Freddie Mac will still allow mortgages with as little as 5 percent down. However,...

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Improving Your FICO Score May Be Easier Than You Think!

Improving Your FICO Score May Be Easier Than You Think!

If you’ve been following mortgage news at all, you’ve probably noticed plenty of news on the lower rates. Mortgage rates today are low, but did you know you get your rate even lower? You can do this by boosting your credit score. Your credit score is based on a system. Typically, with higher scores come lower mortgage rates. Government-backed loans, such as the low down-payment FHA loan and the zero-money down USDA loan, allow for below-average scores; but in order to get the best conventional mortgage rates, you’ll want to have the highest credit scores possible. MORTGAGE LENDERS USE FICO SCORING MODEL There are many credit reporting companies. However, in the mortgage world, there are three companies which matter most — Equifax,...

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Fall Home Maintenance Tips – Keeping Warm/Doors & Windows

We will be passing on a series of tips to help you transition your home and yard to the fall season. We will cover the following in a series of blog posts:   ~  Home Exterior  ~  Keeping Warm/Doors and Windows  ~   ~  Gardens  ~  Lawn Care  ~  Attic Pest Control  ~ ~  Carbon Monoxide and Smoke Detectors  ~ In our last article, we covered “Your Home’s Exterior” in our last post. Now let’s talk about how to keep warm this fall in your home.   Keeping Warm Have your wood-burning fireplace inspected, cleaned and repaired to prevent chimney fires and carbon monoxide poisoning.   Wrap water pipes that run along exterior walls with heating tape. It will save energy and prevent them from freezing.   Clean and replace...

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