Owning a home is probably the largest financial transaction most people will do in their entire lives. The unfamiliar terms & documents can prove to be a daunting undertaking for a prospective home owner.  In simple terms, a mortgage is a loan that is secured by a piece of real estate that the borrower owns…

Why You Should Get Pre-Approved Before Starting Your House Hunt Looking to buy a home? If you want your offer to be taken seriously, then you’ll want to consider getting pre-approved for a mortgage.  A letter of pre-approval (not to be confused with pre-qualification) can give you a competitive advantage over other buyers who are also…

In a unanimous vote, the central bank’s Federal Open Market Committee (FOMC) determined that the time was right to move forward with raising the rates. “In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to one-half to three-quarter percent,” said…

Corey’s Notes: This one little trick — the Rule of 72 — changed how I invest forever.  It’s easy and you can even teach it to your kids.  The faster you learn this trick the more your investments will grow. Calculating Your Return On Investment Using the Rule of 72 The number one factor on…

This quick guide explains the major ways that you can hold title and some of the typical implications. At the end of the guide is a fantastic chart that you can download that makes choosing the correct title a piece of cake.

Becoming a homeowner is a part of the American dream. Every year first time homebuyers enter into the housing market and help with our economy. They decide that they are ready for the commitment of owning a home and they no longer want to lose money every month to renting. After making the decision to…

If you’re looking to free up some of the income going toward your mortgage every month, consider the following 3 ways you can pay less for the home you already live in. With the money you’ll save, you can finally fund an IRA, set up a tax-deferred college savings plan for the kids, or simply…

If it saves you money, the short answer is yes.  However, mortgage refinance is an important financial decision, and you should make it only after fully understanding the pros and cons. You’ll need to consider the rate and fees attached to the new loan. You should also consider whether a refi will entice you into…

7 Ways to Pay Off Your Mortgage Early A mortgage is an excellent financial product to utilize while buying a home. It provides million of Americans with the opportunity of making the dream of homeownership become a reality. However, being a homeowner and having a mortgage do not need to be synonymous. In fact, 34%…

What Is Private Mortgage Insurance (PMI)? PMI stands for private mortgage insurance. It is an insurance premium that is typically required on loans that are more than 80% loan to value. Mortgage loans with less than 20% equity are considered riskier for lenders. PMI is designed to protect lenders in the event that a mortgage…

Purchasing a home is one of the biggest financial decisions anyone will make in his or her lifetimes. Paperwork, real estate agents, choosing a neighborhood—and how many bedrooms? Moreover, do I choose the home with the jacuzzi? Where do I start when trying to get a loan? Don’t worry—you are in good company. We hear…

For many, title insurance is a murky topic. Homebuyers know that they need it, although they may be uncertain as to why. In this article, we’ll clear up any confusion and explain why there are two types of title insurance. What Is Title? Title is the right to occupy and use the space of a…

The financial crisis of 2007 to 2008 has driven many Americans to make a terrible mistake; they are refusing to buy a home. Despite the risks that became all too apparent in the last decade, buying a home can still be a wise investment strategy. A reasonably-priced home; with a sound mortgage, is still one…

Buying a home, even a newly-built one, is fraught with risks. It’s quite understandable that prospective buyers would want to limit those risks as much as possible, which explains why professional home inspections, title insurance and termite inspections are standard practice. Home warranty programs would seem to be valuable risk reducers, but it can be…

Nearly everything done in the business world is through the internet. The mortgage industry is no different. Technology has made business easier than it has ever been to conduct. People have the whole world at their fingertips through their smartphone. Homebuyers can take advantage of the internet while buying a home and finding a mortgage.…

Buying a home involves hundreds of decisions, from picking a neighborhood to planning new paint colors. From the point of view of your financial health, no decision is more important than the mortgage you choose. If you are a first-time homebuyer, you might find the many mortgage-related options a little intimidating. Not to worry. We’ll…

The American entrepreneurial spirit is alive and well, as witnessed by the fact that about 30 percent of U.S. jobs are held by self-employed persons and the workers they hire. That turns out to be more than 29 million of you who are willing to take the risk of working without a corporate safety net.…

Owning a home has always been on the agenda for those keen on achieving the American dream. There’s something incredible about being the proud possessor of a home that you can call your own. Buying a house, often within the conforming loan limits set for your area, is one of the biggest investments that people…

If you’re a homeowner with an existing Veterans Affairs (VA) mortgage, you might be eligible for the VA Interest Rate Reduction Refinancing Loan (IRRRL). Also referred to as the VA Streamline Refinance, the VA IRRRL is a refinance mortgage loan that simplifies home refinancing for homeowners with existing VA mortgages. It accomplishes this by eliminating…

Whether your state follows lien theory or title theory decides one thing: who holds legal title to the property while the loan is outstanding. It is a quiet distinction most borrowers never hear about, and it shapes how your closing is documented and what happens if the loan ever goes bad. Lien theory, title theory…

When looking at reviews in any industry and on any platform, it’s important to recognize that happy customers rarely leave feedback. This skews the results presented on the site.  Think about it.  When was the last time you went to a complaint site? Did you ever write a detailed comment on a company when they…

It’s easy for me to tell you how wonderful working with Loanatik is, how we put our clients first and that our 5-star rating reflects the service we provide. But, it means so much more to hear it from other people: Our clients write STELLAR reviews! We are registered with the US Government National Mortgage Licensing…

  In order to remove the MIP from your FHA loan you must refinance your loan if you have not paid down the loan to the original 80% value and you secured your mortgage after June 3rd 2013 . If you are confident your home will have 20% equity when you complete the refinance process…

If you’re like me, you HATE pulling together piles of documents that were probably filed under stacks of kids homework from two years ago.  Just thinking about having to find all those documents gives me the heeby-jeebies.  At Loanatik, we strive to make mortgage applications as simple and easy as possible. And the CFPB’s own home-buying…

The decision to buy a new home is an exciting time in everyone’s life. Picking the best neighborhoods, best schools, most prestigious subdivisions: making your dreams come true. But before any of that, you need to answer one question: how much house can I afford? The downside to picking the best of the best of…

Want a schedule for your own loan, right now? This article explains how amortization works. If you’d rather skip ahead and see the actual numbers — payment, interest and balance, month by month — for your own loan amount, rate and term, our mortgage calculator will build that schedule for you. Build your amortization schedule…

Jurisdiction Regulatory Agency Alabama Alabama State Banking Department Alaska Alaska Department of Commerce Arizona Arizona State Banking Department Arkansas Arkansas State Bank Department California California Department of Financial Protection and Innovation Colorado Colorado State Housing and Finance Agency Connecticut Connecticut State Banking Department Delaware Delaware State Finance Department District of Columbia District of Columbia Department…

  Almost every homeowner has a mortgage on their home at one time or another.  And, since homeowners are consumers the government has to provide a framework of regulation to make sure that consumers are not taken advantage of.  First, we have to recognize all of the different ways that you can get a mortgage. …

Did you know the Federal Housing Administration (“FHA”) offers types of home loans that fit almost everyone?  There are loans for first-time home buyers, loans for seniors, loans for manufactured and mobile homes, loans for “greening” your home, loans for Native American Indians and many more.  In this article we will only give you a…