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Mortgage News: Student Debt Guidelines Change

Just in time for graduation season, Fannie Mae (FNMA) has rolled out changes for those with student loan debt. Implemented as a way to bring in more home buyers, the new guidelines include a new student loan cash-out refinance program as well as new requirements for how lenders calculate borrower’s monthly student debt obligations. Here are the three new changes that have already taken place…

New Change: Student Loan Cash-out Refinance

The cash-out refinance has long been available to home owners with debt. In a cash-out refinance, a home owner refinances their home for a greater amount than the existing mortgage amount as a way to access their home's equity. A cash-out refinance is mainly used to pay debts such as existing mortgages, home improvement costs, and consumer credit; many home owners even use it to obtain cash which may be used for any purpose. The downside to a cash-out refinancing transaction is that it normally comes with a slightly higher rate than a standard refinance. After these new changes, this may not be the case if you use the cash-out for school loans only.

The Student Loan Cash-Out Refinance is a student loan-specific cash-out option for home owners to pay off ...

What Are Mortgage Fees?

Jun 2
Category | General

What Are Mortgage Fees?


Mortgage fees—also referred to as Closing Costs—are the total costs all the expenses involved with attaining your mortgage. You can get a good idea of what your mortgage fees will be from the estimate that the Lender gives you. When you close the loan, you will receive a closing statement that will tell you the exact amount of the costs that you will have to pay at closing.

Here is a list of common mortgage fees and what they mean. Some of them are recurring (meaning that there is more than one payment on that expense) and others are non-recurring. Every loan, Lender, and location is different, so not all of these fees will apply to your loan.

Common Mortgage Fees and What They Mean 

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Which Mortgage Has the Lowest Down Payment?

Down payments are a large part of the home buying process and one of the biggest road blocks to home ownership. It is a common misconception that purchasing a home will require 20% down. This is simply not true and there are many loan programs available that allow just 3.5% to even 0% down payment for those who qualify. In many cases, the down payment can even come to you as a gift from a family member or a loved one.

Although putting 20% down may result in a more favorable monthly mortgage payment, most borrowers who are looking to purchase a home do not have the $70,000 or even $120,000 set aside for a down payment. It is important to work with an excellent loan officer and mortgage company who has access to loan products with various down payment options.

Below, we will discuss these low down payment home loans and who may have access to them.

Loan Options with Zero Down Payment

Success Story: Moving from Renter to Homeowner

The Problem: How to Move from Renting to Owning

Residential Wholesale Mortgage, Inc. hosts several home buying workshops per year where we turn our attendees into savvy home buyers. One of our clients recently learned how to navigate the home buying process with the help of our mortgage professionals at a recent VA home buying class (a home buying course specifically designed for prospective home buyers involved with the Armed Forces).

Our client—unsure about whether or not she and her husband would qualify for a loan—came to the workshop to get her questions answered. Even though she was apprehensive about home buying, her living situation was just not cutting it and her lease was nearing its expiration. She decided to explore her options.

The First Step: Home Buying Education

At the VA home buying workshop, our client ...

Learning About Home Loans: Which Is the Proper Choice?

When choosing a home loan, you have many options available to you. How do you know which one to choose? The short answer is that it depends on each individual’s circumstances because each option is designed to serve a specific purpose. Also, some of these home loan options may have less strict qualification guidelines.

The home loan options and details discussed in this article will help you understand some of the most common options available to borrowers. Researching which option works best for you is a great idea, and we are always available to help. Read below for a run down on Fixed-Rate Mortgages, Adjustable-Rate Mortgages (ARM), FHA Loans, VA Loans, and Jumbo Loans.  

Fixed-Rate Mortgages

We will get started with the classic loan option: the fixed-rate mortgage. It is fairly straight-forward: the rate does ...

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