A conventional loan is any mortgage loan not issued or guaranteed by the FHA, VA, or USDA. Most conventional loans are backed by Fannie Mae or Freddie Mac. These government-sponsored enterprises guarantee the loans against default, which indirectly lowers borrowers’ costs.
You can’t buy a house or refinance your current mortgage without locking in your interest rate and finalizing your expected principal and interest payment. But when exactly should you do that? Learn when it makes sense to lock your mortgage rate and your options for doing so.
The loan-to-value or LTV ratio is one of the most important metrics lenders use to evaluate loan applications. A higher LTV means more risk for lenders, so loans with lower down payments tend to have higher interest rates. Learn more about LTVs and what they mean for you.
There are many reasons to refinance your rental property, such as lowering your rate, changing your term, or converting an adjustable rate into a fixed rate. Learn how the process works and how to make sure it’s the best choice for your situation.
Before most home sales, the lender will require a home appraisal to determine the market value of the property. The better you understand the process, the less likely you are to get thrown off by a nasty surprise. Learn about home appraisals, the process, and tips for both buyers and sellers.