Mortgage
UNIQUE FINANCIAL CONSIDERATIONS IN PURCHASING A TOWN HOME
Thinking about buying a townhome? They are all the rage in Houston, springing up like mushrooms, especially inside Loop 610. What are the major issues you should be aware of? You will be buying into a community as well as a residence. Just as a residence needs maintenance and upkeep, so do the “common areas”…
Read MoreTexas Reverse Mortgage: What is it? Is it a Good Deal?
In 1997 Texas law was changed to allow for “reverse mortgages” for persons 62 years or older who either own their own home outright or have a very low balance. This scheme is a form of a home equity loan that allows a person to borrow against the equity in their home, and still remain…
Read MoreCOVID-19: Fannie Mae and Freddie Mac Mortgage Relief Programs
Fannie Mae: If you have a Fannie Mae mortgage and can’t make your payment due to a COVID-19-related job loss, income reduction, or illness, your mortgage servicer can help with mortgage relief options, including: A forbearance plan that lowers or suspends your mortgage payments for up to 12 months No late fees during the forbearance…
Read MoreCOVID-19: Government Backed Mortgage Payment Relief
Many people are having problems paying their home mortgage due to Covid-19 related loss of income. If your home mortgage is backed by the Fannie Mae and Freddie Mac federal loan guarantee programs, you may be eligible for some relief. Fannie Mae and Freddie Mac are U. S. government sponsored programs that purchase, sell, and…
Read MoreThe Home Mortgage Shell Game
If you have problems communicating with, getting an answer, or dealing with your mortgage company, read on.
Most people need to borrow money, that is, take out a mortgage, when buying a home. Typically, a realtor or acquaintance will recommend a loan company, you might use your bank, or you might do an internet search. When your application is approved, you will be given a sheaf of documents, 30 to 60 pages of small type is common, where you are required to initial or sign in dozens of places.
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