Co-Signing a Loan

Once you have signed the papers you’re every bit as responsible as the primary loan signer to make payments. To quote from the FTC’s Facts for Consumers guide “Co-signing a Loan“: “When you’re asked to co-sign, you’re being asked to take a risk that a professional lender won’t take. If the borrower met the criteria, the lender wouldn’t require a co-signer.”

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Things to Know if You’re a Veteran

If you are a military veteran or are on active duty, a VA loan may be the perfect loan for you. The Veterans Administration provides guaranteed loans, made by VA-approved lenders to eligible military members. The VA guaranty protects the lender not the borrower from loss resulting from the loan not being repaid. The VA loan programs offer many advantages to veterans and can be obtained with little or no down payment with a competitive mortgage rate. Borrowers can choose a fixed or variable rate loan. The loan can be used to purchase a home or refinance an existing loan. The process is different from conventional loans.

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Signs That it is Time to Refinance

To refinance your existing mortgage seems to be an inalienable right. Do not listen to the “experts” that will tell you once the prevailing mortgage rate falls .50 – 1% below the rate on your current mortgage you should refinance. Running off to refinance your mortgage when headlines announce mortgage rates are falling is not the best of ideas.

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Qualifying for FHA

The FHA loan program is a government loan that was designed to increase home-ownership. Its guidelines allows for lower down payments than what is referred to as a conventional loan. It can be less expensive than other types of real estate mortgage home loan programs and have credit guidelines that include more people, however it does have strict mortgage amounts and documentation rules. This is a loan program that has specific rules and requirements. Its eligibility requirements are well documented; here are the basics of what is needed to know:

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