QandAs: Loans

Mortgages

What Is The FHA?

Answer:
FHA stands for Federal Housing Administration, and it is a part of the United States Department of Housing and Urban Development. The FHA provides mortgage insurance on loans that are made by FHA-approved lenders throughout the United States and its territories.

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What is My Home’s Value?

Answer:
There are many factors to consider when determining the value of your home. The value of your home is influenced by many factors. Of course, the main factor is real estate is location, location, location – so where you live is certainly a key factor.

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What is an Adjustable-Rate Mortgage?

Answer:
All adjustable-rate mortgages feature five basic features. The initial interest rate is the interest rate of the mortgage when initially signed. The adjustment period is the length of time that the interest remains stationary in between the rate changes.

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What is HUD?

Answer:
HUD is the acronym used for the Department of Housing and Urban Development. It’s most common usage comes through HUD homes.

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What is a Second Mortgage?

Answer:
A second mortgage is an additional mortgage loan on a property. A second mortgage takes the second lien position to your primary mortgage loan. Second mortgages are used to access the equity you’ve built up in your home. Many people choose to take out a second mortgage to assist with a down payment, consolidate debt, pay off medical bills or to renovate their homes.

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