Mortgage Refinance: A Complete Guide for Homeowners | Richmond Home Lender
What Does It Mean to Refinance a Mortgage? When you refinance your mortgage, you take out a new loan that is used to pay off your existing mortgage. You then make payments on the new loan according to its terms. Homeowners may refinance for different reasons. Some want to reduce their interest rate, while others […]
First-Time Home Buyer Guide: Loans, Down Payments & Tips
What Is a First-Time Home Buyer? A first-time homebuyer is generally someone purchasing a home for the first time. However, some programs may also consider you a first-time buyer if you have not owned a primary residence within a specified period. The exact definition can vary depending on the mortgage program or assistance program. That’s […]
Jumbo Loans: A Complete Guide for High-Value Homebuyers | Richmond Home Lender
What Is a Jumbo Loan? A Jumbo Loan is a mortgage that exceeds the conforming loan limit applicable to the property and location. Unlike conforming loans, jumbo mortgages generally cannot be purchased or guaranteed by Fannie Mae or Freddie Mac under their standard conforming guidelines. Because the loan amount is larger, the lender takes on […]
Conventional Loans: A Complete Guide for Homebuyers | Richmond Home Lender
What Is a Conventional Loan? A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Conventional mortgages are commonly used to purchase primary residences, second homes, and investment properties, although eligibility and requirements vary by loan program. Conventional loans are generally divided into two categories: conforming loans and non-conforming […]
VA Loans: A Complete Guide for Veterans and Service Members
What Is a VA Loan? A VA loan is a mortgage backed by the Department of Veterans Affairs and provided through participating private lenders, such as banks, mortgage companies, and credit unions. The VA guarantees part of the loan, which can reduce the lender’s risk and allow eligible borrowers to access favorable financing terms. The […]
FHA Loans: A Complete Guide for Homebuyers | Richmond Home Lender
What Are FHA Loans? FHA loans are government-insured mortgage loans designed to help eligible borrowers purchase or refinance a home. The FHA does not provide the mortgage directly. Instead, an approved lender provides the loan while the FHA provides mortgage insurance to the lender. One of the biggest attractions of FHA financing is its relatively […]