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How to Use a  Mortgage Payment Calculator ? There is numerous  mortgage payment calculator  out there. Some may be specific while others are more generic! Most accurate mortgage payment calculator is the one, which gives you results based on the lender’s point of view. The intention to use a mortgage payment calculator is to anticipate your mortgage payments when you are refinancing or buying a new house. You might feel the need to do to see if your payments fit your monthly expenses. Let us understand a few tips, on how to use a Mortgage Payment Calculator to its best. Finding the right Mortgage Calculator It is imperative to know if you have the right mortgage calculator based on what you are using one for. Are you looking for  Rate and Term Refinance  (RTRF), a  Cash-out Refinance  (CORF) or a new Property Purchase, the type of calculator you might want to use for payment calculation would vary For example, if you are looking to buy a new home, the mortgage

Understanding  Fannie Mae  And  Freddie Mac What is Fannie Mae and Freddie Mac? Fannie Mae or FNMA  is a nickname for Federal National Mortgage Association. It was established in 1938. It is a Government-sponsored Enterprise (GSE). In 1968, Fannie Mae ceased to exist as a government entity and became quasi-governmental, federally charted corporation to buy mortgages other than those insured by the Federal Housing Administration, otherwise known as FHA. Freddie Mac or FHLMC  is a nickname for Federal Home Loan Mortgage Corporation. Freddie Mac is also a government-sponsored enterprise (GSE) which was brought into existence in the year 1970 by the Congress. It provides competition to Fannie Mae and provides funds availability in the secondary mortgage market. What is Fannie Mae's and Freddie Mac's Role? Fannie Mae’s purpose is to create a secondary market for the purchase and sale of mortgages.  The secondary mortgage market  is where home loans and s

https://www.compareclosing.com/blog/build-home-equity-on-your-new-home/ 4 Ways to Build  Home Equity  on Your New Home It’s out there. Buying a new home is one of the most intriguing processes. There is too much thought which goes in when looking to buy a new home. When it comes to real estate, you are looking for a comfortable place to live, at the same time, it should also be a sound investment. Below are four tips so that you can build Home equity and do not end up underwaters on your new home. Location Be strategic about where you buy your new home. Do your homework on which areas are getting good appreciation in home values. Sure, you want to buy where population and amenities are growing, but you also need to understand what’s driving the local economy? Home prices mirror income levels! So, look for communities with mixed and expanding job base, where salaries are growing. It is also possible that the home value may not appreciate as anticipated, but over a