The first step to take to be a potential home buyer is to get pre-qualified for a loan. This step helps both you and your lender gain knowledge of how much home you can afford and you should begin this process before you even start looking for a home.

According to the Federal Housing Administration (FHA), their pre-qualification requisites include:

1. Having a steady employment history, at least two years with the same employer.
2. Consistent or increasing income over the past two years.
3. Credit report should be in good standing with less than two thirty day late payments in the past two years.
4. Any bankruptcy on record must be at least two…

The results of the Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending in March 4, 2010, down from last week when it averaged 5.05 percent is released. Last year at this time, the 30-year FRM averaged 5.15 percent.

The 15-year FRM for this week averaged 4.33 percent with an average 0.7 point, down from last week when it averaged 4.40 percent.

The 5-year Treasury-indexed fusion adjustable-rate mortgage (ARM) averaged 4.11 percent this week, with an average 0.6 point, down from last week when it averaged 4.16 percent. A year ago, the 5-year ARM averaged 5.08 percent.

The…

The phrase “one man’s loss is another man’s gain” is true to the present economic situation. Unfortunately, many people have lost jobs, been laid off, had salaries slashed and the likes. One of the major aftermaths of this current situation has been the foreclosure of a larger number of homes. Undoubtedly, this is very tragic for the individuals who have suffered this loss, but it is also a bright spot for people who are looking to purchase a home.

What is a real estate owned property? It is a property owned by some sort of lending institution such as a mortgage company or a bank that was not able to be…