Mortgage Programs


Federal Housing Administration, or FHA, is an agency of the Department of Housing and Urban Development, also known as HUD. The FHA insures qualified mortgages so that low-income households can have access to affordable mortgage loans.


Repaying a mortgage with another mortgage which has a lower interest rate. Homeowners typically take advantage of turning their equity into cash.


A home loan that a borrower obtains to buy property and uses the property as collateral for the loan.


Did you ever hear the phrase “He who has the gold makes the rules”?  That would be Fannie Mae which is “The Federal National Mortgage Association” and Freddie Mac “The Federal Home Loan Mortgage Corporation”.  Both of these entities are the largest purchaser of residential home mortgage loans.  All most all of the loans that are made by banks and lending institutions are sold to Fannie Mae or Freddie Mac.  Therefore, the banks and lenders follow Fannie Mae & Freddie Mac’s guidelines or ‘rules’.  Both of these entities are publicly traded companies however the government has recently stepped in to assist.  Fannie Mae and Freddie Mac buy loans from banks and then bundle’s them and sells them to investors on the secondary market (Wall Street).


The part of a home’s value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.

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