First, let me review a little of the history of how we got here. Fannie Mae (otherwise known as the Federal National Mortgage Association) was created by an act of the United States Congress in 1938 as a government-sponsored enterprise (GSE) intended to purchase loans that had been guarante...
It wasn't until 1934 that modern mortgages came into being. TheFederal Housing Administration(FHA) played a critical role. In order to help pull the country out of the Great Depression, the FHA initiated a new type of mortgage aimed at the folks who couldn't get mortgages under the existin...
if faced with debt or significant expenses in their retirement years, don’t want to sell their homes, whether for sentimental reasons or because of the work associated with moving. But it’s good to calculate how much money you can get from selling your home and compare that...
but as dividends paid to the banks’ new beneficial owner: the government. Shareholder equity has effectively been seized just as thoroughly as was the case with Fannie Mae and Freddie Mac. In the case of those
s good to calculate how much money you can get from selling your home and compare that to how much it would cost to buy and maintain (or to rent) a new home. In the end, it may be to your financial benefit (and help your heirs later on) to move to a smaller or more easily ...
Fannie Mae said they believe this is a bad time to buy a home and cited mortgage rates as the top reason for their pessimism. “This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Fannie Mae said in a ...
And calculate your monthly income using deposit history Averaged over that time period To come up with qualifying income Instead of simply stating what you make, the lender will ask for at least 12 months of bank statements, maybe 24, to determine your income. These can be personal bank state...
Calculate Your Monthly Payment Your monthly payment for a personal loan will depend on the amount, term, and interest rate of the loan (which is highly dependent on your credit score). Use the inputs below to get a sense of what your monthly payment could end up being. ...
Luckily, you don't have to calculate the APR on your own. The lender will give it to you when it gives you the Federal Truth in Lending Disclosure; you just have to understand its importance. Here are some other things to take into account when you examine the APR: The more you borro...
If you want to calculate affordability based on your current rental payments we also offer a rental equivalent mortgage calculator.Your Income, Debt & Savings Your gross income: Spouse gross income: Monthly debt payments: Downpayment savings before closing costs: Your Home Loan Info Loan ...