The Truth About Mortgage Blog

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A warm and friendly (and most importantly objective) place to learn about mortgages, ideally before you make contact with a bank or lender. The more you know, the better you’ll feel, and hopefully all that hard work will help you snag a lower mortgage rate too! So what are you waiting for? Let's go! See all mortgage help topics to get started.

Latest Posts

MassHousing Launches Zero Down Mortgage

MassHousing Launches Zero Down Mortgage
March 19, 2018 No Comments »

There is yet another zero down mortgage option available to prospective home buyers, the latest being offered by The Massachusetts Housing Finance Agency (MassHousing). The quasi-public agency already offers 30-year fixed-rate mortgages up to 97% loan-to-value (LTV), but launched its ... Read More »

What Does It Mean to Be House Poor?

What Does It Mean to Be House Poor?
March 14, 2018 No Comments »

If you’re an existing homeowner or an aspiring one, you may have heard the phrase “house poor,” typically uttered by an overextended borrower. It may also serve as a warning to a first-time home buyer. First, let’s define what it ... Read More »

What Is a Letter of Explanation?

What Is a Letter of Explanation?
March 12, 2018 No Comments »

Mortgage Q&A series: “What is a letter of explanation?” If you’re currently going through the joyful process of obtaining a home loan, you may have been asked to furnish a “letter of explanation” or LOE to provide a little more ... Read More »

Amazon Mortgage Might Be a Thing Soon

Amazon Mortgage Might Be a Thing Soon
March 9, 2018 No Comments »

There have been a lot of so-called mortgage disruptors entering the space of late, but this might be the biggest yet. Could Amazon Mortgage be in the works? One recent clue says yes. Earlier this week, HousingWire noted that Amazon ... Read More »

More than Half of Consumers Switch Mortgage Companies

More than Half of Consumers Switch Mortgage Companies
March 7, 2018 No Comments »

Loyalty? Not in the mortgage business. A new survey from HSBC revealed that 52% of U.S. homeowners “switched providers” (sorry, they’re British) when obtaining subsequent mortgages. This was mainly driven (53%) by the desire to get a better deal, aka ... Read More »

Ideal Credit Union Is Offering a Zero Down Mortgage with a Catch

Ideal Credit Union Is Offering a Zero Down Mortgage with a Catch
March 5, 2018 No Comments »

Ideal Credit Union, which has six locations scattered across Minnesota, is the latest mortgage company to offer a no down payment mortgage. But theirs is a little different than the rest. Instead of pitching the portfolio loan product to those ... Read More »

What Is a Gift Letter for a Mortgage?

What Is a Gift Letter for a Mortgage?
March 5, 2018 No Comments »

Mortgage Q&A: “What is a gift letter?” A reader recently inquired about mortgage gift letters, so instead of simply answering their question, I figured I’d write an entire post on the subject to help others better understand this topic. If ... Read More »

2017 Was the Best Year for Home Purchase Mortgages Since the Market Peak

2017 Was the Best Year for Home Purchase Mortgages Since the Market Peak
March 1, 2018 No Comments »

It turns out 2017 was a banner year for mortgages, just not all of them. A total of $1.148 trillion in home purchase mortgages were funded last year, the highest total since 2006, per new data from Inside Mortgage Finance. ... Read More »

HUD Homes: Buy a Foreclosed Home for a Potential Discount

HUD Homes: Buy a Foreclosed Home for a Potential Discount
February 27, 2018 No Comments »

With the red hot real estate market showing no signs of letting up, prospective home buyers need to get increasingly creative in order to land their dream home, or any home for that matter. The fact of the matter is ... Read More »

There Are Still Nearly 90,000 Borrowers Who Could Benefit from a HARP Refinance

There Are Still Nearly 90,000 Borrowers Who Could Benefit from a HARP Refinance
February 19, 2018 No Comments »

Before mortgage rates began their recent upward trajectory to start off 2018, quite a few mortgage refinances squeaked through the door. Some 446,295 refinances were completed by Fannie Mae and Freddie Mac in the fourth quarter of 2017, up considerably ... Read More »