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The Federal Housing Administration (FHA) has decided to withdraw the tough new rules that were going to take effect from July 1st, 2012. If the new rules have had come into effect, then it would have affected a huge number of borrowers who had one or more collection accounts or disputed bill accounts mentioned in their credit files wherein the aggregate amounts were $1,000 or greater. Experts opine that if the new rules would have gone into effect, and then 1 out of every 3 FHA loan applicants would have faced difficulty in getting a loan approval.

When you are purchasing a home with the help of a mortgage loan, one important thing is to get to know how much mortgage you can afford. This is very vital, because in case you overbuy, you find it difficult to repay the mortgage loan. Your affordability to purchase a home depends upon various factors such as your income, your monthly expenses, property taxes etc.

The world of stock investing is very alluring and challenging too. Stock markets offer plenty of opportunities to amass wealth; as well the risks of losing money are also galore here. Despite the risks associated with stock investing, it has been proved that returns generated from stock investing over the long run outweigh returns generated from all other forms of investing.

The attraction of the government-backed FHA loans is increasing at a very rapid rate. This has been particularly so after the introduction of stringent restrictions to avail mortgage loans. The FHA loans have been in the operation since 1934. Since then, it has been catering to the homeownership requirements of the people in the country. FHA loans have been more popular because of the comparatively easy terms and conditions associated with these loans.

Mortgage loans are usually taken out to purchase a home. The loan proceeds can be used for a variety of other purposes too. Since a mortgage loan uses property as collateral, the mortgage loan proceeds should be used very judiciously. Here we discuss about some of the ways that a mortgage loan should be utilized other than purchasing a home.

Debt consolidation

Taking out a home mortgage loan is very common in the country. This is usually taken out to own a house. Anyway, a few steps are involved in the mortgage loan approval process.  Here we briefly discuss about these steps.

Get ready with documents

Usually, lenders do not offer loans without documents. So, before applying for a mortgage loan, you need to ensure that you have all the relevant documents ready with you.

Do the paperwork

In a recent update, the Democrats of California who mainly control the state's legislature, have come up with a new plan which will provide the homeowners to get more power against their lenders.

According to the draft of the new legislation, the following things in favor of the borrowers will be given importance:

Refinance had gained immense popularity in the recent times due to the continuous drop of mortgage interest rates. But is qualifying for low rates the only advantage of refinance? Not really. There are various other advantages or gains of mortgage refinance. Let's take a look:

For dealing with real estate matters, quite often you need to hire a real estate agent. Choosing a right type of real estate agent is very important in the mortgage process. You need to look for a real estate agent who possesses honesty, integrity and who is experienced with the types of services that you actually require. The real estate agent should have well connection with professionals in the real estate and related fields and should be in a full-time business of real estate.

While taking out a home mortgage loan, you need to plan well in advance. Proper and advance planning will help you get the best deal. Here we briefly discuss about some factors that you need to look into before applying for a home mortgage loan.

Affordability