FHA NEWS As of April 18th, 2011 FHA will once again be INCREASING their monthly mortgage insurance premiums. What this will look like in $ Example: $400,000 loan, less than 5% down, 30 year loan Current monthly Mortgage Insurance: $300 New April 18th monthly Mortgage Insurance : $366.67 That is over a 20% increase! That [...]
Category | Fixed Rate Mortgage
Why certain properties require a 2nd approval by the sellers preferred lender: 1) If it is a bank foreclosure asking you to qualify through their bank, They are requiring this because: A) They want one of their people to check you out to make sure you are really qualified. Sadly, a large percentage of pre qualification [...]
It was recently brought to my attention that I was “conservative.” I have been conservative for the better part of my life. I am proud to be conservative. I am intrigued by those who are free spirited and do not worry about the future but I have always been a gal with a plan. I know [...]
If your home loan is owned by Fannie Mae or Freddie Mac there are special refinances available. Commonly know as HARP, these loans can be 100% of what you owe and you can get a great rate with nomortgage insurance. Many people assme that since they get a bill from say Bank of America or [...]
How to take advantage of Toady’s great rates when you have less than 20% equity in your home without paying mortgage insurance. Part One Many people feel that if they have less then 20% equity in their home they cannot refinance without paying mortgage insurance thus defeating any savings from refinancing. They are often told [...]
1) Rates are at historic lows. Borrowers with as little as 3.5% down are getting rates in the very low 4′s on 30 year fixed loans! 2) Foreclosure land. For those of us who already own homes the heap of foreclosures is a real drag but for buyers this is the ultimate market. Prices are [...]
In the past few weeks we have seen one bank after another raise their minimum credit score on FHA to 640. Two weeks ago we had 7 main lenders that would allow 620 credit scores. Today = zero Why are lenders tighten up while the economy is recovering (as per some media reports)? Welcome to [...]
As we open in September it is looking to be a great month for extremely low rates. We have hit a new low. Yes rates have been low but now they are even lower. We are quoting in the LOW 4′s for 30 year fixed loans and the high 3′s for 15 year fixed loans. [...]
If you are purchasing or refinancing a home with a loan (not FHA) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS. As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before funding. If anything changes on your credit your loan that you already have signed loan documents on could [...]
