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 | Home Refinance
Remember those interactive stories where your answers alter the story and affect the ending? Well, apparently marketing at Fannie Mae is really into them. Fannie Mae has created a new interactive video where you control the outcome of the story based on your answers. It basically lets you role play through your financial situation. I played [...]
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 [...]
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 [...]
In this market it is key to work with a lender that is well informed and has your best interest at heart. Unfortunately, not every buyer is so fortunate. Today I was surprised when a person I was pre qualifying told me they were leaving their job in 3 weeks and they had no other employment [...]
As the Real Estate and financial markets continue to move up and down, mortgage rates can also be affected. Since mortgage rates are more closely tied to the bond markets, an up or down move in the stock market may not have the result in mortgage rates that one might expects. In fact, many times [...]
