22 DecAdam & Emily’s Home Purchase Experience
We would like to share with you a story of one of our customers and their recent home purchase… On Saturday, October 29th we received a phone call on our cell phone from one of the best real estate agents around, Patrick Clowes. Patrick was calling about a customer of his who was interested in submitting [...]
Read More ...22 NovFive Hurdles to Mortgage Qualifying
Everyone has heard of the tightening of the credit market but what does that really mean to you? What does that really mean to you as a home buyer? Over approximately the past six years we have gone from a race around a track to get a loan approved to a hurdle race. Let me [...]
Read More ...30 SepFHA UFMIP Change October 4, 2010
On August 5, 2010 we told you about the possible change to FHA mortgage insurance. We then updated you on August 11 that the effective date would be October 4 (that’s Monday!). The Changes FHA up-front mortgage insurance (UFMIP) will drop from 2.25% to 1%. FHA monthly mortgage insurance will increase from .55% to .9%. [...]
Read More ...12 AugWhen is Mortgage Insurance Required?
jscreationzs/freedigitialphotos.net When is Mortgage Insurance Required? The three main mortgage types include Conventional, FHA and VA. Each have their own types of mortgage insurance each with a different name but all do the same thing – protect the lender for a portion of the mortgage in the case you default (foreclose). Conventional Conventional loans normally [...]
Read More ...08 FebDown Payment or Invest?
If you could pay for a home with cash without getting mortgage financing, would you? Should you? That decision is both an emotional one and a financial one. Let’s look at a recent example… We received a call from a potential customer, referred to us by a real estate agent we work with, who was [...]
Read More ...26 JanFHA Changes 2010
Lots of changes coming down from the Department of Housing and Urban Development (HUD) on FHA Mortgage Loans. Here is a quick snapshot of what is changing in 2010: 90 Day Flipping Rule Waiver (Feb 1) Up-front Mortgage Insurance Premium Increase from 1.75% to 2.25% (Apr 5) 10% Down Payment Required for Credit Scores < [...]
Read More ...04 DecGet Rid of My Mortgage Insurance
Nobody wants mortgage insurance. The only reason people get mortgage insurance is to provide the opportunity to buy a home without a 20% down payment. People went as far as doing 80/20 (80% 1st mortgage and a 20% second mortgage) financing to avoid paying mortgage insurance, even if the payment ended up a little higher. [...]
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