The mortgage insurance premiums on FHA loans has now been reduced .85%. This represent more borrowing ability for mortgage consumers looking to purchase or refinance their homes. On a loan of $300,000 that’s an annual reduction of $1350, or $112.50 per month respectively. Thinking about refinancing your current FHA loan from a few years ago? …
Mortgage interest rates hit a 19 month low the week of January 9, prompting many homeowners to begin refinancing. All too many have tried in the recent years yet.hold back because they think their house will not appraise for what they need to make numbers pencil. Following is the real skinny if you’re debating whether…
This can be accomplished in a variety of ways, but the most common way is to take the monthly savings you generate by refinancing your home and divide it into the capital idea closing costs required to complete the refinance. If you can breakeven in 2 to 3 years, this in most cases is normal…
The direction of mortgage interest rates drive the housing market. We’ve been spoiled with ultra-low rates the last few years with many experts predicating 2014 was going to be the year of 5% rates, they were wrong. Here’s why we’re not going to be seeing 5% mortgage rates anytime soon. Ability To Procure Credit Reality…
No you cannot have a rental late in the last 12 months if you are gunning to buy home. Mortgage lenders may do what’s called a verification of rent (VOR)-to make sure you have not had a late payment in the last 12 months if you have this very well might derail your loan. Additionally,…
Talk to anyone who has dabbled in the real estate recent years and they will almost certainly have an opinion on short sales. Though not as common anymore, homeowners short selling their homes present an opportunity to get your foot in the door. Here’s what to know as a home buyer… What They Are A…
Depends-primarily on who you feel comfortable with. Let’s be honest, this is the largest transaction most people ever take on in their entire life and should be handled with somebody who knows what they’re doing. A mortgage broker does not control their own money. Instead they act as an intermediary between you the borrower and…
This can change based on the purchase price of the homefor example if you’re looking at a house in Sonoma County, and the purchase price is $500,000 you can assume $10,000 for closing costs plus the down payment. When you buy a house down payment is always independent of the closing costs. In other words…