Yes, in fact if you took out an FHA mortgage in 2013 or 2014, your mortgage insurance premium on an annualized basis was likely upwards of 1.3% of your loan amount driving the cost of your monthly PMI higher On January 26, 2015, the FHA announced they will be reducing the monthly mortgage insurance premiums…
Yes, lenders will need full supporting documentation showing cash to close and/or savings in the bank necessary for qualifying on whichever loan program you are working with. Expect lenders to require at least two months of bank statements on any monthly account, and most recent last two quarters on any quarterly accounts same goes for…
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? …
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…
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…
Yes there are mortgage loan programs that exist for loans bigger than $520,950 in Petaluma and the surrounding areas. If your loan size is bigger than $520,950, your loan is classified as a Jumbo. Jumbo loans traditionally carry more risk to mortgage lenders than loans under that amount, otherwise known as Conventional Loans. However, as…
This is a topic near and dear to every homeowner. Many real estate websites offer a free online home valuation offering you a glimpse of what your home might be worth. Understand this, each of these websites, use their own proprietary algorithm to give you an idea of what your house might be worth. This…
Buying or refinancing a home? An FHA loan much like a USDA loan, has two forms of mortgage insurance. There is an upfront mortgage insurance premium, UMFIP for short, which is based upon 1.75% of the base loan amount ( difference between the down payment amount or appraised value relative to equity) which is then…