Mortgage Insurance is like the plague to a monthly mortgage payment. It makes the cost of homeownership rise over time, only benefits one party… the lender. Mortgage insurance also known as private mortgage insurance (PMI) is an intergal component of many popular loan programs today; FHA Mortgages, USDA Mortgages and yes even standard Conventional Mortgages.…
Read MoreThe Harp 2 Refinance Program allows homeowners to refinance without any loan-to-value restriction. The program is slated to expire December 31, 2013, so if you qualify, start the process now. Despite what your current mortgage lender will tell you or what you might hear in the media, the program does have debt to income requirements…
Read MoreAs many now know, the Making Homes Affordable Program aka Harp 2 Refinance allows people to refinance if their loans are owned by Fannie Mae or Freddie Mac, with out any loan-to-value restriction. Successfully refinancing any occupancy home despite being underwater is quite common these days under this program. While this program, is helping many…
Read MoreOn January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…
Read MoreMany of the mortgages being made today contain higher loan to values. These loans contain inherent “risk based pricing” which causes the rates to change. What is loan to value anyway? The loan to value (LTV) is defined as the amount of money you’re borrowing against the value of your the property expressed as a…
Read MoreLarge cash deposits have to be sourced and paper trailedwhether doing a purchase or refinance transaction. One of the things lenders are required to do is source all money used in a transaction even funds not being used for the transaction. For example if you’re making $5000 a month and you get a deposit in…
Read MorePeople thinking they can qualify for mortgage loan financing, learn after their credit report is pulled their credit score has dropped and they either cannot get the interest rate they were hoping for or they cannot in some cases get a mortgage loan at all. Action steps to get your credit score up pay down…
Read MoreYou will want to speak with the local mortgage loan officer upfront. Ideally a loan officer who, as a Fannie Mae Freddie Mac lender and has access to various mortgage loan programs including FHA loans, conventional loans VA loans, USDA loans and home path loans. Put another way, the lender that has the full gamut…
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