by Dale on September 3, 2010
Where did summer go? It is September already. I hope you have a fantastic Labor Day weekend. Please call me if you need anything.
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by Dale on August 10, 2010
Congress just passed a bill giving FHA the authority to alter its annual mortgage insurance premium. This change goes into effect for all FHA case numbers ordered after September 7, 2010.
All FHA loans currently have two types of mortgage insurance:
- Upfront mortgage insurance – this is amount is currently 2.25% of the loan amount and added on to the loan at the time of closing. This is being reduced to 1% of the loan amount.
- Annual mortgage insurance – this is the monthly mortgage insurance payment made every month as part of an FHA mortgage payment. It is currently calculated at .55% of the loan amount divided by 12 months. This cost is being increased to .85-.90%
It is good the upfront mortgage insurance premium is being reduced, but in today’s cash flow conscious world, the borrower effect is a $200,000 loan will cost new FHA mortgage applicants an additional $57 per month.
This change will increase FHA’s congressionally mandated reserve levels at a time when they are perilously low.
If this applies to you, call me today so I can best plan for your mortgage needs.
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August 4, 2010
Here’s the skinny – Mortgage interest rates are flat smokin’. If you have not refinanced, you should do so soon. Do not wait for rates to go lower. Will they? - Maybe, maybe not. But here are two certain reasons why you should not wait:
If you wait 6 months to see if interest rates go [...]
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July 16, 2010
The Financial Reform Bill has passed the House & Senate and President Obama will be signing into law in short order. Unprecedented changes will unfold over the next few years as the law is implemented.
A cursory view of this legislation appears to illustrate the majority of this reform has less to do with the financial problems, and [...]
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June 16, 2010
Mortgage rates have been in record low territory for awhile and homeowners have been looking for refinance opportunities. Turmoil and uncertainty tend to push mortgage rates down here in the US and that is what is happening. Even with US ecenomic and fiscal troubles, there is so much uncertainty in Europe that we, by comparison, look stable. Money has [...]
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April 30, 2010
It seems like the 1st time homebuyer tax credit has been in effect for a long time and a lot of us have gotten used to doing business with it. Well, all that ends today. For purchase contracts dated after today, 1st time homebuyers will no longer be able to receive an $8000 check from [...]
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April 29, 2010
You cannot bring prosperity by discouraging thrift.
You cannot help small men by tearing down big men.
You cannot strengthen the weak by weakening the strong.
You cannot lift the wage earner by pulling down the wage payer.
You cannot help the poor man by destroying the rich.
You cannot keep out of trouble by spending [...]
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April 21, 2010
There are two homebuyer tax credits available and the deadline to receive them is April 30th.
The two tax credits are:
1st time homebuyer tax credit for up to $8000
“move up” homebuyer tax credit for $6500 for people upgrading homes
In order to receive the tax credit you must be under contract to purchase a home by April [...]
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April 12, 2010
The 1st time home buyer tax credit of $8000 is still available for contracts entered into by month end. Here are a few tips to become educated:
Check your credit – The credit score of a borrower is one of the most important factors when it comes to qualifying for a home these days. Get your [...]
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April 8, 2010
The Fed is now out of the mortgage bond buying business. As a result mortgage rates are now much more susceptible to volatility and they have been. When the Fed was buying mortgage bonds they were a backstop against rates swinging wildly higher. This backstop is gone and rates have been swinging up and down [...]
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