How Your Mortgage Interest Rate Is Determined

While there are a number of loan parameters that will affect your mortgage loan interest rate, be aware that the lender will make some $$$ on your loan. Most lenders  will explain this to you, and are supposed to tell you how all aspects of your loan is determined. They are not going to give … Read more

FHA Mortgage Insurance Premiums (MIP)

These policies and procedures as of January 2015 What is MIP? MIP is FHA’s mortgage insurance premium that guarantees the loan in case of default. This Home Mortgage Insurance insures lenders for possible losses on mortgage loans to Finance a home purchase, proposed or under construction or an existing one -to four-family dwelling or manufactured … Read more

Ten First Time Homebuyer Mistakes To Avoid

Being a first-time homebuyer can be frightening simply because it is something you have not done before. It is an emotional process, which anyone making such a large purchase needs upfront information and knowledge. There are common mistakes that first-time homebuyers often make that perhaps you can avoid if you are reading this. Let this … Read more

Mortgage Rules Change Credit Evaluations

As I have said many times, mortgage rules, regulations, guidelines, denials, and approvals of mortgage loans change almost every day. Everyone in mortgage lending has experienced the latest TRIAD changes in 2015, with a lot of anticipation and wow. Thinking now, here we go again, another change. As you known in mortgage lending there are … Read more

Mortgage – What Really Happened To Housing Values

 I am not trying to rehash the past or give out details that annoy some people, however borrowers,     applicants and anyone seeking to know more about mortgage values, and home loans deserves to know how the mortgage industry “had to fail.” Regulations caused the downfall of mortgage lending. It caused a flux of … Read more

HARP -Home Affordable Refinance Program

Update 2016 Fannie Mae HARP- Home Affordable Refinance Program is still in effect until December 31, 2016. It is available for those mortgage applicants who need a hand with more lenient guidelines. The good news is that this refinance is for those who owe more on their home than the current value. There current goal … Read more

Big Banks & Lenders Buying & Selling- Reluctant to Make FHA/VA

As of July 24th, news has it that big banks are shying away from FHA/VA loans.  They claim that these are weaker products with more claims than the conventional loans.  Is it true?  Yes, from an underwriter’s point of view; there could be something to that. Here is why: FHA and VA will take lower credit scores and … Read more

Mortgage Changes Continue

If you are in mortgage lending then you know how June played out for your organization.  It seems that credit loosened, maximum loan to values are higher; per articles I have read, and rates have also dropped.  Rate have not crumbled; they are fluctuating probably by .125% or .250 and doubt there is much over … Read more