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what is mortgage apr: What is Mortgage APR, Can You Explain It? - 01/29/10 10:08 AM
WHAT IS MORTGAGE APR, Can You Explain It? APR Demystified and APR Predators Exposed
First, lets demystify Annual Percentage Rate (APR).
Mortgage APR was designed to allow consumers to use one standardized number to compare each lender's rate for the same type of loan while rate shopping. It is supposed to represent the borrower's cost and it works like this.
If I lend you, $10,000 and, I charge a $500 Bump-ta-Bump Fee, you will actually receive $9,500, however you must still repay me $10,000. Mortgage APR is my real yield and your real cost on this loan.
We agreed that you will repay the loan at 8% interest on $10,000, HOWEVER you only received … (170 comments)
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what is mortgage apr: Risk based FHA MIP - 07/28/08 06:31 AM
New MIP Calculator Provides every FHA calculation for every location in the country.
On again, Off again
Risk based MIP has been put on hold indefinitely so until then, Upfront MIP (UFMIP) is 1.75% of the loan amount and the monthly MIP is 0.55%. of the loan amount divided by twelve.
In 2008, FHA decided to change UFMIP to a risked based amount that would vary depending on the loan-to-value and credit score of the borrower. Then, before risked based UFMIP was put into effect Housing Bill HR 3221 placed a moratorium on Risk Based Pricing Beginning October. 1, 2008 and ending … (1 comments)
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what is mortgage apr: New Housing Bill - 07/28/08 06:07 AM
Even as a huge bipartisan majority in the Senate voted Saturday, 7/26, to send a sprawling, controversial housing bill to the White House, where it is sure to be signed, economists, consumer advocates and other analysts said the package of programs for cash-strapped homeowners and shaken mortgage lenders is unlikely to relieve the foreclosure crisis that is driving the nation toward recession.
Agreed, so how How will the new Housing Bill affect our buyers and sellers... in my opinion, not positively.
The New Housing Bill, effective October 1, 2008:
0utlaws a host of seller assisted down-payment programs such as Nehemiah, AmeriDream and Hart. Increased … (3 comments)
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Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970
Escondido,
CA
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