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home loans: When Can Home Loan Borrowers Stop Paying for Mortgage Insurance? - 06/12/10 05:34 PM
The cost of getting a home loan or mortgage can be significant, and this often will include mortgage insurance required by the lender.
Some people got home loans during the past five years and now want to get rid of the insurance premium obligation.
Many mortgages include mortgage insurance (MI), for conventional mortgages with less than 20 percent down and also FHA mortgages that are common in today's market.
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Piggyback mortgages are no longer available. During boom market times, these allowed home buyers to purchase with less than 20 percent down, sometimes no money down, and avoid mortgage insurance by having a 1st … (5 comments)
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home loans: Tricky Mortgage Loan Enforcement Issues in California - 11/10/09 12:17 PM
Experience with real estate and lending investor clients reminds about the California one action rule and that mortgage loan contract enforcement can be tricky in this state.
When a lender wants to enforce terms of a loan secured by California real property, certain issues must be considered.
California one-action and antideficiency rules - complex laws that are reviewed at other articles and blogs
Letters of credit - not generally but sometimes subject to the anti-deficiency issues
Multi-state collateral - Borrowers facing foreclosure of loans secured by property in other states sometimes seek antideficiency and one-action protections in California.
Indian land - Some local markets have financing at casino developments on Indian lands (lands held by Bureau of Indian Affairs … (0 comments)
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home loans: Governor Schwarzenegger Signs New CA Law Today With Focus to Curb Irresponsible Subprime Lending Practices - 10/12/09 08:26 PM
New California law with focus to Limit Predatory Lending Practices was signed today, October 12, 2009, by our Governator (Assembly Bill 260 - Lieu).
This new law covers CA state-regulated independent mortgage brokers.
The policy stated and purpose of this law was to restrict California mortgage brokers by requiring them to act in a borrower's best interest. This law would prohibit them from steering borrowers to loans worse than those they qualify for and limits subprime prepayment penalties (fees for paying off or refinancing a loan early).
This new law (AB 260) grants power to state agencies, the Attorney General, and injured borrowers to enforce violations of the law and pursue relief. What … (2 comments)
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home loans: FHA Lending Can Offer Benefit for Homebuyers ~ Basic Borrower and Property Requirements - 09/01/09 07:58 PM
FHA Loans can offer serious advantages for some homebuyers.
The Federal Housing Administration FHA is part of the US government and its Housing and Urban Development Department (click here for FHA information).
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The FHA doesn't loan money, but rather it provides lenders with financial protection by insuring loans against default. The FHA is like an mortgage insurance policy for benefit of lenders. This enables lenders to make loans with smaller down payment and lower FICO score qualification requirements than conventional loans.
Basic FHA Borrower requirements are:
Primary residence only (not investment property) Condo, planned unit development or SFR 620 FICO score … (2 comments)
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home loans: Super Jumbo Loans Seem To At Least Be Possible These Days - 07/10/09 01:41 AM
The New York Times reported at "Securing a Jumbo: No Small Task" that it's tough to get a super jumbo loan these days.
On the other hand .. our mortgage guru, Tim Sibley at First Capital Mortgage, Newport Beach, says that major institutions and market players seem to be purchasing super jumbo loans, which means that the money is there for the lending. So it's different now for people here in California who need home loans of $729,750 or higher (the super jumbo rate as set by Fannie and Freddie Mac). A month or so ago, money for these loans wasn't there.
Today borrowers can at … (8 comments)
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home loans: HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs - 06/03/09 10:21 AM
Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~
that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for … (4 comments)
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home loans: Good News About Home Loans and Mortgages - 04/22/09 10:28 AM
What's the good news with home loans and mortgages? Lenders and mortgage brokers report ... April 21, 2009 ...
Mortgage brokers have the lowest rates of modern times for conforming loans up to $417,000, with fixed rates for 30 year to 10 year loans in the mid 4% range with one point, or in the high 4% range without points.
See my prior article about getting close to 4% home loan rates ~ Will We See California Home Mortgage Rates As Low As 4 Per Cent? ~ on December 18, 2008).
Mortgage Brokers now have Jumbo loans available (varies from state to state), which are mostly in the 5, … (0 comments)
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home loans: President Obama Is Right ~ Don't Pay Advance Fees for Private Home Loan Modifications - 04/13/09 11:16 AM
AVOID THE PRIVATE SERVICE SCAMS AND DON'T PAY UP FRONT FEES FOR HOME LOAN MODIFICATIONS.
You should try and use free serviceers, non-profit agencies and those of the Federal Government for your home loan modifications.
President Barack Obama said on April 9, 2009, during a news conference ... that people shouldn't pay fees in advance for private home loan modifications services ... and that if somebody asks for advance payment of fees, it's probably a scam.
See the MSNBC video where Obama Urged Folks to Decline Mortgage Mod Scams ~ http://tinyurl.com/chj5jha.
WE AGREE.
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Homeowners … (0 comments)
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home loans: US Making Home Affordable Refinance Plan ~ Started This Week ~ April 5, 2009 - 04/08/09 12:26 PM
US Govt. Making Home Affordable Refinance Program ~ has been started by the US Treasury.
See US Govt and Treasury Department press realease at http://www.ustreas.gov/press/releases/reports/guidelines_summary.pdf.Treasury says say that this Making Home Affordable Program is an attempt to help about 5 million homeowners, considering falling home values, approving mortgage applications based on borrower payment history and benefit to the homeowner.
ELIGIBILITY FOR PROGRAM ~
First ~ your existing home loan must be backed by either Fannie Mae or Freddie Mac. Both companies are US Govt. owned provide online lookup services.
Fannie Mae ~ check out this site
Freddie Mac ~ check out this site Second … (0 comments)
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home loans: The Fed Is Driving Down Home Loan Rates To Even Better Buyer Opportunity - 03/20/09 02:40 PM
Are You Wondering What Is Going On With ?
This looks like excellent homebuyer ... and homeowner ... opportunity time to me.
Bloomberg News and The Orange County Register reported on March 20, 2009, that The "Fed Might Drive Home Loan Rates to Lowest Since WWII".
The US Federal Reserve's announced plan to buy up to $300 billion of Treasuries and increase purchases of mortgage-backed bonds could significantly reduce already attractive home loan rates.
Rates for 30-year fixed home loans dropped to 4.98 percent during this week, according to Freddie Mac ... Some people predict this to drop to about 4.5 percent as … (1 comments)
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home loans: California Law Prosecutors Have Sent Members of Illegal Mortgage Loan Modification Scams to Prison - 03/10/09 08:20 PM
California Attorney General Brown Sent Perpetrators of Loan Modification Fraud to Prison. (click here for the article)
California Attorney General Jerry Brown announced March 8, 2009, that three individuals pled guilty to loan modification fraud against "desperate California homeowners" and were sentenced to as much as 6 years of prison.
More Good News ~ Mortgage Loan Mod Scammers Will Be Off to Prison (click here to see another article)
"While doing nothing to help and pocketing all the money, these individuals ripped off desperate California homeowners who paid thousands of dollars to stop the foreclosure of their homes," Brown said.
The AG reported that defendants sentenced were part … (2 comments)
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home loans: Do Your Home Loan Modification Through Non-Profit Groups & Organizations - 02/22/09 11:14 AM
DON'T USE PRIVATE LOAN MODIFICATION SERVICES UNLESS THEY ARE APPROVED BY THE DEPARTMENT OF REAL ESTATE ... in your state and area.
Always check with non-profit groups and organizations first when asking for assistance about a home loan or mortgage modification. Always make first contact with a reputable non-profit group for housing, financial or credit counseling.
The U.S. Department of Housing and Urban Development (HUD) has a list of HUD-approved housing counseling agencies in California, available athttp://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webListAction=search&searchstate=CA.
Also, the non-profit organization Homeownership Preservation Foundation has a 24/7 toll-free Homeowner's HOPE Hotline at (999) 995 HOPE or visit its site … (19 comments)
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home loans: Avoid The Scams ~ Don't Pay Fees Up Front For Private Mortgage Loan Modification Servicers - 02/18/09 06:06 PM
With so many folks upside down on home loans relative to value of their homes ... and some people having loan rates resetting ... the mortgage loan mod business in California has grown signficantly during the past six months.
We know of private profit oriented mortgage loan modification servicers (including some lawyers) charging as much as $5,000 up front ... to contact your home lender and ask for a loan modificiation.
A large majority of the folks paying these up front fees do not get loan modifications.
And when there isn't a modification, some or all of the retainer money paid to the … (4 comments)
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home loans: Home Mortgage Interest Rates & What You Need To Know Before Buying - 02/15/09 05:55 PM
Buying and Owning a Home Can Be a Good Experience For You and Your Family.
The first and possibly most important consideration when buying a home or property ... is whether you can afford the personal economics of the situation.
Can you afford the down payment and monthly payment obligation on the loan?
Too many people bought homes between 2003 and 2006 without making good decisions ... without enough down payment ... without good analysis of personal finance ... without income documentation ... without money in reserve ... without facts to support the loan ... without good credit history ... and without sound professional real estate … (1 comments)
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home loans: Mission Viejo, CA ~ REO Homes & Fannie Mae Special Financing Available - 02/15/09 09:58 AM
MISSION VIEJO, Califonia
FANNIE MAE is now offering special financing on its REO BANK OWNED HOMES at Mission Viejo, California.
149 CALIFORNIA CT - $265,000 MISSION VIEJO, CA 92692
26426 VIA ROBLE - $208,000 MISSION VIEJO, CA 92691
23336 LA MAR #D - $139,900 MISSION VIEJO, CA 92691
CHECK OUT HERE the Fannie Mae special financing opportunities on its REO homes at HomePath.com.
Fannie Mae guidelines on these REO homes ~ 97% loan with three percent down for owner occupied financing with no mortgage insurance.
Fannie also offers special financing for investors who want to buy its REO homes.
FHA guidelines ~ Down payment of 3.5 … (1 comments)
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home loans: Reduce Your Home Purchase Mortgage Interest Rate - 01/13/09 11:59 AM
Paying Points can be a good way to reduce your home purchase mortgage interest rate.
The Mortgage Professor reminds that there are opportunities on the home lending market and that one is for you to use points to pay down the loan interest rate.
He says that during 2005, it cost about 1.5 points to buy down the rate by 0.25 percent on a 30-year fixed rate mortgage. In 2007, it cost about 1.125 points to buy down that rate by .25 percent. Today in January 2009, that buy down would cost about half a point.
So if you need a $417K loan and want to buy down the rate .25 percent … (5 comments)
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home loans: BUILD YOUR GOOD CREDIT HISTORY ESPECIALLY DURING CHALLENGING TIMES - 11/24/08 11:52 AM
ALWAYS CHECK YOUR CREDIT HISTORY REPORTS ON A REGULAR BASIS AND KEEP THEM UPDATED.
Check with the major reporting agencies, Experian, Equifax and TransUnion. You are entitled by law to a free credit report from these agencies on an annual basis. Request your report and review it for accuracy of your payment and history.
Lenders will take your credit bureau history reports into account when assessing ongoing creditworthiness.
The major credit reporting agencies Equifax, Experian and TransUnion, created AnnualCreditReport.com, a site that allows consumers to request, view and print credit reports. This site also simplifies complicated financial terms and mathematical equations.
UNDERSTAND YOUR CREDIT REPORT AND SCORE.
A credit report, or credit file … (3 comments)
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home loans: US Congress and Senate Should Pass Permanent Federal Housing Administration Reform Legislation - 05/27/08 05:53 PM
Our U.S. Congress and Senate Should Pass Permanent Federal Housing Administration Reform Legislation.The time is now for the US Congress and Senate to pass permanent Federal Housing Administration reform legislation if we are to give American homebuyers and homeowners the peace of mind they need.While new loan limits were recently enacted as part of the Economic Stimulus package, they will expire at the end of 2008 even though they have brought relief to more than 325,000 families so far this year.Reducing these limits, or letting them expire by doing nothing, could cause further turmoil in our fragile housing market.Realistic loan limits in … (0 comments)
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home loans: How To Manage Your HELOC Loan With Rising Rates? - 05/22/08 12:58 AM
Most HELOC loans (home equity line of credit) are indexed to the bank prime loan rate. When the prime rate changes, the rate on your HELOC will change also.When prime increases 100 basis points (one full percent) the home equity line of credit borrower pays more in interest costs.If you make monthly payments according to a fixed schedule, the rise in rates also means less of each payment goes towards reducing principal. So it will take longer to pay off the loan balance. How to manage your HELOC loan?One possibility is 0% Balance Transfer Offers. If you have good credit and … (1 comments)
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home loans: Homeowners Who Are Upside Down on Loans Should Be Careful When Considering to List a Short Sale - 04/30/08 10:59 AM
Upside Down Homeowners Should Be Careful When Considering to List a Short SaleWith home loan foreclosure or deed-in-lieu of foreclosure, sellers will take a hit of 200 to 300 points on their FICO scores. The exact penalty on FICO will depend on overall condition of credit. The effect of a short sale on a seller's credit FICO score is the same as a foreclosure. The peantly on credit report will appear as a pre-foreclosure in redemption status and result in a loss of 200 to 300 points on FICO. With a foreclosure or deed-in-lieu of foreclosure situation, a seller who wants … (2 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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