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mortgage insurance: Comparing FHA loans and Conventional loans with 5 percent down – What is the best fit? - 05/25/11 09:25 AM
What is the best fit when comparing FHA loans and conventional loans?
Based on my opinion over the years, the loan officer should focus on your credit scores and down payment that you can afford, when comparing mortgage programs. But keep in mind, the main focus should be what you can afford regarding your monthly mortgage payment. Overall, one needs to understand how mortgage insurance works and the guidelines for mortgage insurance in order to put you into the best mortgage program for your situation.
FHA loans in many areas make up about 35 percent to 50 percent of … (9 comments)
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mortgage insurance: Understanding Mortgage Insurance – What does it all mean? - 05/19/11 10:39 AM
Understanding Mortgage Insurance and the different types The keys to home ownership can be tricky and confusing, unless handled by a true professional loan officer. You’ll sometimes hear loan officers and or realtors talk about one mortgage program over the other, telling you how great it is or that the monthly mortgage insurance is less than the other program. But wait, one main ingredient is still missing in this whole equation. What are the credit scores, aka fico scores. Why is this important?
When comparing a conventional loan to any other type of mortgage loan, many of the MI companies … (30 comments)
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mortgage insurance: Important New Changes - FHA to increase the FHA monthly mortgage insurance (MMI) - 02/15/11 08:09 PM
Pull on the chin straps, because FHA has raised the annual mortgage insurance premiums which is known as the FHA monthly mortgage insurance. These changes are mentioned in Mortgagee Letter 11-10 and become effective on or after April 18th, 2011. The new change is 25 bps.
Now before many of you flip your top per se, keep in mind that Fannie Mae has a pricing change that goes into effect on April 1st, 2011. Pricing Hikes for Conventional Loans in April 2011 And there is talk about conventional loans requiring 10 percent down, not 5 percent down. Will keep … (26 comments)
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mortgage insurance: My mortgage rep told me that I must pay FHA mortgage insurance for 5 years - 01/29/11 04:38 PM
When it comes to mortgages, there are so many frequently asked questions. One mortgage topic that gets many misleading answers is mortgage insurance, specifically FHA mortgage insurance.
Why do I need FHA monthly mortgage insurance if I put 20 percent down?
Aren't FHA loans more expensive? (many refer to this because of the upfront mortgage insurance)
FHA monthly mortgage insurance will be there regardless if you put 20 percent down. If you put less than 20 percent down, you will have the FHA monthly mortgage insurance until you reach the 78 percent LTV level. (LTV = Loan-to-Value) … (5 comments)
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mortgage insurance: FHA mortgages vs Conventional mortgages.... which is better? - 03/29/08 01:16 PM
I know some loan officers will debate that conventional mortgages can be better than FHA mortgages, but I always thought that real numbers always outweighed opinion. Aren't real facts correct over opinion? As long as these figures are accurate, right?
Yes, conventional mortgages are better if you have a credit score over 679 and if you have 15% down or more or 85% or less equity in your property. And we can get into more details, in regards to declining markets, monthly mortgage insurance, etc, etc. But let me just show you the basics and you can be … (22 comments)
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mortgage insurance: FHA mortgages vs Conventional mortgages - A True 3% down Comparison - 02/06/08 08:00 PM
FHA mortgages, in my opinion, are still one of the best mortgage options out there, as long as your credit score is above 500 and that you can prove your income.
This is a continued series showing you that in many cases, FHA mortgages might be your best solution when purchasing or refinancing your mortgage. Many lenders are still not FHA approved, which means that they might not have your best interest at hand, even though they are giving you their best mortgage program. But is it the best mortgage program for you?
As explained in previous blogs of … (14 comments)
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mortgage insurance: FHA MIP vs Conventional PMI -- What to look for & the meanings -- Part 2 - 01/12/08 11:56 PM
Mortgage insurance, may it be FHA or conventional, is not as confusing as it may seem. Especially if you have a qualified mortgage consultant that knows the ins and outs of mortgage insurance.
A quick glimpse of the different meanings :
FHA -- MIP = Mortgage Insurance Premium (These are all for refinances & purchases - there are a few different things to know when it comes to streamline refinances) FHA Streamline Refinances -- knowing your options -- Part 2 of 2 I will break down the MI and MIP on streamlines at another time. You have upfront … (7 comments)
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mortgage insurance: FHA mortgages -- What's all the hype? - 08/30/07 08:38 AM
FHA, FHA, FHA....... why are more companies doing FHA now than they did in the last 5 years? In my opinion, this is a good thing, yet a scary thing. Why do I say this? So many lenders and loan officers are now jumping on the band wagon because other financing alternatives are not there anymore.
Peter G. Miller, a columnist for Reality Times mentions that the last two weeks of July showed an increase of 49.1 percent in FHA mortgage loans. He also states that applications for purchases were up 6 percent while refinances grew by 82.6 percent. Wow, why are … (18 comments)
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mortgage insurance: Thinking outside that box…. What to do with the sellers concessions & where to apply the money. Buying down the rate vs the buydown…..Part 2 - 11/29/06 08:43 PM
Okay, I am back again to finish up 'thinking outside the box'.
Summary of the first section: I talked about the difference between buying down an interest rate vs a buydown. The conclusion was that a buydown would be your best bet. But I also talked about goals and what this would mean to the whole equation. Again, we do know that you can't predict the future, but we certainly can have a good idea depending where we are in our lives. So that being said, the buydown would work for anyone even if they were to move in 4 years … (34 comments)
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mortgage insurance: PMI (Private Mortgage Insurance); why you need it and the different types of PMI…… - 11/05/06 01:52 PM
I was reading through some blogs over the weekend and Mark Flanders Silverdale did a blog that gave definitions of PMI. What is PMI and can it be avoided. This can be such a confusing and sometimes misleading concept of why you must have mortgage insurance.
As Mark Flanders discussed, private mortgage insurance is not there to protect you, but to protect the lender in case of default. And the old rule is that you must have 20% or more down on the property to avoid this specific cost. I am only going to discuss the different types of mortgage … (31 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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