mill creek: USDA is adding mortgage insurance - 06/02/11 06:51 PM
USDA Loans Will Have Monthly Mortgage Insurance as of October 1, 2011What Does This Mean To You?
USDA Rural Development and its loan program were designed to help improve the economy and quality of life throughout rural America. The program continues to remain a wonderful option for qualifying homebuyers, with zero down payment required.But a change is coming!Beginning October 1, for the first time in the history of USDA, the Single Housing Guaranteed Loan Program will have an annual fee. This fee will be calculated based on the guaranteed loan amount and based on the average annual scheduled unpaid principal … (0 comments)
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mill creek: HUD does it again - 02/16/11 03:22 PM
Can you believe it? HUD announced today that starting April 18th the mortgage insurance on FHA loans will go from .9 to 1.15% for it's monthly mortgage insurance. They recently bumped it up from .55 to .9 monthly and now they are raising it again. This will make the monthly payments for this great first time homebuyer program go up and less will quallify. This makes no sense at all!
If they want to do something that actually helps the market why not have a program that allows people who make their payments on time and have income to support those … (0 comments)
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mill creek: Get inside the mind of the consumer; Websites every realtor needs to know - 12/01/10 12:31 PM
Studies indicate that over 80% of today's home buyers visit the Internet long before seeking the professional assistance of a REALTOR®. This means that, thanks to popular realty-themed websites that compete for your business, your clients are already armed with more information than ever before.That's why today's savviest real estate agents must change their perspective and fight back. And the best way to do this is to visit and become familiar with these kinds of sites and the features they offer. This data will not only prepare you to answer any questions your clients might have, it will allow you to … (2 comments)
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mill creek: The Art of Happiness - 08/23/10 11:51 AM
The Art of HappinessMaking Each Day Your Best In The Art of Happiness*, the Dalai Lama shares this powerful insight into life: "I believe that the very purpose of our life is to seek happiness. That is clear. [Regardless of religion], we are all seeking something better in life. So I think the very motion of our life is toward happiness." But how do we achieve this happiness which everyone craves? What commonality can we draw upon, regardless of health, wealth, appearance, etc.? The Dalai Lama goes on to explain how the mind can be trained for happiness, despite a lack … (1 comments)
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mill creek: Timing is Everything...Especially When it Comes to Saving - 08/19/10 12:12 PM
Did you know that the fiscal year for Japanese companies ends in March? Do you care? You should, if you want the best deal on a new television for your home theater system.That's because new models and products are scheduled for release at the beginning of the new fiscal year - which for Japanese electronics companies is April. And the release of the new models means, you guessed it, huge discounts on the previous year's models. So if you're shopping for a television, stereo, or other electronics, your best bet is to watch for sales in spring.Looking for Even More Savings?You … (0 comments)
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mill creek: 10 Things We Overpay For: - 07/27/10 01:09 PM
Does the avalanche of news about layoffs, business losses and a declining stock market have you looking for ways to cut your spending so you can beef up your savings? We're here to help, with suggestions for less-expensive alternatives to ten everyday purchases (for more ideas, go to www.BillShrink.com, which tracks cell-phone plans and credit cards).
Afternoon snacks. Do you munch protein bars as a healthier alternative to a chocolate pick-me-up? You could easily be paying more than $2 per bar and consuming just as much sugar as you would with your favorite candy bar. Stock up on fruit for a … (10 comments)
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mill creek: It's your money....Why not keep it! - 07/09/10 11:56 AM
The economic realities of the past few years have taught people some valuable lessons. One of which is: It's not what you make, it's what you keep, that counts.
If you discovered that someone was stealing from you, how quickly would you act to stop them from doing it again? Would you act today, in a week, a month, or not at all? The odds are you would act sooner rather than later.
So here's a question for you to consider. Is your current loan stealing money from you? Recent estimates in the news have indicated anywhere from 30-50% of … (1 comments)
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mill creek: Protecting Your Credit During Divorce - 07/07/10 12:01 PM
When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn't have to change is the credit status you've worked so hard to achieve.
Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, the maxing out of credit cards, and a total breakdown in communication frequently lead to the annihilation of at least one spouse's credit. Depending upon how finances are structured, it can sometimes have a negative impact on both parties.
The good news is it doesn't have to be this way. By … (0 comments)
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mill creek: FHA Gives 90 Day Seasoning a Waiver - 01/19/10 04:18 PM
In the past a borrower could not buy a house that the current owner had owned for less than 90 days. The new borrower could not even make the offer until the owner had owned the property for 90 callendar days.
On January 15, 2010 FHa released a proposal to waive the 90 day rule for a period of one year starting February 1, 2010. There are some minor things to keep in mind though. All transactions must be "arms-length". No idetity of interest can exist between the buyer and seller. The seller can not profit more than 20% from the … (1 comments)
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mill creek: NEW GFE effective Jan 1 - 12/23/09 06:03 PM
Have you looked at the new Good Faith Estimate yet? Well I would encourage you to. Starting January 1st lenders are required to use a new GFE. It is a three page document now, not just one. It does spell out quite well what the closing costs are and what they are for. There will be some confusion with this document though. To start with there is nowhere to see what the total monthly payment is. It does show principle and interest, but not the total payment with the MI, Taxes or Insurance. It also does not show how much money … (1 comments)
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mill creek: Debt to income getting stronger - 12/08/09 12:40 PM
Effictive Saturday, December 12th the underwriting engine that is used to approve most loans is reducing its ratios to 45% with some flexibillity to 50%. In the past we could run DO and get approvals to 54% normally and in the low 60's with a stong buyer. What this means is the buyers debt to income ratio is lower. The figure means the amount of total debt ( new house payment and all consumer debt) can only be 45% of the gross salary of the buyer. So talk to your lenders if you have buyers shopping. If you run DO prior … (2 comments)
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mill creek: FHA and VA refinance - 11/23/09 02:07 PM
If you know of anyone in your data base that has a FHA or VA loan, now is the time to make a call to them. If their interest rate is at or above 6% then they should consider a refinance. With FHA and VA there is a "Streamline Refi" available. What this means for the custormer is that even if the home value has gone down there is no need for an appraisal and they could lower their monthly payments. I have saved many of my clients hundreds of dollars per month with these loans. Interest rates are close to historic … (0 comments)
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mill creek: Fed Funds - 11/04/09 01:40 PM
The fed funds were left unchanged today. On that news the mortgage bond have seen some pressure and are off aobut 19bp's. This should move rates up slightly in the afternoon and tomorrow morning. Applications rose in the last week by 8.2% though. The next big event will be the auctions on the 9th of $40B 3 yr bonds, $25B 10 yr bonds and $16B of 30 yr bonds.
Jerry Wright
Mortgage Advisor
… (0 comments)
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mill creek: $8000 tax credit - 10/27/09 02:35 PM
Well the Senate has the bill now to vote to extend the tax credit. Lets all hope they do. If they fail to extend this I believe the housing market will come to a crawl. This would be for two reasons. First the consumer confidence would be shot. Consumers would see the government bailing out all the big banks and pulling back from the consumers who need most of the help. Secondly I think that the first time home buyers would stop buying anticipating a renewal of the bill early next year after the winter break. The best that could happen … (1 comments)
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mill creek: Over regulating again - 08/03/09 02:11 PM
Now the government has implemented the Housing and Economic Recovery Act (HERA). Basically if the APR changes for the better or worse by .125% then new disclosures would need to be signed by the borrowers and the loan could not close for up to 6 days after signing it. I can see if the APR goes up then having them sign and wait the required days. But if the rates go down and I get my clients a better interest rate? The APR would go down and the borrowers would benefit from that. Why should the clients be punished and have to wait the additionals … (1 comments)
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mill creek: Credit Repair should not cost any money - 03/02/09 12:30 PM
In these times there are going to be companies that will charge money to fix a persons credit. That is a waste of time and most people don't realize it. There are ways that a person can fix their own credit for free. It just takes time a effort. If a person takes the time and puts in the energy they can save money and make sure that the job is getting done properly.
With all of the changes in lending guidelines it is very important to have a decent credit score. There are websites out there where a person can … (0 comments)
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mill creek: 100% financing is going away - 03/20/08 06:55 PM
The only true 100% financing left will be VA.
FHA is still at 3% down payment. This program allows 6% to come from other parties. So the 3% down payment and the closing costs can be covered through seller concessions.
All other first time homebuyer programs will be with a 3% down payment. Most of these products have a maximum of 3% that can come from the seller to cover down payment and/or closing costs.
Product Updates:
· Effective 3/31/08 the Flex 100, My Community Mortgage 100%, and Home Possible 100% are being discontinued. The MI companies will no longer insure these … (4 comments)
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mill creek: Sound Fundamentals Promise Improved Housing Market - 11/14/07 09:42 AM
It was a mystery that only the crack investigators at RSI - the REALTOR® Scene Investigation - could uncover. Faced with the conundrum of consumers staying on the homebuying fence in the midst of solid U.S. economic performance, NAR President Pat V. Combs, in a spoof of the hit TV show "CSI: Crime Scene Investigation," dispatched her "trusted advisors" to gather the facts behind this inexplicable consumer behavior. During a spirited presentation at the 2007 REALTORS® Conference & Expo in Las Vegas, she revealed the investigation's findings: The national media, seduced by a few vocal but misinformed analysts, have been painting … (3 comments)
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mill creek: buying down the rate. A sellers carrot! - 10/18/07 06:15 PM
To make their homes more attractive and more affordable to prospective buyers, sellers have options. From a purely financial point of view, the obvious way that comes to mind is to simply lower the asking price. Another way that has been discussed recently in this column is to agree to pay all or part of a buyer's closing costs.
Perhaps the best way of all is to offer to pay to lower the buyer's interest rate. This is called an interest rate buy down. This type of financing combines the advantage of a low initial interest rate with the stability of … (4 comments)
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mill creek: Another helpfull listing tool - 10/11/07 11:55 AM
Payment Abatement -No Payment For Up to 6 Months!
The interest abatement program is a feature available on many purchase programs.
With payment abatement a special escrow account is set-up to pay a portion or all of the borrower's monthly payment during the first 3 to 6 months the loan is open.
The escrow account is typically funded by allowable seller contributions. Maximum contribution limits are based on loan to value and program.
Each month when the payment is due, the escrow account is debited to make that portion of the payment that is called for. A specific disclosure outlining the type of payment abatement … (3 comments)
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