snohomish: 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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snohomish: 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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snohomish: The Lowdown on Social Lending - 07/15/10 01:33 PM
You've probably heard of social networking sites like MySpace and Facebook, but have you heard of social lending sites? Over the past few years, several websites have sprung up that combine features of the omnipresent social networking sites, and commerce sites like eBay®. These sites allow individuals to become either a borrower from or a lender to the online community. The website collects basic financial information from would-be borrowers, as well as the intended purpose for the money. The site then posts a short profile of the borrower, so that other members of the community can choose whether or not to … (2 comments)
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snohomish: Boost your savings account.....with out even trying! - 07/13/10 02:01 PM
Annual income aside, there's not a person among us who wouldn't welcome the idea of having more money in their savings account. This is the money we use on everything from yearly vacations to family presents. Come holiday time, wouldn't it be nice to have an extra thousand or so dollars at your disposal? Here are a few ideas that can help to make that possible. The best part is you'll hardly feel it!Bring Your Lunch to Work - The average person spends $6 when they buy their lunch yet only $2 when they pack it themselves. That's a potential savings … (0 comments)
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snohomish: Inability or Ulterior Motive? - 06/09/10 12:07 PM
Today's newest review by a Congressional Oversight Panel, stated only 168,708 homeowners have been offered a long-term mortgage modification as of February. This is just a tiny portion of the six million individuals with mortgages who are more than 60 days behind on their loans.
These numbers are horrible!
The homeowners who received assistance are LESS THAN 10% of what was initially claimed by the Obama administration. Why is it that Americans seem to consistently receive the short end of the Obama bail out stick?
Obama's foreclosure prevention plan, at best, is likely to assist 1 million troubled borrowers, short … (1 comments)
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snohomish: 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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snohomish: 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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snohomish: 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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snohomish: 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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snohomish: Down Payment Assistance, know it for 2008 - 06/04/08 12:23 PM
With all the tightening in the lending industry lately. FHA and VA loans are definately on the upswing. Did you know that you can get the 3% down for FHA and the closing costs for both paid by the seller. If it is your seller than you should look into all the DPA programs. The Down Payment Assistance programs make the seller concessions tax deductible. Why would your seller just give the money to the borrower and not take advantage of the tax deduction? If you don't know about these programs then to be the best source of information to your … (2 comments)
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snohomish: FHASecure could help many of your clients - 10/02/07 03:38 PM
WHAT IS FHASecure?
FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
WHO IS ELIGIBLE
Eligible homeowners must meet the following requirements:
•1. Have a non-FHA insured ARM that has reset;
•2. Sufficient income to make the mortgage payment; and
•3. A history of on-time mortgage payments before the loan reset.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping … (1 comments)
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