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lender: FHA changing the Annual Mortgage Insurance Premium (MI) amount again on April 18, 2011. - 02/15/11 02:40 PM
Borrowers and lenders should realize that there are new changes (an increase) coming to the FHA Annual Mortgage Insurance premium on April 18, 2011. If you recall, FHA recently made changes on October 4, 2010 and lowered the upfront MIP to 1% (from 2.25%) and raised the monthly MI to a factor of .90%. Well...this is going to change again. The upfront MIP will remain the same, but the Annual Mortgage Insurance premium (MI) will increase in most cases. Here are the current FHA UFMIP and Monthly MI amounts...
FHA MI Fees as of October 4, 2010
UFMIP = 1.00% & Monthly … (0 comments)
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lender: 30 year fixed mortgage rates are falling in the Seattle Mortgage Marketplace again. - 01/31/11 08:23 PM
Mortgage rates are again falling on the 30 year fixed due to the issues developing in Egypt. The Egypt protests have caused a flight to safety and investors are buying Bonds for protection. This have caused rates to fall back from the near 5% levels to around 4.625% (4.703 APR). We hit our mortgage lows back in Octoboer 2010 and they have steadily and slowly climbed back to 5% and hit 5% around January 21, 2011, but that has again reversed and todays rates look much better. These rates are as of closing prices on January 31, 2011.
Sincerely, Jason Schweiger
… (0 comments)
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lender: Sample Hardship letter for a Countrywide short sale on a Bonney Lake WA home. - 01/10/08 09:34 AM
Here is a sample Hardship letter. Feel free to use as a tool for creating a similar type of document.....
(Date)
RE: Hardship Letter - Short Sale for (property address)
Loan #
Dear Countrywide:
We purchased our home at (Address) in (date) for the price of $(0). At the time, we were happily married and our jobs supported our home. Towards (date), we had gone through some major relationship challenges and the only option for us was to separate and we did that in (date). We are currently in the process of getting divorced. Unfortunately, with our separation, we could not afford this home anymore and had to vacate … (12 comments)
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lender: The laws about mortgage insurance. Lenders will be sure to add it back in. - 10/14/07 12:14 PM
Lenders had previously developed many programs that did not include mortgage insurance on loans greater than 80% LTV. I think that is about to change. Lenders have been losing money on defaulted loans and they will take that risk out of their loans. Here is the latest law regarding mortgage insurance.
Mortgage Insurance Law
When putting less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 establishes rules for automatic termination and borrower cancellation of PMI on home … (4 comments)
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lender: Back to basics! Finding the correct home mortgage for your home purchase. - 09/21/07 12:06 AM
Choosing a mortgage loan is not as easy as simply finding the lowest interest rate. There are many other factors that will determine which mortgage is right for you. Your financial picture, including your income, savings, cash reserves, and debt-to-cash ratio will determine how much you can afford to pay in monthly mortgage payments. Finding the "best" mortgage means balancing your mortgage options with your financial situation and your housing needs, now and in the future.
Since even the shortest mortgages typically last at least 15 years, you will need to project how your financial situation and your housing needs may … (0 comments)
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Jason Schweiger
Auburn,
WA
More about me…
Network Funding LP
Address: Auburn, WA, 98001
Office Phone: (253) 315-5580
Cell Phone: (253) 315-5580
Email Me
Puget Sound Mortgage Broker working hard for my clients in the entire Puget Sound region including Issaquah, Bellevue, Seattle, Redmond, Kent, Auburn, Maple Valley, Covington, Renton and more.
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