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mortgage: FHA upfront and annual mortgage insurance increasing again for home loans! - 03/16/12 10:23 AM
FHA has increased their upfront and annual mortgage insurance premiums again. It is getting very expensive for an FHA loan. If you can qualify for a conventional loan, the costs are much better. There is no upfront MI and much lower annual (paid monthly in mortgage payment) MI.
Changes will be effective on April 9, 2012.
The charts below illustrate the 10 basis points (bps) increase in the Annual Mortgage Insurance Premiums (loan amounts under $625,000) and a 75 basis points (bps) increase to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that these marginal increases are affordable for nearly … (0 comments)
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mortgage: 15 year loan versus the 30 year loan. Which mortgage is best for your purchase or refinance? - 03/14/12 08:08 PM
Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you. Here is a helpful calculator that shows the mortgage payoff curve...
http://www.mynwagent.com/15vs30YearMtgCalc
… (2 comments)
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mortgage: "No cost" refinance loan is not really a no cost. You just dont pay the costs, so the effect is the same. - 08/15/11 10:45 PM
There is a lot of confusion about the "no cost" refinance. What people need to realize is that there are always costs on a loan such as appraisal, underwriting, processing, title, escrow, and etc,. The difference is that with a "no cost" loan the rate is increased by a certain amount of basis points, depending on the loan amount, to create a credit from the lender to the borrower to cover these costs. This way the borrower does not pay the lender costs, but will pay for them in the rate.
This is great for a borrower that plans to keep the … (3 comments)
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mortgage: FHA Annual Mortgage Insurance premium increasing April 18. Get your case number now. - 04/13/11 08:14 PM
FHA Annual Mortgage Insurance Premium Increase
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mortgage: Mortgage rates trends and information for February 18, 2011. (Ginnie and Fannie) - 02/18/11 01:15 PM
Good Morning... On Thursday, current coupon mortgages finished little changed versus swaps while both higher and lower coupon mortgages outperformed. At the close, FNCL (30yr) 4.5s in March were +8/32 (101-03) and the FNCI (15yr) 4.0s in March were +7/32 (102-02+). In agency swaps, Ginnie/Fannie swaps continued their move higher yesterday in response to the same dynamics that have been in play all week (limited supply and the prospect of slower prepay speeds going forward). Right now, the Ginnie/Fannie 5.0% swap is trading +44/32nds up 6/32nds from a week ago. Flows from originators totaled about $1.25bln yesterday, which is in line with the … (0 comments)
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mortgage: FHA EXTENDS ‘ANTI-FLIPPING WAIVER’ TO HELP STABLIZE HOUSING MARKET - 02/01/11 10:39 PM
Measure continues effort to boost home values and accelerate resale of vacant properties
In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today extended FHA's temporary waiver of the agency's ‘anti-flipping rule.' The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight.
With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, FHA temporarily waived this regulation … (0 comments)
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mortgage: 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
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mortgage: Mortgage help - Foreclosure help - Save your home and/or equity! Washington - Seattle - King County - 03/13/08 11:20 AM
We want to give home owners facing foreclosure the opportunity to save their home. We have found that 99% of the families in foreclosure want to keep their home. They have no interest in selling their home and they certainly don't want the sheriff showing up with an eviction crew to kick them out.
Most families in foreclosure can afford their home, but the lenders make it virtually impossible for them to catch up. After adding late fees and legal fees to their missed payments, home owners find themselves too far behind. Many of these families have plenty of equity that … (1 comments)
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mortgage: Stop Foreclosure Now! Real help for home owners behind in their loan! Washington Puget Sound area. - 03/13/08 09:33 AM
Stopping Foreclosure Now! Save your home and/or your credit. Here is some basic info about Foreclosures. Read this and then call us ASAP. We deal with homes in the entire Puget Sound area. 253-315-5580
Ways to Stop Foreclosures...
Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If you think back to when you first bought that home, losing the home was probably the furthest thing from your mind. Few home owners actually plan to go into foreclosure. Reasons For Pending Foreclosure...
Job loss / unexpected unemployment Sudden illness or medical emergency Death in the … (1 comments)
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mortgage: 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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mortgage: All about reverse mortgages. Read this before applying. - 10/07/07 11:34 PM
Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you!
1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a … (2 comments)
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mortgage: What affects your credit score? Here is the breakdown..... - 10/01/07 09:19 PM
WHAT AFFECTS YOUR CREDIT SCORE? Credit scores are an important factor in mortgage loans but many consumers are unsure about what causes them to receive that score. The typical score model for mortgages are FICO Scores. They are determined by five main categories:
35% is based on your payment history. (Including all accounts)
30% is based on the amount you owe creditors. (Especially revolving accounts with high balances)
15% is based on how long you have been using credit. (The longer you have a good payment history, the better)
10% is based on your applications for new credit. (If you are loading up on credit it … (3 comments)
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mortgage: First time home buyer mortgage alternatives. King and Pierce County, Washington - 09/23/07 11:36 PM
FHA Mortgage
FHA Mortgages are insured by the Department of Housing and Urban Development of the Federal Housing Administration (FHA). These home loans make it easier for low-to-moderate income people to own their own home.
Features:
• Fixed rate terms available
• Low down payment usually required
• More lenient qualifying ratios
• Even with less income, you could qualify for a larger loan amount
• All closing costs may come from a gift or up to a small percentage from the seller
• Loan amount limitations and qualifying criteria apply
What is a VA Loan?
A Veterans Administration (VA) loan can be used … (1 comments)
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mortgage: Fast track credit piggybacking gone soon! Buyers will work harder to achieve good credit. - 09/21/07 12:11 AM
The days may be numbered for dozens of Internet-based companies that promise to quickly boost FICO credit scores by 200 to 300 points.
What is credit piggybacking???
Using a FICO-boost service, a mortgage applicant with a history of late and missed payments and a low FICO score in the 500s, for example, could puff up his or her score well above 700 and be eligible for the best interest rates and fees.
Though the add-on users receive no actual access to the credit card and cannot rack up charges, Fair Isaac's current FICO model allows the cardholders' excellent payment histories to flow directly into … (6 comments)
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mortgage: 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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