mortgage insurance: Mortgage Companies and Banks Do Not Run The Mortgage Industry - 09/05/08 11:05 AM
Neither do the investors.
Neither does the government.
A couple of weeks ago I was on a conference call for wholesale lenders and mortgage brokers with HUD Deputy Secretary Jim Beavers who is in charge of FHA's Single Family Housing Products. Jim "fussed" at the wholesale lenders for writing their own … (7 comments)
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mortgage insurance: Don't Trust Me....I'm Your Lender! - 09/01/08 10:27 PM
Can you believe that is what I tell every single one of my clients, be it a first time home buyer or someone down sizing? Guess what? They are listening!!! Instead of shopping me they are educating themselves by doing extra homework (that I give them) and making sure they are … (6 comments)
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mortgage insurance: Why Pay Private Mortgage Insurance (PMI)? - 08/29/08 02:20 PM
Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't … (4 comments)
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mortgage insurance: How To Buy a Home in Destin With NO MONEY DOWN - 08/28/08 05:35 PM
It's not uncommon to see buyers with less than 720 credit scores get pushed through the hoops only to find that the loan they once had.........no longer exists.
No doubt about it: the ability for the Average Joe to get a mortgage in today's credit environment IN A TIMELY FASHION has … (0 comments)
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mortgage insurance: FHA Announces New Mortgage Insurance Premiums - 08/28/08 05:29 PM
… (2 comments)
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mortgage insurance: Credit Score and FHA Loans - 08/28/08 03:50 PM
FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a … (0 comments)
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mortgage insurance: FHA's new new changes to take effect October 1st for mortgage insurance rates - 08/27/08 05:50 PM
As of October 1st, 2008 there will be yet another UFMIP/MMI Schedule in place for us to learn!
Just when we thought we understood the new "risk based" schedule. Huhhhh! They are certainly keeping everyone on their toes.For purchases/refinances (non-streamline) the new UFMIP (Upfront Mortgage Insurance Premium) for ALL loans will be … (0 comments)
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mortgage insurance: New FHA Upfront MIP and Annual Premiums announced - 08/27/08 04:59 PM
FHA has just published new guidelines regarding their upfront MIP (Mortgage Insurance Premium) and annual premiums. The information directly from FHA is as follows;
Directions to FHA-Approved Mortgagees on Premium Pricing during Moratorium.
The upfront and annual premiums on mortgages for which new FHA case number assignments are made on … (0 comments)
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mortgage insurance: FHA announces mortgage insurance premiums - 08/27/08 04:25 PM
The first of a series of expected mortgagee letters from FHA on their implementation of the new Housing Law came out this afternoon.
FHA has announced the new upfront and monthly mortgage insurance premiums that will replace the existing premiums that were tiered based on credit risk.
The new premiums are … (5 comments)
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mortgage insurance: Moratorium On FHA Risk-Based Premiums....? - 08/27/08 03:19 PM
Certainly heard it right! It was only July 14 when the new Risk-Based Premiums for mortgage insurance went into effect. I had just gotten used to referencing it with my prospective buyers and referall partners...and now a new annoucement from HUD. Just as I thought I got a hang of something, … (0 comments)
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mortgage insurance: The sloooooooowwwwwwwwwww demise of PMI: Private Mortgage Insurance - 08/26/08 07:51 PM
It is not bad enough that we must deal with FNMA tightening up, but now the PMI companies are tightening as well!!!!!
Where have they played into all of this market mess? PMI is supposed to cover the lender in times of foreclosure. But, I have not heard of one PMI … (5 comments)
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mortgage insurance: Pricing on FHA is beating a 20% down Conventional loan? Are you kidding me? - 08/25/08 10:03 PM
Okay, I'm shocked....I just priced out a 20% down Conventional with a 647 credit score, I just knew Conventional would beat FHA. NOPE, even with mortgage insurance FHA beat out Conventional. I'm not sure how I feel about this.
I can remember when 647 was a good score, there are pricing … (9 comments)
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mortgage insurance: Tip of the Week - 8/23/08 - 08/23/08 04:25 PM
Information regarding tax incentives can help your buyers make a more informed rent vs. buy decision. At this time, property tax, mortgage insurance (MI) and interest and points paid on a home loan are tax deductible.
For example a $350,000 owner occupied condominium will generate a total monthly housing cost of … (2 comments)
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mortgage insurance: Mortgage Insurance Rates Skyrocket (For Homeowners That Still Qualify) - 08/21/08 06:05 PM
Private Mortgage Insurance (PMI) is an insurance policy paid to a lender in the event that a homeowner defaults on his home loan.
With the growing number of mortgage defaults nationwide, mortgage insurers are finding their balance sheets under attack and their revenues in the red.
So far this year, mortgage insurers … (0 comments)
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mortgage insurance: Commercial Loan Process - 08/17/08 07:47 PM
Commercial Loan Process
Let our team help you close more commercial transactions!
Step1 - Evaluate the project
Using its proprietary software tools and commercial lending experience, Your Trusted Finance provides you with a free "Preliminary Financing Analysis" (PFA) that helps you identify a viable loan amount and financing structure.
Working with numbers drawn … (0 comments)
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mortgage insurance: USDA Grade "A" - 100% Financing - 08/13/08 09:00 AM
As far as I can tell, the reign of the 100% financing programs has come to an end. Unless you are a Doctor (a few lenders have a 100% programs for doctors), you are now in a position to figure out how to come up with some form of downpayment. Whether … (4 comments)
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mortgage insurance: Mortgage Insurance rates have increased - 08/12/08 08:50 PM
I was on a conference call today with one of the big mortgage insurance companies. Their combined losses this year are going to be in the Billions. As a result, they have increased their rates. Just a few points off a fico can mean much higher rates.
In declining markets, they … (2 comments)
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mortgage insurance: Renovation/Rehab Financing- 203K (FHA) & Conventional - 08/04/08 01:05 PM
RENOVATION LOANS
Conventional and FHA renovation loans
* SFR up to 4 plex
* Only require one bid
* Build in 10% "cushion" so funds will not come up short- if unused will go towards mortgage
* Can put up to 6 months of payments into the loan for … (8 comments)
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mortgage insurance: WHAT IS MORTGAGE INSURANCE? - 08/02/08 08:44 PM
Mortgage insurance, simply put, is insurance for the lender which insures the lender against a borrowers default on their mortgage. If a borrower defaults on his or her mortgage, then the mortgage insurer pays the balance owed to the invester who owns the loan. Mortgage insurance is not he same as home owners … (4 comments)
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mortgage insurance: MORTGAGE INSURANCE - GOOD OR BAD? - 08/02/08 08:18 PM
Do you have to put 20% down to avoid private mortgage insurance? The answer is ABSOLUTELY NOT! Nobody wants to pay it, and the pool of buyers that have 20% down payment are decreasing with the ever tightening underwriting guidelines outlined by Fannie Mae. With a mid credit score of at … (0 comments)
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mortgage insurance: We're from the Government and we're here to Help..... - 07/30/08 11:01 AM
This my friends, is by definition, an Oxymoron.
Although I beleive there is a place for government regulation in the Mortgage Industry, all to often they create feel good legislation that causes more problems than it's intended to solve. The biggest problem being politicians are so consumed with being able to say that they … (3 comments)
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mortgage insurance: HUD on Housing Bill - Not real happy? - 07/28/08 03:06 PM
HUD Secretary Steve Preston in a press release hints that the Housing Bill will force FHA to "increase prices on all customers or eliminate its refinancing program for subprime borrowers at a time when they need it the most. "
The press release regarding FHA provisions in the Housing Bill is available on … (6 comments)
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mortgage insurance: Short Sales and PMI - 07/14/08 06:06 PM
The deeper I get into figuring out short sales, and how to sucessfully get them closed, the more I'm suprised how many people (including the "experts" that teach at our local board of Realtors) are unaware of how PMI plays into the equation. There are 3 questions you need to ask … (5 comments)
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mortgage insurance: FHA's new HUD Rules on Mortgage Insurance in Effect Today - 07/14/08 11:13 AM
Today (July 14, 2008) is the day for the new HUD rules for risk-based UpFront Mortgage Insurance Premium (UFMIP) and Monthly Mortgage Insurance Premium (MMIP) go into effect.
How will they affect you and your buyers seeking an FHA Loan?
Recently, a client called and asked me several questions about various loan … (0 comments)
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mortgage insurance: Declining Markets - 07/11/08 11:15 AM
Fannie Mae recently revised their declining markets policy. In a nutshell, their terms are:
Maximum 97% Loan to Value (LTV) on conventional/conforming loans regardless of the market with their proprietary Desktop Underwriter (DU)/Automated Approval, and 95% LTV maximum financing if the loan is underwritten outside of DU (manually).
You can see this … (13 comments)
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mortgage insurance: FHA Mortgage Loans Get Updated Mortgage Insurance Premiums - 07/10/08 03:00 PM
This just in... FHA Mortgage Insurance Premiums are going to CHANGE effective July 14, 2008. The change is designed to shift the burden of the FHA Mortgage Insurance costs to the higher risk borrowers. Basically, borrower characteristics showing the highest instance of default will pay higher premiums and vice-versa.
FHA Mortgage … (0 comments)
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mortgage insurance: Denver Real Estate, No Where to Go but up! - 07/08/08 12:26 PM
PMI, Private Mortgage Insurance, is required on most mortgage loans in which the borrower has less than a 20% equity position. These insurance companies charge the borrower a premium to benefit the mortgage lender in case of default. Part of their insurance rate analysis includes an in-depth analysis on the potential for … (0 comments)
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mortgage insurance: Key Benefits of VA loans - 07/01/08 09:52 PM
1000 Moves Daily.
600,000 Home Loans Annually.
70 Million Potentially Eligible Consumers.
So, Are You Asking ..."Are You VA Eligible?" I will!!
What Are the Key Benefits of VA Financing - here are some highlights...
Wells Fargo offers total loan amounts up to $999,999 (amounts above $700,000 are on an exception … (3 comments)
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mortgage insurance: FHA Mortgage Insurance changes - 07/01/08 05:24 PM
Effective this month, FHA mortgage insurance becomes risk based. There are changes to both the upfront mortgage insurance premium (UFMIP) and the yearly (paid monthly) premium. That means that the higher the loan to value and the lower the credit the higher the premium is. At the same time, the lower … (0 comments)
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mortgage insurance: Don't forget the upcoming changes in FHA! - 06/28/08 12:17 PM
As of July 14, 2008 FHA will implement - for the first time in history - credit score driven rules that will dictate the amount of Upfront MIP added to a loan and how much monthly MIP will be added to the house payment. Upfront Mortgage Insurance premiums will range from … (2 comments)
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mortgage insurance: Want to help your clients get a great loan? 96% with NO mortgage insurance - 06/27/08 12:09 PM
I wanted to share this with everyone, because it could be a great benefit for your clients. Especially with the private mortgage insurance (PMI) companies cracking down and making it more and more difficult for borrowers to get PMI. This is a great loan that can really help people trying to purchase … (0 comments)
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mortgage insurance: Want to help your clients get a great loan? 96% with NO mortgage insurance - 06/27/08 12:06 PM
I wanted to share this with everyone, because it could be a great benefit for your clients. Especially with the private mortgage insurance (PMI) companies cracking down and making it more and more difficult for borrowers to get PMI. This is a great loan that can really help people trying to purchase … (0 comments)
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mortgage insurance: Want to help your clients get a great loan? 96% with NO mortgage insurance - 06/27/08 12:02 PM
I wanted to share this with everyone, because it could be a great benefit for your clients. Especially with the private mortgage insurance (PMI) companies cracking down and making it more and more difficult for borrowers to get PMI. This is a great loan that can really help people trying to … (0 comments)
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mortgage insurance: Conventinal Mortgage Insurance Update - 06/17/08 02:49 PM
I have mentioned in an earlier topic about the FHA mortgage insurance changes that will become effective on July 14th. These changes are just a shift toward a credit score and loan to value of the property based system(risked based pricing).
The changes that will be mentioned below reflect one Mortgage Insurance company, however they all … (1 comments)
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mortgage insurance: The Clear Facts on FHA - 06/17/08 12:59 PM
Below is some good information on FHA. I'd also like to note that FHA does allow for compensating factors to help offset something's. For example, if someone has had an isolated late payment recently. Also, if we run it through the decision engine and get an automated approval we can go … (2 comments)
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mortgage insurance: Military and Mortgage Insurance - 06/16/08 07:51 PM
I am a REALTOR and not in the insurance business so talk to your insurance company about this but this is something you need to be aware of.
This has happened in my own home and I have been questioned by clients as well so I thought I would bring it … (0 comments)
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mortgage insurance: FHA makes Changes to Mortgage Insurance Policy - 06/16/08 12:00 PM
In the past, FHA has had a mandatory 90 Day waiting period to insure recently foreclosed properties. However, today the "Bush Administration...announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties."
This policy will be in place for one year and … (6 comments)
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mortgage insurance: Mortgage Insurance Companies Maximum LTV and CLTV in Declining markets - 06/16/08 10:11 AM
I thought this table showing the different Mortgages Insurance companies and their rules and guidelines for declining markets would be helpful for all of us. As most of us know, it's not enough to have lender approval anymore as the MI companies can ultmiately dictate how deals get done. The nice … (2 comments)
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mortgage insurance: Lender Update - LTV Changes are HERE ;) - 06/12/08 04:18 PM
I alluded to this several weeks ago (sorry for my absence I was quite sick for nearly 3 months) and now the time has come. The Mortgage Insurers are broke and have to fix it. This is nationwide regardless of the strength of your market area. According to most Mortgage Insurers … (4 comments)
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mortgage insurance: FHA lowers up front mortgage insurance premiums (MIP) for qualified borowers - 06/12/08 12:40 PM
FHA switches to Risk Based Pricing & variable up front Mortgage Insurance Premiums (MIP)
The Federal Housing Administration (FHA) is moving ahead with risk-based pricing to refinance more subprime borrowers into safer and less expensive FHA-insured loans and attract more creditworthy borrowers.
It's the first time in FHA's 74-year history they are going … (2 comments)
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mortgage insurance: Fannie Mae and Freddie Mac relaxing guidelines? - 06/11/08 10:53 PM
late last week I received several emails concerning Fannie mae and Freddie mac relaxing their stance on maximum financing in "Declining Markets" for several months this spring we were limited to either 92% or 95% financing in MN depending on several factors. It became a huge headache to figure out what … (1 comments)
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mortgage insurance: FHA updates on mortgage insurance - 06/09/08 06:12 PM
As you know there are going to be changes with FHA. Below is some infromation on the changes with the upfront mortgage insurance premium (UFMIP) and the annual mortgage insurance premium (Annual MIP) for 30 year terms. They will now be based on the credit score and loan to value. The … (0 comments)
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mortgage insurance: Lenders Hampered by Mortgage Insurance - 06/06/08 07:05 AM
(Birmingham, AL) The most recent fallout from the mortgage crisis that began last summer is now rearing it's ugly head in the form of Fannie Mae approved loans that cannot get insured by Mortgage Insurance companies.Mortgage insurance companies, spurred on by recent recommendations in congress, are tightening their credit standards for … (5 comments)
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mortgage insurance: The Clear Facts on VA - 06/04/08 05:42 PM
The Clear Facts on VA
What it is:
• Benefit for Military Personnel (active duty, veterans, reservists, surviving spouses).
• VA will guarantee up to 25% of the mortgage
Customer benefits:
• Eligible for 100% financing under most circumstances. There will not be a 5% reduction … (8 comments)
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mortgage insurance: 10 Commandments to Customer Service - 06/04/08 05:29 PM
Check this out...................worth looking at to all of us who truly serve our clients! Not a quote, but I still thought it was good to post.
Attitude is EVERYTHING........
1. A Customer is the most important person in any business.
2. A Customer is not dependent on us; we are dependent … (2 comments)
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mortgage insurance: Declining markets - MI company response - 06/01/08 01:46 PM
A big question about the GSE's declining markets policy is whether lenders and MI companies will honor the effort to open lending to these areas. Fortunately, Chattanooga has not been designated a declining market, but the possibility had crossed my mind. Not so much now, as the market locally seems to be … (0 comments)
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mortgage insurance: Confused about Mortgage Insurance? - 05/29/08 11:50 PM
I want to help you compare borrower-paid mortgage insurance (BPMI) and lender paid mortgage insurance (LPMI) because soon you may be faced with choosing between them.
Your choice could depend on several factors. The key questions to ask yourself are...
• How long do I expect … (0 comments)
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mortgage insurance: Remember the "Farm Home Loan"? Now called the Guarenteed Rural Housing Program - 05/18/08 11:46 AM
I wish to shine a light on to a little known or understood agency called the USDA. We have a "local" area office in Mt Vernon WA. There is another one located down near Olympia WA. This agency is one of the few that actually have a constructive outreach to … (5 comments)
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mortgage insurance: Dear Mortgage Insurance Underwriter, - 05/14/08 02:38 AM
I've got two perfectly good short sale negotiations that have been shot down by your Mortgage Insurance Company and I'm not happy!
I'm not talking about Mortgage Insurance that the Homeowner had.
No. That would be too easy.
I'm talking about a dark, sinister, evil form of MI that is … (21 comments)
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mortgage insurance: Fannie Mae Tightens Its Guidelines - 05/10/08 02:53 PM
Fannie Mae has announced that it will be making changes to its automated underwriting system, Desktop Underwriter effective May 31. This move is the latest round of tightening in underwriting guidelines in recent months. These changes have restricted private mortgage insurance to a maximum of 97% financing and imposed pricing adjustments … (3 comments)
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mortgage insurance: The best mortgage available hands down - 05/07/08 04:05 PM
Our Community Development Mortgage Program can really open up doors for a lot of people. I often have people ask me what the catch is and comment that it is too good to be true. I close these loans every month though. This loan is designed to help low to moderate … (0 comments)
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mortgage insurance: The best mortgage available hands down - 05/07/08 03:57 PM
Our Community Development Mortgage Program can really open up doors for a lot of people. I often have people ask me what the catch is and comment that it is too good to be true. I close these loans every month though. This loan is designed to help low to moderate … (9 comments)
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mortgage insurance: 100% Financing AND No Mortgage Insurance: A Home Buying Strategy - 04/29/08 01:13 PM
100% Financing AND No Mortgage Insurance: A Home Buying Strategy
No down payment, 100% financing, no money down - these phrases are not often heard in today's mortgage environment. Most mortgage professional are now touting FHA ,or 3% down. There are two mortgage products that allow 100% financing and also eliminate the need for mortgage insurance. One of my clients … (0 comments)
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mortgage insurance: Goverment Mortgage Insurance Claims Jump - 04/26/08 12:45 PM
According to government data released thios week, Claims on Federal Housing Administration mortgage insurance rose by 61 percent last year, compared to what it was five years ago. These pay offs allowed more than six in 10 home owners who defaulted on FHA-insured loans to stay in their homes, up from … (0 comments)
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mortgage insurance: Brockton Buyers Can Now Receive 100% fianancing - 04/25/08 09:13 AM
On Wednesday, The Brockton Housing Partnership established a program that will enable buyers to receive 100% financing on the purchase of foreclosures and short sales. This move will also put protections in place that will make sure these consumers do not default on their loans. Mass Housing will be providing borrowers … (2 comments)
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mortgage insurance: Keepin' up, on the up & up! 100% Financing, A Hui Ho - 04/24/08 06:23 AM
(original posting 4-10-2008)
Important news about 100% financing, please read
Aloha!
Mortgage interest rates haven't changed much over the past two weeks hovering around 5.625% despite that the big picture has been relatively gloomy. Even though bad news for the economy usually means good news for bonds and mortgage rates we haven't seen the … (2 comments)
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mortgage insurance: PMI deduction: Are you aware? - 04/10/08 12:15 PM
New mortgages originating from 2007-2010 are applicable for a PMI deduction on your taxes
The break, called the qualified mortgage insurance deduction, lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance. Those who earn less than $109,000 can take a write-off for part … (5 comments)
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mortgage insurance: Mortgage Insurance 101 - 04/01/08 09:55 PM
In this short video, Dave Kosmecki explains the basics on Mortgage Insurance. What is it? Why is it necessary? Who pays for it? Based upon my 27 years of experience, I see so much confusion about mortgage insurance. I also see people doing everything possible to avoid it. Mortgage insurance … (0 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 … (17 comments)
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mortgage insurance: Major Atlanta Mortgage Guideline Changes - 03/29/08 08:56 AM
Things continue to change very rapidly on the home financing front. Over the past 9 months we have seen many areas such as Florida, California, and the northeastern US labeled as “declining markets” by Fannie Mae and Freddie Mac. Recently, mortgage insurance companies have set their own standards for declining … (5 comments)
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mortgage insurance: More Mortgage insurance problems for the Boise area - 03/24/08 06:31 PM
last week the Treasure Valley was designated a "declining market" by 2 of the major mortgage insurance companies. I would expect the rest to follow. What does this mean?
No matter what approval you have from the lender, you now have a situation where the mortgage insurance companies will not insure up … (1 comments)
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mortgage insurance: Winter Garden Fl. real estate - Will my mortgage insurance cover the difference if I default on my loan - 03/21/08 04:20 PM
If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?The mortgage insurance is not there for your protection, just the lender's. If you are paying PMI (private mortgage insurance) it is there to protect the lender in case you default on your loan. You … (0 comments)
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mortgage insurance: Orlando Florida real estate - Will my mortgage insurance cover the difference if I default on my loan - 03/21/08 04:11 PM
If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?The mortgage insurance is not there for your protection, just the lender's. If you are paying PMI (private mortgage insurance) it is there to protect the lender in case you default on your loan. You … (0 comments)
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mortgage insurance: Is the government saving our market? - 03/16/08 10:33 AM
FHA Loan Limits increase in Salt Lake County
How does $729,750 sound? Yeah, I fell off my chair, too! That's more than double the old limit.
FHA insured loan limits are now $729,750 for Salt Lake County. These loans will be a shot in the arm to the luxury market across the … (2 comments)
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mortgage insurance: Mortgage Insurance Change - 03/14/08 11:28 PM
Republic Mortgage Insurance Company released in their notes yesterday, that they will not insure any loan with a greater than a 97% loan to value/ combined loan to value ratios (LTV/CLTV) regardless of any automated underwriting decisions.
Also any declining markets they are going to add a 5% margin so … (1 comments)
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mortgage insurance: Denver Is 1 Of 12 Lowest Risk Areas For Price Devaluation In The Nation - 03/13/08 06:49 PM
Denver is 1 of Only 12 of the nations 50 Metropolitan areas have a low risk of price declines, according to the PMI Mortgage Insurance companys Winter 2008 Market Risk index. This index is based on the 3rd quarter Office of Federal Housing Oversight data, and ranks the 50 largest … (1 comments)
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mortgage insurance: Mortgage Insurance Changes - 03/12/08 02:08 PM
Due to the continued turmoil in the credit markets, all Mortgage Insurance companies have implemented new minimum credit score requirements. This is effective on conforming (Fannie Mae & Freddie Mac) and agency (A-) loans and will likely be standard with most lenders by the end of the month.For manually underwritten, DU and … (0 comments)
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mortgage insurance: Higher FHA Limits in Idaho - 03/10/08 11:53 AM
The new FHA loan limit is now $271,050 versus $230,850. This puts most of the homes in the state under this limit. As conforming loans have more restrictions and guideline changes, FHA has got several advantages:
No minimum credit score. Instead the underwriter will look at the credit history and determine their … (0 comments)
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mortgage insurance: The Right Question: "How Much Do I Want To Spend On Housing Each Month?" - 03/06/08 02:41 PM
One of the most popular questions that home buyers ask real estate and mortgage professionals is "How much home can I afford?"
It's a normal question to ask, but it's not the most effective way to plan your finances.
Banks will almost always approve you for a home loan in excess of … (0 comments)
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mortgage insurance: Mortgage Insurance Guidelines Tighter - 03/06/08 01:36 PM
Mortgage Insurance Guidelines TighterFaced with a surge in claims, mortgage insurance companies (which reimburse lenders when borrowers don't pay their mortgages) have tightened their guidelines for borrowers to qualify for mortgage insurance. Mortgage insurance is a monthly premium that borrowers usually must pay if they are borrowing more than 80% of … (0 comments)
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mortgage insurance: Mortgage Insurance Bad or Good? - 03/04/08 03:31 PM
I have been a mortgage lender since 1995 and have heard every negative comment, story, rant, and opinion about Private Mortgage Insurance (PMI). I never really understood why people had such strong negative opinions about PMI. I would, from time to time, try and explain that without PMI most people wouldn't … (3 comments)
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mortgage insurance: Mortgage Insurance - 03/04/08 12:12 PM
Pierce County takes another hit. With declining values and high foreclosure rates, some companies are now restricting zero down loans. Their ability to obtain MIP is the key reason. Other then creative ways for sellers to contribute, what ways do we see this going . Any ideas? … (0 comments)
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mortgage insurance: Changing times in the mortgage industry in Texas - 02/29/08 08:50 PM
We have seen some pretty significant changes in the mortgage industry this past week. 100% financing is still available but you must have at least a 680 credit score to obtain. Some of the major banks are taking away the 100% programs all together and limiting maximum financing to 95%. The … (0 comments)
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mortgage insurance: WHY MAKING LESS THAN A 20% DOWN PAYMENT IS GETTING MORE COSTLY - 02/28/08 03:29 PM
Private Mortgage Insurance (PMI) is an insurance policy paid to a lender in the event that a homeowner defaults on his home loan.
These defaults are up 35 percent over last year, according to an industry group -- bad news for all homeowners requiring PMI with their mortgage.
Much like home insurers adjust premiums … (0 comments)
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mortgage insurance: MGIC - Is there good news in their $1.67 billion loss? Yes.... - 02/28/08 10:41 AM
Mortgage insurance giant MGIC issued their 4th quarter and 2007 figures this month. Included was a $1.67 billion (with a B) loss.
Many people only read the headlines on stories like this, then they would rather shoot their PC than read more doom and gloom.
I fought the urge and read … (0 comments)
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mortgage insurance: Removing mortgage insurance - 02/25/08 09:02 PM
Removing mortgage insurance is something that can happen when the loan-to-value of your home mortgage reaches 80% or less. This happens as a result of two things, paying down principle and your house appreciating. If you get to the point where you think your mortgage balance is less than 80% of … (4 comments)
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mortgage insurance: MORE Lending Changes - NEW Mortgage Insurance Guidelines - 02/14/08 03:53 PM
It just got harder to finance greater than 95% financing. Here is an excerpt from one Mortgage Insurance Company. All three companies that I have checked so far are making similar changes.These changes only affect conventional Fannie and Freddie loans - regardless of AUS (Automated Underwriting System) findings. Government loans (FHA, … (4 comments)
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mortgage insurance: PMI Company's ARE Imploding-IF You Need 100% Financing-DO IT NOW-RULES HAVE CHANGED - 02/13/08 05:48 PM
Minneapolis Area Mortgage Broker-Venture Development-Edina Minnesota
Unless you are in the mortgage industry, you probably haven't heard about the Mortgage Insurance Industry is experiencing HUGE losses. Public company MGIC Investment Corp-symbol MTG just announced today that they lost 1.5 BILLION DOLLARS LAST QUARTER ALONE. PMI Group-symbol PMI and Radian Group Inc-RDN might be … (0 comments)
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mortgage insurance: FAQ's of Reverse Mortgage Settlement - 02/12/08 12:24 PM
We all know that Reverse Mortgage Settlements can be tricky. You need an experienced closer that is patient and professional. Advantage Title's Reverse Mortgage Team has closed hundreds of reverse mortgage transactions. We have put together the 5 frequently asked questions that arise during the settlement. Your borrowers will feel more … (17 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 … (14 comments)
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mortgage insurance: Make Your Lender Pay Your Mortgage Insurance! - 02/03/08 01:53 PM
**Click Here for The Original Post on http://www.wealthwithmortgage.com/2008/01/lpmi-vs-pmi.html!**
If you're considering to finance over 80% of the purchase price (or appraised value on a refinance) of a home, you'll want to know how you can do it. You may believe the myth that you must carry private mortgage insurance (PMI). The good … (1 comments)
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mortgage insurance: Mortgage Pro Week in Review -- 01/14/08 through 01/20/08 - 01/21/08 10:47 AM
I was honored when Jeff Belonger asked me to write this review. It gave me a real opportunity not only to get my name out here, but to really have more time to read about what people are writing about. And holy cow....you all write a boat load about more than … (19 comments)
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mortgage insurance: Help is on the way - New Consumer Tax Laws for 2008 - 01/20/08 10:54 AM
Here are just a few important laws that may help get the housing market moving again this year...
In case you haven't heard - the Mortgage Forgiveness Debt Relief Act of 2007 is designed to save the day... at least it's supposed to make sense for sellers in the long term. To sum it up briefly:The … (1 comments)
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mortgage insurance: Putting the lie to the media's "national" housing crises - 01/18/08 05:30 PM
Seeing this graph inspired me to post again. It is the Private Mortgage Insurance (PMI) Risk Index for 2008-2009. This kind of puts the "lie" to the media's continued reporting of a "national" housing crises. PMI basically insures risk. They understand risk. They forecast risk. If they miss it is very … (0 comments)
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mortgage insurance: Make Your Lender Pay Your Mortgage Insurance - 01/17/08 11:08 AM
**Click Here to See The Original Post on wealthwithmortgage.com**
If you're considering to finance over 80% of the purchase price (or appraised value on a refinance) of a home, you'll want to know how you can do it. You may believe the myth that you must carry private mortgage insurance (PMI). The good … (0 comments)
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mortgage insurance: The Why Behind Private Mortgage Insurance - 01/17/08 11:00 AM
**Click here for the original post on wealthwithmortgage.com**
Let's start out by turning the tables here and putting you in the position of a bank. Say someone comes to you and wants to borrow money on a house. They say want to put borrow 100% and put absolutely no money down. They've … (0 comments)
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mortgage insurance: President Bush Signs a 3 Year Extension to the Income Tax Deduction for Mortgage Insurance - 01/17/08 07:00 AM
President Bush Signs a 3 Year Extension to the Income Tax Deduction for Mortgage Insurance
On December 20, 2007 President Bush signed into law legislation that will allow homeowners with mortgage insurance (those with less than 20% down payment) to deduct the cost of their mortgage insurance from their taxes. This … (1 comments)
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mortgage insurance: MI (Mortgage Insurance) Vs. Sub-Prime Mortgage Programs Things You Should Know - 01/16/08 09:39 AM
MI (Mortgage Insurance) Vs. Sub-Prime Mortgage Programs Things You Should Know
With the Mortgage Industry facing huge losses in the Foreclosure and Short Sale area's, Mortgage Insurance (Mortgage Insurance is required when you have less then 20% equity) companies have changed rates to help compensate their losses as well. Mortgage Insurance is … (14 comments)
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mortgage insurance: An Advantage to Buying a Home - The PMI Tax Deduction - 01/15/08 12:03 AM
Do you remember the Tax Relief and Health Care Act of 2006?
This signed legislation will allow 2008 and 2009 homebuyers to deduct premiums paid for mortgage insurance - which typically is required when homebuyers purchase a home with less than a 20% down payment.
This new insurance premium … (1 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 … (7 comments)
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mortgage insurance: Federal Deductions on Mortgage Insurance Extended through 2010 - 01/02/08 10:03 PM
Congress has extended the federal tax deduction allowing homeowners with low down payment mortgages to deduct the cost of their government or private mortgage insurance premiums for three more years. Qualified borrowers will be able to take the deduction if their insured mortgage originates between January 1, 2007 and December 31, … (0 comments)
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mortgage insurance: PMI stays Tax-Deductible for next THREE years! - 01/02/08 04:54 PM
President Signs Three-Year Extension of Federal Tax Deduction for Mortgage Insurance Premiums
THE WHITE HOUSE - Legislation to extend the federal tax deduction allowing homeowners with lowdown-payment mortgages to deduct the cost of their government or private mortgage insurance premiumsfor three more years has been signed into law by President Bush. … (2 comments)
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mortgage insurance: LATE PAYMENTS ON MORTGAGE PAYMENTS A CONCERN OF MORTGAGE INSURANCE PROVIDERS - 12/31/07 11:49 AM
* * * * DANGER, HARD CORE REAL ESTATE TALK AHEAD * * * *
DOWN PAYMENT OR PRIVATE MORTGAGE INSURANCE??
The Mortgage Insurance industry is not happy with the present state of the housing industry. Defaults are affecting their bottom line too.
A little noticed cost in many mortgage payments … (8 comments)
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mortgage insurance: Great News! IRS Revision Bill HR3648 Passed, Phantom Income No More! - 12/26/07 01:13 PM
This past Thursday, December 20th 2007, the the president signed IRS Revision Bill HR3648 into law.
Previously, if someone sold their home "short", or negotiated a "short sale" (sold their house for less than what was owed to their lender, and the lender simply forgave the difference) the IRS considered the debt that was forgiven to be … (0 comments)
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mortgage insurance: A Small Gift To You From Your Uncle, Sam. - 12/22/07 10:24 PM
You likely didn't see it in the news, but Congress renewed a key piece of legislation that could help to add some ballast to the already unstable mortgage markets.
The legislation, similar to a bill first passed in 2007, gives home buyers an itemized deduction for the mortgage insurance paid in conjunction with … (0 comments)
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mortgage insurance: Mortgage Insurance Premium Deductible from Your Taxes - 12/21/07 06:34 PM
The home mortgage insurance tax deduction has been extended through the year 2010. Mortgage insurance was created to allow buyers with low down payments the ability to increase their buying power and open their options to additional home buying opportunities in the marketplace.
Households with adjusted gross incomes of $100,000 or … (0 comments)
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mortgage insurance: PMI Tax Deductibility Extended to 2010 - 12/21/07 10:21 AM
Earlier this year, congress passed H.R. 6111, the Tax Relief and Health Care Act of 2006 to allow homeowners who purchased or refinanced a home in 2007 to deduct the private mortgage insurance (PMI) premiums that they pay in their loan payments. PMI is required when a borrower puts less than … (3 comments)
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mortgage insurance: Lower Down Payment Rules for Mortgage Default Insurance - 12/21/07 09:56 AM
The federal government announced April 20, 2007 it was lowering the minimum down payment requirement for mortgage default insurance from 25 per cent to 20 per cent. This is good news for homebuyers, and homeowners looking to refinance. The new legislation within Bill C-37 affects all mortgages or loans on residential … (0 comments)
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mortgage insurance: Mortgage Insurance is going to continue to be tax deductible for borrowers! - 12/19/07 03:28 PM
Turbulence in the mortgage marketplace has been big news in 2007. But here's something bigger...and better! MI Tax Deductibility is back and this time for three more years. This week, our United States Congress has approved or renewed several tax relief measures to keep the dream of homeownership alive for both … (0 comments)
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mortgage insurance: Remind Your 2007 Buyer Clients about the Tax Relief and Health Care Act of 2006 - 12/17/07 02:55 PM
One of my annual mailings that keep me in touch with my clients is the HUD-1 from their closing. In January 2008, I will be including a little extra note. Do you remember the Tax Relief and Health Care Act of 2006?
This signed legislation will allow 2007 homebuyers an opportunity to … (6 comments)
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