fha: When is it a good time to Refinance? - 01/31/15 02:09 AM



When is a good time to refinance?
There are various considerations when evaluating a possible refinance, the most obvious one being to get a lower rate. Yet, while a lower rate can motivate someone to refinance a mortgage, there are questions that need to be asked - and answered. And, there is an easy way to find out if a refinance is worthwhile.
How much lower does the rate need to be?
When you hear that interest rates have fallen, how much lower should the rate be before jumping into the refinancing waters? The answer is not in … (4 comments)

fha: Beware of FHA Changes - 04/17/11 02:46 AM
FHA Announced that they will be changing their Mortgage Insurance Premiums AGAIN, effective April 18, 2011. 
FHA does not underwrite mortgages - they insure them against default, just like Private Mortgage Insurance Companies.  Because of this, they determine their own guidelines for underwriting the file, and they set their own rates.
There are currently two types of Mortgage Insurance or PMI associated with every FHA loan we make.
Up Front Mortgage Insurance Premium (sometimes referred to as UFMIP):  The current rate on this premium is currently 1 percent of the loan amount.  At THIS TIME, if you sell the property or … (4 comments)

fha: Options You Didn't Know Existed ...Anymore - 02/01/11 03:48 AM
 
Today’s lending world primarily consists of Vanilla, Chocolate & Strawberry; and the occasional Neapolitan – Or, in lending terms, Conventional, FHA, VA & USDA Rural Development.  What you may not know is that there are some lending options available that can make a formerly disqualified transaction, possible.  
 
FHA 203k – A client of yours that qualifies for FHA financing who keeps finding interest in “AS IS” listings (foreclosures, distressed sellers with no money for improvements, short sales etc…), may qualify for a 203k renovation loan.  There are two types of 203k loans.  The streamline version for improvements such as … (5 comments)

fha: FHA Changes MIP Calculation ...Again - 08/10/10 02:17 PM
 
STATEMENT BY DEPUTY ASSISTANT SECRETARY VICKI BOTT
Tuesday, August 10, 2010
 
“Last week, FHA Commissioner David H. Stevens announced plans for implementing FHA’s new mortgage insurance premium structure. As we work to publish a Mortgagee Letter, it is our intention to announce that based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4, 2010.
 
“Over this past week, the industry responded with support of the new fee structure, but voiced strong concern about having … (1 comments)

fha: Time to Buy BUT Is it Time to Sell? - 02/10/10 07:55 AM
Sure you've read that today is a great time to buy a home.  And, after consideration of the facts, now you're in agreement.  But, if you currently own a home and are tossing around the idea of moving, should you sell now?  ...In this "market"?  With all due respect to the main stream media but by the time they report this, the brevity of the opportunity of NOW might have passed.  Consider the following points and decide for yourself if you should list now. 
Higher Interest Rates Are Coming! – Less Buyers Will Be Able to Afford The Same Home … (4 comments)

fha: Shopping Around? Here is how to do it right! (Part 1) - 09/18/09 03:40 AM
First:  make sure you are working with an experienced mortgage professional.  This is likely the largest financial transaction of your life and it is far too important to place into the hands of someone who is not capable of advising you properly and foreseeing the issues that may arise along the way.  But how can you tell? 
Well... Early on in my career, I learned from other industry leading professionals that there is a vast difference in financial literacy when it comes to the mortgage industry professionals.  Thanks to those same folks, I've also picked up qualifying questions that may help my contacts shop … (1 comments)

 
Steve Combs, Custom Mortgage Planning ...For Life! (Cornerstone Home Lending Inc)

Steve Combs

Custom Mortgage Planning ...For Life!

California, MD

More about me…

Cornerstone Home Lending Inc

Address: 23076 Three Notch Rd, Suite 101, California, MD, 20619

Mobile: (301) 672-8771

Office: (301) 476-4100



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