lenders: SNOOZE AND LOSE?
- 06/27/15 10:45 PM
The longer you wait to buy a home, the more it can cost you. Here’s what potential buyers should know about acting now to get in the market
Many a fisherman has a story about the big one that got away. But years from now many a would-be homeowner could have a tale about the dream home that got away because they didn’t reel in the big catch in time, say the experts. A recent report published by Realtor.com indicates that the financial consequences of postponing or passing on a home purchase in the current market could prove to be quite costly. The report suggests … (4 comments)
lenders: How Fannie Mae Could Boost Your Home's Value in 2015
- 12/07/14 09:45 PM
It has been difficult to get a mortgage since the financial crisis, so this could easily give the real estate market a kick-start going into 2015. Why is it so difficult to get a mortgage? Of course, if you have great credit, low debt, a rock-solid employment history, and the ability to pay 20% down, then it isn't terribly difficult to get a mortgage. However, it can be difficult for anyone outside of the top tier, unless they want to pay up for a super-expensive FHA loan. According to the latest Ellie Mae Origination Insight Report, the average credit score … (0 comments)
lenders: Lenders using new criteria to determine credit risk in mortgage loans
- 10/15/13 09:09 PM
A low credit score doesn’t necessarily result in an automatic turn down for a mortgage loan. Mortgage lenders are looking for borrowers who are good risks, even though they may have little or no credit history. Lenders are now looking at additional criteria, some that they may not have considered a few years ago, in order to find new home buyers who are good risks, even though their credit score may not show it. Those most likely to gain from this new way of looking at financial history include young adults and new immigrants. They are more likely to be … (0 comments)
For decades, prospective homeowners have turned to the Federal Housing Authority (FHA) for special mortgages that have lower down payments, lower closing costs and easier credit qualification standards. However, in the coming months, potential homebuyers will be subject to increased costs and face tough credit requirements if they’re on the search for FHA loans.
Higher fees for a longer period of time Starting April 1, 2013, borrowers will pay a mortgage insurance premium rate of 1.35 percent, up 0.1 percent from 1.25 percent. The rate hike may not sound like a major difference but, combined … (1 comments)
lenders: Still Paying PMI?
- 12/30/12 08:56 PM
If you are carrying mortgage insurance on your home loan, you may be wondering how long you will need to hold this policy. Although you have some say in the matter, your lender can also determine how long you will be required to carry this coverage. Private mortgage insurance (PMI) is designed to protect lenders in case borrowers default on their loan. Borrowers who put less than 20 percent down on a house are generally required to carry this coverage. If you are carrying PMI, there are some precautions you can take to avoid paying premiums beyond the necessary time. The … (0 comments)
lenders: For Your Clients: 7 Things All Borrowers Should Know About FHA Loans
- 07/02/10 09:31 AM
FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA)."We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87 percent today," said Christopher Gardner, founder and president of FHA Pros, LLC. "Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, … (0 comments)
lenders: What Is Going On With This Unfulfilled Program?
- 01/19/10 11:21 PM
We know there is massive red tape in large banking organizations but how can this be possible. If only 65,000 people are currently working with their banks to modify their loans and about 49,000 have dropped out of the program because they don't qualify, I would guess that the system is broken. This leaves almost 90% of the troubled loans in limbo waiting for something to happen. It is time to label this program a failure and take immediate action to generate a way of saving millions from losing their homes. We spent billions of dollars bailing out companies that were too … (1 comments)
The longer you wait to buy a home, the more it can cost you. Here’s what potential buyers should know about acting now to get in the market
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