mortgage chili blog: Understanding the FHA Mortgage Insurance Premium (MIP)
- 01/24/11 02:51 PM
The FHA Mortgage Insurance Premium is an important part of every FHA loan.
There are actually two types of Mortgage Insurance Premiums associated with FHA loans:
1. Up Front Mortgage Insurance Premium (UFMIP) - financed into the total loan amount at the initial time of funding
2. Monthly Mortgage Insurance Premium - paid monthly along with Principal, Interest, Taxes and Insurance
Conventional loans that are higher than 80% Loan-to-Value also require mortgage insurance, but at a relatively higher rate than FHA Mortgage Insurance Premiums.
Mortgage Insurance is a very important part of.......
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mortgage chili blog: Home Supplies Plummet, Putting Pressure On Prices To Rise
- 01/21/11 02:45 PM
Existing Home Sales surged 12 percent last month, closing 2010's housing market with strength. An "existing home" is a home that cannot be categorized as new construction; a resale.
According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures climbed by more than a half-million units in December as compared to November. It's the 3rd straight month of home resale improvement nationwide.
Sales volume is now as......
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Home Supplies Plummet, Putting Pressure On Prices To Rise
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mortgage chili blog: Building Permits Surge In December; Signals A Strong Spring Housing Market
- 01/20/11 02:44 PM
Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have "broken ground" in Florida and nationwide.
They're called "Housing Starts" and, by most measures, they faded quickly as 2010 came to a close.
According to the Census Bureau's report, Housing Starts of.....
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Building Permits Surge In December; Signals A Strong Spring Housing Market
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mortgage chili blog: Home Builders Slowed By Economy, But Seeing More Foot Traffic
- 01/19/11 02:57 PM
Homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders.
The monthly Housing Market Index registered 16 out of a possible 100. January's reading is three points higher than the 2010 low-point, set in September, and in-line with last year's average reading.
According to the NAHB, the market for newly-built, single family homes remains relatively weak "following a.......
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Home Builders Slowed By Economy, But Seeing More Foot Traffic
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mortgage chili blog: Is This Home Renovation Going To Be Worth It?
- 01/18/11 02:39 PM
Home remodeling projects can add function to a home, but don't always add value. Consider the latest report from Remodeling Magazine.
In it, the average cost of 35 projects are evaluated for the value they retain at the time of resale. Function beats flash, it seems, in today's housing market.
Expansive kitchens and custom vanities are returning less value to homeowners in Longwood on a......
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Is This Home Renovation Going To Be Worth It?
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mortgage chili blog: Top Five Market Factors That Influence Mortgage Rates
- 01/16/11 02:58 PM
Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals.
While there are several generic interest rate trend indicators online, the difference between what's advertised and actually attainable can be influenced at any given moment by at least 50 different variables in the market, and with each individual loan approval scenario.
Outside of the borrower's control, the mortgage rate marketplace is a dynamic, volatile, living and breathing animal.
Lenders set their rates every day based on......
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mortgage chili blog: Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low
- 01/14/11 02:53 PM
According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December.
"Foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
Like most months, a small number of.....
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Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low
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mortgage chili blog: Retail Sales Weak In December; Home Affordability Gets A Boost
- 01/14/11 02:42 PM
Consumers keep spending, the economy keeps growing.
Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010.
Excluding motor vehicles and auto parts, December's sales receipts were $1.5 billion higher from November. Analysts had expected a number north of $2 billion.
Despite falling short of estimates, however, December's reading is the highest in Retail Sales history, surpassing the previous record set in July 2008, set during the recession. In addition, December's strong numbers helped 2010's year-over-year numbers go......
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mortgage chili blog: Comparing Mortgage Rates For Adjustable- And Fixed-Rate Mortgages
- 01/12/11 11:08 PM
For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan.
Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac's weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent.
On a $250,000 home loan, a 1.02 differential yields a.....
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mortgage chili blog: How To Renegotiate Your Credit Card Interest Rates To Something Lower
- 01/11/11 02:52 PM
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.
According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won't pay off for 16,127 years. That's one reason why it's important to manage your credit card rates, and renegotiate them whenever possible.
In this 4-minute piece from NBC's The Today Show, you'll learn the tested tactics that can cut a credit card rate, and get monthly payments to a.......
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How To Renegotiate Your Credit Card Interest Rates To Something Lower
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mortgage chili blog: How To Repair A Scratched CD, DVD, Or Game Disc
- 01/11/11 02:38 PM
When your CDs, DVDs and game discs are "skipping", most times, a simple cleaning will set them right.
Make sure you clean your discs properly, though. Clean them the wrong way and you could damage your discs forever. You might also cause your electronic devices permanent damage.
There's lots of.......
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How To Repair A Scratched CD, DVD, Or Game Disc
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mortgage chili blog: Why Do I Need Mortgage Insurance?
- 01/09/11 03:13 PM
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value.
According to Wikipedia:
Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan.
It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.
PMI isn't necessarily a bad thing since it … (1 comments)
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mortgage chili blog: December's Job Report : Good For Home Affordability
- 01/09/11 02:48 PM
On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report.
More commonly called "the jobs report", the government's data include raw employment figures and the Unemployment Rate.
The jobs report hit the wires at 8:30 AM ET today. It's making big waves in the mortgage market and may help home affordability for buyers in Orlando this weekend, and would-be refinancers across Florida.
For this month, and for the rest of 2011, employment data will figure.....
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December's Job Report : Good For Home Affordability
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mortgage chili blog: Loan Costs Increasing April 1, 2011
- 01/09/11 02:40 PM
Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs.
Loan-level pricing adjustments are mandatory closing costs. They're assigned by Fannie Mae and Freddie Mac, and based on a loan's specific risk to Wall Street investors.
First constructed in April 2009, loan-level pricing adjustment are a means to help Fannie Mae and Freddie Mac compensate for "riskier loans" by bolstering their respective balance sheets.
Since the initial roll-out, Fannie and Freddie have amended adjustments five times. The pending April adjustment will be......
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Loan Costs Increasing April 1, 2011
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mortgage chili blog: The Fed Minutes Keep Mortgage Rates On Hold (For Now)
- 01/05/11 06:11 PM
The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn't much there to disturb mortgage markets, thankfully.
The "Fed Minutes" is an official recap of the most recent meeting of the Federal Open Market Committee. It's published 8 times annually, 3 weeks after the FOMC adjourns.
The Fed Minutes is similar to......
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The Fed Minutes Keep Mortgage Rates On Hold (For Now)
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mortgage chili blog: Pending Home Sales Rises To 6-Month High
- 01/04/11 07:23 PM
The housing market continues to expand, and surprise.
According to the National Association of REALTORS®, November's Pending Home Sales Index gained 3 percent from October. A "pending home sale" is a home under contract but not yet closed.
The index is now at its highest point since April 2010's federal tax credit contract expiration deadline.
If the tax credit really did "borrow" sales from the summer months, as has been theorized, housing has rebuilt its.....
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Pending Home Sales Rises To 6-Month High
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mortgage chili blog: Foods That Don't Belong In A Garbage Disposal
- 01/03/11 07:15 PM
When a garbage disposal clogs, a plumber's service call in Lake Mary can cost as much as $100 just for showing up. A "fix" could add even more to that bill.
To minimize the likelihood of costly repairs, therefore, be mindful of how your disposal works, and where its limitations lie.
Most clogs are the result of how certain food waste reacts with water and there's some items you......
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Foods That Don't Belong In A Garbage Disposal
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mortgage chili blog: Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?
- 01/02/11 09:45 PM
While the actual credit score has a big impact on a loan approval, it's not the only component of the credit scenario that underwriters consider for a mortgage approval.
Since loan programs, individual lenders and mortgage insurance companies all have their own credit report restrictions, it's difficult to define a standard Rule-of-Thumb to follow.
However, the number of "Open and Active Trade Lines" seems to be the common denominator in most approvals.
A trade line is basically a credit card, installment loan or other credit liability that is reported to the credit bureaus and displayed on a.....
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mortgage chili blog: Why You Shouldn't Put Too Much Faith In October's Case-Shiller Index
- 12/31/10 06:56 AM
The Case-Shiller Index posted awful numbers in its most recent reading. Each of the index's 20 tracked markets showed home price deterioration between September's and October's respective reports. Some markets fell as much as 2.9 percent.
The drop in values is nothing about which to panic, however. The Case-Shiller Index is just re-reporting what we already knew. It's a......
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Why You Shouldn't Put Too Much Faith In October's Case-Shiller Index
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mortgage chili blog: Housing And Mortgage Predictions For 2011
- 12/29/10 09:51 PM
With 2010 coming to a close, the "experts" are out in full force, making predictions for next year's housing and mortgage markets on business television and in the papers.
Predictions for 2011 are wide-ranging:
Some say home prices will rise in 2011 Some say home prices will fall in 2011 Some say mortgage rates will rise in 2011 Some say mortgage rates will fall in 2011 The problem with housing and mortgage predictions is.....
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Housing And Mortgage Predictions For 2011
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The FHA Mortgage Insurance Premium is an important part of every FHA loan.
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