monthly mortgage insurance: Understanding Mortgage Insurance – What does it all mean? - 05/19/11 03:39 AM

Understanding Mortgage Insurance and the different types The keys to home ownership can be tricky and confusing, unless handled by a true professional loan officer. You’ll sometimes hear loan officers and or realtors talk about one mortgage program over the other, telling you how great it is or that the monthly mortgage insurance is less than the other program. But wait, one main ingredient is still missing in this whole equation. What are the credit scores, aka fico scores. Why is this important?
When comparing a conventional loan to any other type of mortgage loan, many of the MI … (31 comments)

monthly mortgage insurance: FHA reminder regarding the monthly mortgage insurance changes - 03/26/11 03:51 AM

FHA announced over a month ago that the monthly mortgage insurance  is changing on some FHA loans and it goes into effect on April 18th, 2011. I wanted to put this important reminder out there because what you can purchase and or what you can afford could change a little.
I talked about such changes regarding the mortgage insurance changes in this article over a month ago. - FHA to increase the FHA monthly mortgage insurance -   Why would this news be so important?
Many think about refinancing to reduce their monthly mortgage payment, but haven’t pulled the trigger. This new change could make the difference of … (4 comments)

monthly mortgage insurance: USDA loans vs FHA loans – A true comparison – Part 2 of 2 - 03/11/11 01:55 AM
The mortgage industry keeps changing and just recently there have been new changes regarding both FHA loans and USDA loans. USDA loans were great because they had no monthly mortgage insurance, but that will be changing soon. The comparisons that I will be showing will be using the new changes for both FHA loans and USDA loans, even though these changes haven’t taken place as of yet. Here are those new changes and when they take place.
FHA loans will be increasing their monthly mortgage insurance as of April 18th, 2011 USDA loans adds monthly mortgage insurance starting October 1st, … (2 comments)

monthly mortgage insurance: USDA Loans in New Jersey - New Changes - Part 1 of 2 - 03/10/11 03:01 AM
There will be a major change regarding USDA loans in New Jersey and for all other states come the fall of 2011. USDA loans will now have annual mortgage insurance, which is also known as monthly mortgage insurance, which begins October 1st, 2011. This move was approved through Congress last year.
What will be collected and how much?  The charge will be .30 basis points. Example:

As it stands, there is no monthly mortgage insurance right now.  The monthly fee will be based on the guaranteed loan amount. You can use simple math and say for every $50,000, the … (19 comments)

monthly mortgage insurance: Important New Changes - FHA to increase the FHA monthly mortgage insurance (MMI) - 02/15/11 12:09 PM

Pull on the chin straps, because FHA has raised the annual mortgage insurance premiums which is known as the FHA monthly mortgage insurance. These changes are mentioned in Mortgagee Letter 11-10 and become effective on or after April 18th, 2011. The new change is 25 bps.
Now before many of you flip your top per se, keep in mind that Fannie Mae has a pricing change that goes into effect on April 1st, 2011.  Pricing Hikes for Conventional Loans in April 2011  And there is talk about conventional loans requiring 10 percent down, not 5 percent down. Will keep … (95 comments)

monthly mortgage insurance: FHA MIP vs Conventional PMI -- The online truths that are false -- Part 1 - 01/11/08 03:18 PM

MIP update as of 10/1/08  -- New Upfront Mortgage Insurance Premium Changes
Educating the consumer is sometimes the simplest in form, but can be so misleading by those that don't do their research or know what they are talking about. I tell people that I am not god nor am I perfect, but I do consider myself to be very good at what I do. And if I am not sure, I do my research to make sure that it's very accurate.
As I have conversations with others in the real estate profession, it becomes scary to when I … (14 comments)

monthly mortgage insurance: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance -- Refunds -- Part 3 of 3 - 08/18/07 04:18 AM

FHA upfront MIP refunds can some what be confusing at times because there are certain dates involved. The refund process has changed about 3 to 4 times in the last 15 years.  In part 1, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance, I talked about the basics of the upfront charge and the monthly insurance.  In this section, I will share with you the types of refunds that are allowed.
The different refunds and their dates: 
The old rule was that if you had paid your off either by selling your house or refinancing in 7 years or less, that you … (10 comments)

monthly mortgage insurance: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 2 of 3 - 08/17/07 12:08 PM
In the first part, FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works, I talked about how the upfront mortgage insurance and the monthly mortgage insurance worked. After visiting several web sites describing FHA, the mortgage insurance, and who can get these types of loans, I decided to write more about how you need to be careful. I can't tell you have many sites were so wrong and or not updated. I saw a few that even said that the one-time mortgage insurance is 2.25%. This is not correct, it's 1.5% of the base loan amount.
What really … (5 comments)

monthly mortgage insurance: FHA Mortgage Insurance Premium & Monthly Mortgage Insurance and how it works -- Part 1 of 3 - 08/16/07 01:59 PM

It's crunch time, especially with today's market. Does this make you hungry? Well, many loan officer's are very hungry and not that busy. Which leaves us to my rant of inexperienced loan officers trying to give their clients a FHA mortgage. 
Word of advice :  If you find someone giving you false information or information that doesn't make sense, why stay loyal to them? Seriously, run away, don't walk. Most of the criteria by FHA and HUD is written in stone. No lender can change this no matter what you think or have been told.
In Part 2, I will give you 2 … (15 comments)

Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages  - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc)

Jeff Belonger

The FHA Expert - FHA Loans - FHA mortgages - USDA...

Cherry Hill, NJ

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Social Media - Infinity Home Mortgage Company, Inc

Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033

Mobile: (609) 440-5133

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I just want to educate people about mortgages and the process. In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.




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