By Robert Fishel, on November 9th, 2011 
As the mortgage industry continues to adjust to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. Continue reading “St Louis Mortgage Rate Update; The Do’s and Don’ts When Financing Your Home“
By Robert Fishel, on October 28th, 2011
A common complaint that consumers have regarding today’s mortgage loan origination process has to do with all of the hoops they have to jump through in order to get a loan.
Personally, as a loan officer, I try to be as thorough as possible going into the application as possible to avoid the last minute chase. After each deal closed, I review the process and question whether I prepared my clients for all that they needed to have or do in order to get the loan approved and closed. I will be the first to admit, I am not perfect. Continue reading “St Louis Mortgage Interest Rate Update; How to make getting a home loan go smoother“
By Robert Fishel, on October 19th, 2011
Not knowing what you can afford – What the lender says you can afford and what you know you can afford may not necessarily be the same. Looking at homes that are outside your price range can put you in the dangerous position of trying to stretch beyond your financial means. Be sure to consider all of your monthly expenses when budgeting for your anticipated mortgage payment. Continue reading “St Louis Mortgage Interest Rate Update; First-Time Homebuyer Mistakes“
By Robert Fishel, on October 12th, 2011 In this tighter credit environment, FHA remains to be a great alternative for buyers with limited resources for a down payment and closing costs or past credit problems. Underwriting guidelines are more lenient than conventional guidelines.
Highlights of FHA financing: Continue reading “St Louis Mortgage Interest Rates; FHA provides a reliable alternative in this tight credit market.“
By Robert Fishel, on October 5th, 2011 Mortgage interest rates have fallen this year to historical lows and with them so have the costs of home ownership.
Regardless of a borrower’s loan amount, bargain-basement interest rates have brought a home buyer’s monthly mortgage payment down to levels never seen in history. Continue reading “St Louis Mortgage Interest Rate Update; Slash Your Cost of Home Ownership“
By Robert Fishel, on September 28th, 2011 First-time home buyers receive a forgivable 3% cash assistance loan (CAL) for down payment and closing costs.
The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. The current rate for the CAL is 4.25%.* Continue reading “MHDC Lowers rates for First Time Home Buyers Down-payment Assistance Program“
By Robert Fishel, on September 21st, 2011 There aren’t quite as many loan programs as there are borrowers, but it seems like it sometimes! We’ll work with you to qualify you for the best loan program to fit your needs. But there are some general considerations you can have in mind in advance.
Are you refinancing to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher rate, or maybe you have an ARM — Continue reading “St. Louis Mortgage Interest Rate Update/ Which refinancing option is best for you?“
By Robert Fishel, on September 14th, 2011 Mortgage interest rates have reached historically low levels. It’s truly amazing how much the average borrower’s purchasing power has increased! The following chart tells it all. Check out the chart showing the history of interest rates as well as the examples of the savings below: Continue reading “Today’s historically low rates increase your buying power! St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on September 7th, 2011
On October 1, 2011, the Federal Housing Administration (FHA) will implement new single-family loan limits as specified by the Housing and Economic Recovery Act of 2008 (HERA).
As a result, FHA will reduce loan limits in the highest cost metropolitan areas of the country, while limits would remain unchanged in most other parts of the nation. Continue reading “New FHA Loan Limits; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on August 31st, 2011
As mortgage rates have dropped this year, so have the costs of homeownership. At every given loan size, bargain-basement interest rates have brought monthly mortgage payments to levels never seen in history.
It’s a great time to buy a home. It’s an even better time to refinance.
This isn’t cheerleading. This is fact. As a homeowner, your “total cost of homeownership” is tied to your mortgage. The higher your mortgage rate, the more interest you pay over time. And regardless of your mortgage interest tax-deductibility, over 30 years, mortgage interest accrues into something fierce.
Continue reading “Slash Your Long-Term Home Interest Costs“
By Robert Fishel, on August 24th, 2011
First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.
Program Highlights:
- 3% Cash Assistance Loan (CAL) can be used for down payment and closing costs.
- CAL is forgivable after 5 years of occupancy.
- 30 Year Fixed Rate Mortgages & Competitive Rates.
- CAL can be used with FHA, VA and USDA Rural Development loan programs.
- First time home buyer requirement only applies to the last three years.
- Loan is assumable for an MHDC-qualified borrower in an FHA, VA or USDA-RD loan program.
- Eligible owner occupied properties include: Single-Family Detached, Duplexes, Semi-Detached, Condominiums, Town Homes. Continue reading “MHDC’s CAL Cash Assistance loan rate is now 4.5 percent!“
By Robert Fishel, on August 17th, 2011
Having been in the mortgage industry for a number of years, I have found a lot of my “issues” when it comes to underwriting was a result of missing something at time of application. The following is a quick rundown of items that should be collected at application: Continue reading “What you need when applying for a home mortgage; St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on August 10th, 2011 Credit Scores have and always be a hot topic in any economy. Recently, Jim Gallagher of the St. Louis Post Dispatch wrote an article regarding consumers that “fork over $1 billion a year to the credit agencies and credit monitoring services to obtain their credit scores.” But the scores they get probably aren’t the ones a lender will use to judge their credit worthiness. Continue reading “What is a credit score? What affects my credit score?; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on August 4th, 2011
Over the past years, many of Americans pulled money out their homes through “cash-out” refis. Today, many of my clients are bringing cash into their refinance transactions. Money is flowing in the opposite direction.
You might consider bringing cash to close your refinance to:
1. Lower your mortgage rate: If your LTV is close to the 80% Loan to Value (LTV) threshold, then bringing money to the table to push your LTV below 80% can get the borrower a better rate. Continue reading “Should you do a ‘cash-in’ refi?; St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on July 28th, 2011
One Additional Mortgage Payment a Year
There’s a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan’s principal. Continue reading “SAVE $$$…Reduce Your Mortgage; St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on July 21st, 2011
Over the last few months, I have had a few inquiries from parents of college-bound children about investment properties. The combination of low home prices, low interest rates, and a large inventory of foreclosure and short-sale homes have made buying much more attractive for parents of college-bound children. Continue reading “Should parents of college-bound kids buy an investment property instead of paying for dorm?; St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on July 14th, 2011 The home-buying process can be a little intimidating for not only first-time home-buyers but also repeat home-buyers. Here is a basic outline of the home-buying process as well as recommendations of how to approach each task which I hope will help you with this process:
Get pre-qualified for a loan: talk with your mortgage banker.
By Robert Fishel, on July 7th, 2011
Recently, I heard a radio commercial on the radio about “special” financing for certain veterans. The ad continues to imply this “special” loan is available for a limited time only. The good news is that the VA offers loans to members of the armed forces who have generally served for two years in peace time, or 90 days during conflict. Members of the National Guard or Reserves who have served for six years are eligible along with widows of veterans if the veteran died in a service-related incident. There are special circumstances for some veterans regarding eligibility. Continue reading “‘Special’ Loans Available to Veterans 24/7“
By Robert Fishel, on June 29th, 2011
Applying for a mortgage loan can be a nerve-wracking experience,” says Ruth E. Battle, Senior Vice President of Paramount Mortgage Co. “Even after completing all the paperwork and complying with document requests; the lender rejects the loan. Why does this happen?” Consumers should know their “no.”
Battle says some of the “basic reasons loans are denied include insufficient income, poor credit, inadequate assets and low appraised value.” Over the last few years, rejection reasons have become much more complicated. The reason a consumer can be told “no” may have “more to do with the lender than the consumer.” Continue reading “Borrowers should know their ‘no’; St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on June 23rd, 2011
In the past 18 months, massive legislative changes have affected the mortgage landscape. What does that mean for consumers? It means people seeking a mortgage can expect to do more paperwork when planning to purchase or refinance a home. Listed below is pertinent information regarding the new law changes. Continue reading “Obtaining a home mortgage getting harder and harder; St. Louis Mortgage Interest Rate Update“
By Robert Fishel, on June 15th, 2011
Yes, but there are some considerations..
First of all, ask yourself how long do you plan on remaining in your current home? There are fees to consider that are incurred by refinancing. So if you only plan on being in your home a short time, you may not recoup the fees. To ensure you can make that decision properly, request information in writing that includes all costs and fees incurred in the buying, selling and refinance process. Ask questions if you don’t understand any item. Continue reading “Is this a good time to refinance?; St. Louis Interest Rates Update“
By Robert Fishel, on June 8th, 2011
First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.
Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance. For further information go to http://www.box.net/shared/v0piidunf7 or www.mhdc.com. Continue reading “New Limits for First Time Home Buyers Down-payment Assistance Program; St. Louis Interest Rates Update“
By Robert Fishel, on June 2nd, 2011
Thinking of purchasing a home or refinancing a mortgage? Here are some tips to help make the process smooth:
Know your current situation. Be aware of your credit history; your credit report may contain out of date, or inaccurate items. Carefully review your credit report and make a note of items that should be fixed. It takes time, but you can correct mistakes successfully with a written request to the individual credit bureaus. It is also a good idea to examine your monthly housing expenses to determine how comfortable you are with your budget without sacrificing important necessities. Continue reading “Advice for consumers looking to purchase a home or refinance their mortgage; St. Louis mortgage interest rate update“
By Robert Fishel, on May 19th, 2011
“Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites are receiving nothing more than a starting point for what their final mortgage rate will be. This is due to a government-led pricing scheme called loan-level pricing adjustments or LLPAs.” Continue reading “Loan-level price adjustments and how they affect home-buyers; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on May 12th, 2011
What a great time to be a First Time Home buyer! Historically low interest rates and great home prices! However, the home buying “process” can be a difficult if the borrower is not prepared and have not done their homework.
Before making offers and writing contracts, talk to your mortgage lender and get Pre-Qualified for a loan. Pre-Qualify means you can confidently begin house shopping in the appropriate price range. Continue reading “What First-Time Home Buyers Need to Know; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on May 4th, 2011
The USDA Rural Development loan program helps rural communities and individuals by providing guaranteed home loans. Funding is available for single family, owner occupied homes with favorable rates, 30-year fixed terms, and no down payment.
Loan amounts are limited only by the applicant’s ability to repay and the property’s appraised value. No minimum credit score is required, but compensating factors are utilized with scores under 620. Now deserving families have an unprecedented opportunity to become homeowners. Continue reading “No Money Down Home Loans for Rural Areas; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on April 27th, 2011 Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition of value of the property provides adequate loan security, When rehabilitation is involved , this means the lender requires improvements to be finished before a long-term mortgage is concerned. Continue reading “FHA 203(k) financing helps buyers take advantage of as is bargains; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on April 21st, 2011
First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.
Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance. Continue reading “First Time Home Buyers Down-payment Assistance Available; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on April 13th, 2011
The VA loan program was designed to make home ownership more obtainable for eligible veterans. Home purchases with VA loans must be the veteran’s primary residence. There is no down payment required; no mortgage insurance requirement and VA loans do not incur a pre-payment penalty. Continue reading “VA Loan Programs make home ownership more affordable for Veterans; St Louis Mortgage Interest Rate Update“
By Robert Fishel, on April 6th, 2011 
For those fence sitters who are thinking about buying or refinancing a home, be advised that FHA will be raising the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. Continue reading “FHA increasing charge for mortgage insurance; St Louis Mortgage Interest Rate Update“
|
Recent Articles
|
