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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. Continue reading “FHA-great for borrowers with limited resources or credit issues; St Louis Mortgage Interest Rate Update“
WHAT IS A CREDIT SCORE? Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a loan or credit obligation. The lower the score; the more risk from a borrower to repay a loan, on time and in full. Scores range from 400 to 850. This process was started by Fair, Isaac and Co., which is why credit scores are also called FICO scores. Continue reading “Revisiting Credit Scores; St Louis Mortgage Interest Rate Update“
Why rent when you can own? Over the past couple of years there has been much talk about home ownership losing it’s luster and asking the question if it is better to rent than own a home at this point. Today, I want to share with you 11 reasons to own a home: Continue reading “11 Reasons to Own a Home; St Louis Mortgage Interest Rate Update“
There have been many changes in the mortgage banking industry in the last couple of years. New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage. Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans. These changes in lending policies are designed to protect and aid borrowers when making mortgage decisions to purchase or refinance a new home. Continue reading “Do you know who you are dealing with? St Louis Mortgage Interest Rate Update“
Seller concessions can be any negotiation where the seller, builder, developer or any interested party gives something up to the buyer…The concession can help lower or eliminate the amount a borrower is required to bring to the closing table. In some cases, a seller-paid concession can mean the difference between closing a home sale and losing one. Continue reading “What are Seller Concessions?; St Louis Mortage Interest Rate Update“
New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs. Assistant Secretary of Housing & Federal Housing Commissioner, David H. Stevens, has authorized an increase to help build back FHA’s capital reserves to their statutory level. There will be no increase in the Upfront Mortgage Insurance Premium (UFMIP): UFMIP for purchase money mortgages remains at 1.0%. Continue reading “FHA Increases monthly mortgage insurance premiums; St Louis Mortage Interest Rate Update“
St. Louis MORTGAGE RATES for February 16, 2011:
Missouri Housing Development Commission offers first-time home buyers a forgivable 3% Cash Assistance Loan (CAL) for down payment and closing costs. Terms of this program include: Continue reading “First Time Homebuyer Monies are still available… Why rent when you can own?; St Louis Mortage Interest Rate Update“
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.
Mortgage Insurance isn’t a bad thing — it allows you to make a lower down payment and still qualify for a mortgage loan. In fact without PMI, many of us would not be able to purchase our first home. Continue reading “Private Mortage Insurance helps you get the loan; St Louis Mortgage Rate Update“
The FHA 203K rehab program is intended to promote and facilitate the restoration and preservation of existing homes. It enables borrowers to finance the acquisition and rehab of a property in one step; the loan value is based on the projected value of the home at the completion of the rehab. Continue reading “Buy and Rehab Using an FHA Loan; St. Louis Mortgage Rate Update“
The President has signed the bill extending Mortgage Insurance tax deductibility through December 31, 2011. Borrowers can use Mortgage Insurance (MI) to buy a home sooner and enjoy predictable payments, while benefiting by deducting the premiums from their income taxes. And MI can be canceled once the home buyer builds enough equity. MI is required on all mortgage loans that exceed an 80% loan to value. Continue reading “Mortgage Interest Tax Deductibilty Extended Through 2011; St. Louis Mortgage Rate Update“
First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. The 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 more information about this program, go to http://www.box.net/shared/s2x9zriz1g or www.MHDC.com . Continue reading “MHDC’s Cash Assistance Loan; St. Louis Mortgage Rate Update“
The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the “View Report” button to see a complete amortization schedule of your mortgage payments: Continue reading “Online Mortgage Qualifier; St. Louis Mortgage Rate Update“
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. Continue reading “Cash-In Refis; St. Louis Mortgage Rate Update“
Obtaining a mortgage to buy a home, or to refinance an existing mortgage, can sometimes be a little intimidating to borrowers, but it needn’t be. Granted, this is something the typical person only does every few years at most and regulations continually change the process, but that’s where lenders such as myself come in to the picture, to provide you the info you need and to guide you through the process. Continue reading “Mortgage Loans 101 and St. Louis Mortgage Rate Update“
Conventional Loan Programs Conventional loans are traditional home mortgages, not backed by any government program of insurance or guarantee. There are standard underwriting guidelines for conventional conforming loans up to $417,000. These loans can carry fixed or variable (ARM) rates and a variety of repayment terms can be tailored to your individual needs. Buyers will need cash reserves/savings to cover two months of payments and generally, there is not a penalty for prepayment. Continue reading “Understanding the Types of Home Loans Available; St Louis Mortgage Watch“
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 “How to Reduce your Mortgage; St Louis Mortgage Watch“
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The A.P.R. is designed to represent the “true cost of a loan” to the borrower, expressed in the form of a yearly rate. This way, lenders can’t “hide” fees and upfront costs behind low advertised rates. Continue reading “What is the difference between the interest rate and the A.P.R.?; St Louis Mortgage Watch“
FHA Changes Mortgage Insurance Rates-less up front cost but higher payments; St Louis Mortgage Watch
Spending the maximum on housing: First-time buyers can be overly optimistic and excited about buying a home, so they tend to borrow the absolute maximum they qualify for (on paper), not necessarily worrying about a budget or other expenses. Lenders qualify buyers based on their incomes and debt-to-income ratios. However, borrowers have other monthly expenses they need to consider: maintenance and upkeep on their new home, utilities, transportation, savings, and other necessities that are not counted in the debt-to-income ratios. Continue reading “Costly Mistakes of First-Time Homebuyers; St Louis Mortgage Watch“
As the mortgage industry adjusts 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 “The Do’s and Don’ts When Financing Your Home; St. Louis Mortgage Watch“ |
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