Mortgage and Loan information
There are many “calculators” used to compare renting versus buying. Perhaps one of the first things a buyer/renter should consider is why would an investor owner offer his home for rent rather than selling it. Isn’t he betting a lot of money in the opposite direction of a renter? The property owner may have bought […]
Home Buyers Make a Rent vs Buy Decision Read More »
The U.S. Government’s Consumer Financial Protection Bureau has recently created a web page you can use to find out current home loan mortgage rates based on location, credit score, and loan amount. This can help you see if the interest rates you are quoted are within the typical range. It can also help you see
Check Your Interest Rate Read More »
Rules from the Office of the Comptroller of the Currency last month specified certain standards which must be met before a foreclosed home can be sold. Wells Fargo reduced sales from 298 to 17 for the week beginning May 6 while the standards were reviewed. Chase and Citi also temporarily halted foreclosed sales. Bank of
Wells Fargo Halts Foreclosure Sales Read More »
The Federal Housing Administration announced that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures. A 30-year, fixed-rate mortgage with 5% or more down will now require an annual insurance premium of 1.3% of the outstanding balance. A mortgage with less than 5% down will require a premium of
Mortgage Fees Are Increasing Read More »
Buying a home which needs renovation can be challenging. Lenders provide limited and expensive mortgages on homes which are in poor condition. The FHA 203(k) backed loans protect lenders by having the loan insured before the condition and value of the property provides adequate security. This reduces the cost to the borrower. The program enables
FHA 203(k) Loans – purchase (or refinance) and renovate Read More »
