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Articles by Sari R.

What Is a Credit Report?
Credit is a vital tool in today's society. Most individuals can not typically purchase a home, car or pay for other significant expenses out of pocket or from a modest savings account. Therefore, credit is a necessary component of our financial future.. Your...
How Can I Repair My Credit?
Your credit is one of the most important financial tools that you possess. It helps determine if you can finance that car you want, obtain the mortgage loan for the home you want to live in, or open credit accounts with stores. Building and developing credit can be a precious thing....
How Do I Get a Second Mortgage With Bad Credit?
A second mortgage is a type of loan that is secured against the same assets as the first mortgage (e.g. your house). However, it's based on the equity accumulated within the property.  . Though difficult to qualify for a mortgage with bad credit, a second...
Understanding Home Foreclosure
Foreclosure is the process by which a homeowners rights to a property are forfeited because of failure to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. . If the property does not...
Requirements for FHA Streamline Refinance
 You must have an FHA loan to be eligible for an FHA Streamline Refinance.. Other requirements include the following.. You must be current on your mortgage paymentsYou can't have had any late payments in the past three monthsYou can't have had any more than one late...
Foreclosure Numbers Begin to Stabilize
Top 5 Ways To Improve Your Credit Score
First Time Home Buyers with Bad Credit
Before, it was easier to find lenders who would give home loans to first-time home buyers with damaged credit.  Credit scores were ignored when applying for an FHA home loan in the past.. Nowadays, however, most lenders won’t even consider a borrower unless their...
Can I get a VA Loan with Bad Credit?
A VA loan is a loan guaranteed by the Department of Veteran Affairs. Somewhat of a misnomer, VA loans are not issued by Veteran Affairs but by VA-approved lenders. These loans provide financial assistance to veterans and active duty service persons in various ways. . One of...
What is FHA 203k Streamline?
Looking to renovate or remodel your home? The FHA Streamline 203k may be just what you are looking for! This loan is a fast and easy way to acquire the essential funding you need. . The FHA 203K Streamline program lets you add the remodeling funds with your original mortgage...
5 Ways to Qualify for a Mortgage as a Young Adult
In our economic climate, home loans can be difficult to obtain for young adults. For recent college grads and other young adults looking to own a home, the mortgage approval and financing process can be complicated and confusing. . However, with some knowledge and some...
How Your Credit Score Really Impacts a Mortgage Loan
FHA Loans Help Make Homeownership a Reality for Lower Income Homebuyers
Finding the Best VA Lender
When a borrower is thinking about taking out a VA home loan, one of the most important pieces of the puzzle is selecting the right lender with whom he or she will be taking out the loan.  . A home purchase is easily one of the biggest purchases a borrower can make. As a...
Qualifying for an FHA Mortgage: What Your Credit Score Should Look Like
How Can I Refinance A VA Loan?
There are two types of VA Refinance loans:  VA Cash-Out Refinance and VA Streamline Refinance (Interest Rate Reduction Refinance Loan).  The major difference between the two types of refinance loans is that a VA Cash-Out Refinance lets borrowers take cash out of...
How to Know When to Refinance Your Home
Blog Review for
. Lizette Fitzpatrick is a real estate broker who lives and works in the Central Kentucky area, in the beautiful heart of America's horse country.  She is based in Lexington, KY, but the scope of her work extends into multiple cities.  Both as a seller's agent...
Five Reasons Your Mortgage Refinance May Get Rejected
5 Ways to Get the Money for Your Down Payment
You likely don’t have access to established equity to fund the down payment on your new home if you're a first-time home buyer.  However, there are ways around this obstacle.. 1.  Adjust your budget and save. If you don’t have any money...
How Can I Avoid Paying Additional Fees at Closing?
Many first time home buyers who aren’t familiar with the forms and fees required during the mortgage closing often find themselves stuck paying additional expenses for the home purchase.  This can happen when borrowers are too stressed to...
The Two Reasons Why You Should Refinance Your Home This Year
Can I Save Money with a Refinance?
6 Ways to Calculate Your Home Value without an Official Appraisal
Regardless of estimates and appraisals, a home is only worth what a buyer is willing to pay to acquire it. However, it's still necessary to have a general idea of the market value of your home to determine a reasonable selling price. . Home values can change rapidly,...
Benefits of Homeownership
Entire generations of citizens have been raised to believe that homeownership is an essential part of life, a necessary step on the road to success and happiness.  Arguably, the ideal of owning a home has been one of the major staple ingredients of the traditional...
Why Your Credit Score Matters
Most individuals who are considering a home purchase or a mortgage loan refinance are well aware of the importance of having a good credit score.  If you're like most home buyers, you've probably heard that it's important to have the highest credit score...
What are the Different Types of APR?
Annual Percentage Rate a figure that represents the annual charge for borrowing, or the yearly cost of funds over the entire loan term. This figure includes any fees or additional costs associated with the transaction. The calculation helps to easily compare...
What to Look for when Purchasing a Home
Purchasing a house is a big step. We’ve listed the top 5 things to look for when purchasing a home.. 1. What’s the location like?Purchasing a house in a great neighborhood has lots of benefits. Desirable locations not only are enjoyable to live in, but boost your...
How Much Mortgage Can I Borrow?
Save yourself time and stress by asking yourself: How much can I borrow? Answering this question will ensure that you're looking at the right home price range. Mortgage calculators, such as the ones you'll find here, are extremely helpful in estimating how...
What Is Equity? What You Need To Know About Home Equity Credit
Flat Pack Homes: What Are They?
Lender 411 answers the top questions about flat pack homes and their pros and cons here. 1. What exactly is a flat pack home?. Flat pack homes general, come with everything you need for a typical house: everything from floors, walls, and ceilings to lighting fixtures, cabinets,...
Alternatives To a Standard Mortgage
Fannie Mae or Freddie Mac loans, otherwise known as a standard mortgage, can be hard to qualify for. . However, there are several alternative types of home financing you may qualify for. We’ve listed your alternative options here:. Assumable loanThis is an...
Obama's New Refi Plan under Attack
President Obama announced his mortgage refinancing plan in his State of the Union speech last night and urged Congress to pass it.  However, even if the plan passes Congress, many believe it will fall short of solving the deepest housing problems.. Not much detail about...
Home Prices to Fall 1% in 2012 but Rebound in 2013
In 2010, the double-dip in housing prices began and continued through the September of 2011. However, there are signs of a possible recovery for next year (2013).   Projections are that average U.S. home prices will drop yet another percent this year, but that...
S&P downgrades Mortgage Insurers
Standard & Poor's has downgraded its ratings on three companies that insure mortgages: Mortgage Guaranty Insurance Corp., Radian Group and Genworth Financial. Ratings on MGIC was lowered from B+ to B after company's significant losses in its mortgage...
CBO slashes cost of Fannie & Freddie over Next Decade
Since 2008 the private corporations known as Freddie Mac and Fannie Mae have received 183 billion dollars in bailouts from the Department of Treasury.  Beginning in 2012 these home loan mortgage corporations are projected to decline in subsidy costs from 2 to 3 billion...
Mortgage Rates Drop Further on Slow Economic Growth
Mortgage rates dropped again to new historic lows for the week ending Feb. 2 as economic data revealed weaker than projected growth in the economy.Freddie Mac, the Virginia-based government-sponsored enterprise (GSE) released its primary mortgage market survey, which...
No More Executive Bonuses at Fannie & Freddie
The United States Senate has agreed to a resolution that would put an end to executive bonuses at Government-sponsored enterprises Fannie Mae and Freddie Mac.  This resolution has also been tied to a larger congressional insider-trading bill.Senators John McCain...
HARP 2.0 Eligibility and Qualifications
What is the HARP 2.0?HARP 2.0 is a readjustment of the original HARP (Home Affordable Refinance Program). It's a mortgage tool for those who can't refinance their mortgages the conventional way due to their loan-to-value (LTV) ratio exceeding the value of their home...
Find The Perfect Home in 10 Easy Steps
Finding your perfect home has never been easier thanks to the plethora of houses flooding the market. Although the way you progress through the actual homebuying transaction can vary depending on the real estate laws and customs of your area, there are many homebuying steps...
Mortgage Applications Fall 2.7%
For the week ending March 23, 2012, the number of home mortgage applications nationwide dropped 2.7% from the earlier week according to MBA (Mortgage Bankers Association).  Additionally, refinance applications also fell.  This was the sixth consecutive week...
Foreclosure Rate Holds Steady in February
The completed foreclosures number nationwide remained almost the same in February, dropping to 65K from 66K in 2011 but dropped from 71,000 in January.  This number was the for all 50 states combined. The 12-month number ending in February was 862K.  The total...
Mortgage Rates Dip Below 4% Again
The  average 30-year fixed-rate mortgage rates dropped again and fell below 4% on weaker housing and economic news. This is based on the Freddie Mac survey.  The average for the 30-year FRM was 3.99% for the week ending Thursday.  This is down from the prior...
FHA Eases Rules on Collections Accounts
The FHA (Federal Housing Administration) is now permitting borrowers to supply a written letter explaining their disputed collections accounts.  This would be so that they can qualify for a government-backed mortgage.  In other words, FHA will ease up...
Mortgage Rates Hold Steady because of Mixed Signals
There are some mixed signals on the wellness of the housing market and the US economy in general and as a result, the mortgage rates did not change much from the previous week.According to the Freddie Mac survey, the 30-year fixed mortgage is currently averaging 3.98% barely...
HARP 2.0 Refinancing Activity Disappointing
HARP 2.0 has failed to heat up refinancing in March 2012 as prepayment speeds remained well below expert projections.Prepayment speeds are generally proportional to how fast borrowers refinance existing mortgages, but speeds from March fell short of most estimates even...
FHA Refi Applications Increase
By Daniel Duffield. Last June, statistics showed that applications for mortgage refinancing with the Federal Housing Administration fell just short of tripling the recordings of the previous month as many attempt to take advantage of the low rates.. According to a report...
FHA Streamline Refinance
If you currently have an FHA mortgage and would like to refinance your mortgage loan, the FHA streamline refinance loan program was created specifically for you. . This time-saving mortgage refinance program is the easiest way a homeowner with an FHA mortgage can...
Blog Review: CT Home Blog
For those who are currently living in and looking to live in Connecticut, the Connecticut Home Blog (part of CT Realty Blog) offers a multitude of resources as well as a source of entertainment for its readers.  Updated daily by Coldwell Banker real estate agent Judy...
Big changes for the VA Home Loan program
President Obama signed a bill last week, the “Honoring America’s Veterans and Caring for Camp Lejeune Families Act” that will provide some modifications to the VA home loan program.  This new bill will benefit disabled service members,...
Blog Review: Home Loans Midwest
Home Loans Midwest is a blog written by David Kosmecki, a loan counselor for Mortgages Unlimited.  The blog is an excellent resource for mortgage professionals and non-mortgage professionals alike, as every number or statistic provided is complimented with an...
Improper Lending Activity Reported by Multistate Mortgage Committee
In 2011, a Multistate Mortgage Committee examination covering twenty-three states revealed that many mortgage brokers are collecting fees in error and are becoming involved with unlicensed activity.. The Multistate Mortgage Committee is made up of state regulatory...
Risks and Costs of Mortgage Putback Still High
Banks continue to be challenged in the second quarter by repurchase risks on agency and private-label mortgages as put-back demands remain high.  Analysts came to this conclusion after analyzing the second quarter’s mortgage industry results. . At...
Housing is still Hurting even though Underwater Mortgages have Declined
. In the second quarter, the amount of “underwater” homeowners decreased – but these mortgages are still holding back the housing market.. A study released by Zillow last week states that underwater mortgages dropped from 15.7 million in 1Q to 15.3 million in...
Wells Fargo partners with Operation Homefront to Donate Bank-Owned Homes to Military Families
Wells Fargo just announced that it is partnering up with nonprofit Operation Homefront to donate around $500,000 in bank-owned homes to military families.  Operation Homefront is a nonprofit organization that is dedicated to providing assistance to military...
Norada Real Estate Investing Blog Review
 . . The Norada Real Estate Investing Blog is an excellent resource for anyone who is looking into future real estate investments, and for those who have already invested and are looking for information on how to maintain these investments.  On average, the blog is...
Memphis Invest Blog Review
 . The Memphis Invest Blog is a wonderful resource for anyone looking to invest in real estate in the Memphis area.  Many of the posts in this blog, while tailored to the Memphis area, can be read and enjoyed by others looking to invest in other areas since a lot of the...
Harp 2.0 Submissions Temporarily Suspended by CMG Mortgage
HARP 2.0 loan submissions have been temporarily suspended by CMG Mortgage, a national wholesale lender.  Their reasoning has to do with rising turn times.  CMG is overwhelmed with new homeowner business after other lenders stopped accepting HARP 2.0 loans. ...
Freddie Mac Borrowers Affected By Hurricane Isaac Will Be Extended Mortgage Relief
Freddie Mac is extending relief to homeowners who suffered damage as a result of Hurricane Isaac.  The relief is only being extended to homeowners who live in Mississippi and Louisiana and are located in Major Disaster Areas.. The agency is providing a full range of...
July Shows 42% Increase in FHA Streamline Refinances
According to government data, there was a 42% increase in FHA mortgage refinances as compared to June 2012.  This translates to 25,750 refinance application in July as opposed to 18,100 refinance applications in June.. The FHA announced a new streamlined refinance...
Democrats Silent about Housing at Democratic National Convention
The Democratic convention on Tuesday night provided an interesting forum for various topics:  small business, education, new jobs and health care.  However, there was one issue that wasn’t discussed:  housing.. While the housing market is rapidly...
Conforming vs. Non-Conforming Loan
Conventional mortgages vary from loan to loan. However, they can be divided into two categories: conforming and non-conforming. . Conforming loans carry many advantages over non-conforming loans, however at times borrowers have no other option but to choose...
Refinancing Expansion Pushed By White House Before Election
As an effort to showcase President Obama’s support for homeowners, the White House is encouraging the Senate to vote this week towards expanding government refinancing programs.  Either way, this is a smart move for Obama.  If Republicans are in support of...
Regulator Vows New Rules to Repair Mortgage Markets
Freddie Mac and Fannie Mae’s regulator said the two agencies would address who receives bad loans. Over the past years, Freddie and Fannie have required banks to repurchase over a billion mortgages that have defaulted. As a result of this and for added protection, banks...
Freddie Mac Can Receive a $3.4 billion Due to Expanded Repurchase Review
Freddie Mac has the potential to receive anywhere from $2 billion to $3.4 billion as a result of requiring lenders to buy back obsolete/corrupt mortgages.  According to the FHFA, around $1.2 billion of profits could be given to the GSE this year.. Analysts state that the...
Ellie Mae reports a drop in HARP 2.0 activity
Ellie Mae reports a drop in HARP 2.0 activity, due to declining loan-to-values (LTV), that is, LTV ratios of 95% or more. In August, the percentage of refinances that closed was 7.74%, down from July’s 8.7%, following a three month trend in falling LTV numbers.. Ellie Mae...
Blog Review: Bill Patterson's Boston Real Estate Blog
Bill Patterson’s Boston Real Estate Blog is a charming blog that delves into the intricacies of what is the latest and greatest of Boston real estate.  The blog is written by Bill Patterson, a Coldwell Banker real estate broker who has been listed as one of...
Romney Wants To Make Foreclosure Prevention Easier
Mitt Romney wants to get rid of President Obama’s current foreclosure prevention programs so that more private deals can be made between borrowers and banks.  Romney states that his housing plan will allow homeowners to have other options besides foreclosure,...
Shadow inventory sees 1.2 million decline in 2012
In the first half of 2012, several banks cut 1.2 million foreclosed homes out of the shadow inventory that is currently looming over the housing market.  This rate is projected to double by the end of 2012.  Even with this potential increase, however, 4 million...
Seriously Delinquent Mortgages Hit Three-Year Low
Analysts from the Office of the Comptroller of the Currency state that at the end of the second quarter, 88.7% of mortgages were current on mortgage payments.  This is a small decrease from the first quarter’s rate of 88.9% of mortgages being current.  However,...
Sequim Real Estate Blog Review
The Sequim Real Estate Blog is a blog specifically tailored for those individuals who either currently live in or are looking to relocate to the Sequim/Port Angeles area.  The blog is updated daily and offers a hub of resources for its readers, such as: video guides, free...
Obama strives for Congressional approval regarding refinance proposal
President Barack Obama is currently asking Republicans to be in support of housing policies that would allow troubled homeowners to refinance and prevent foreclosures.  Obama is pointing a finger at congressional Republicans for refusing to pass February...
Mortgage Settlement states that all large banks must become compliant
The monitor of the National Mortgage Settlement, Joseph Smith, has publicly proclaimed that the grace period during which the U.S.’s biggest lenders needed to become compliant with the three hundred-and-four mortgage servicing standards has ended.  Banks...
FHA Approved Condo Eligibility
You should always consider whether or not the property is FHA-approved when purchasing a property.  The FHA will only allow borrowers to apply funds from an FHA loan toward homes that have been approved. . Consequently, condo owners with properties not approved by...
FHA will not partake in REO to rental
FHA commissioner Carol Galante just announced that the FHA will not be partaking in an REO-to-rental program similar to that of Fannie Mae.  Galante believes that adopting an REO-to-rental strategy isn’t the best solution for the FHA’s problems, but she...
Short Sale Fraud is Rampant Nationally
Experts are worried that short sale fraud has become rampant and is skipping containment lines.  This past Wednesday, experts spoke about these details at the California Association of Realtors conference.. Since short sales pertain to selling homes for less than the...
GSE relief on repurchase risk not quite there
There is a new plan in the works that will relieve repurchase risk for lenders as they sell loans to Fannie and Freddie.  Analysts are afraid that this new plan won’t come through enough to reduce the concerns of finance firms. . The new plan, announced last...
Foreclosures are the Lowest they have been in Five Years
This past September, foreclosures hit a five year low with only 180,427 filings made.  These filings included bank repossessions, foreclosure auctions and default notices.  The number of foreclosures in September 2012 was down 7% from August 2012 and down 16%...
What FHA Loan Guidelines Should I Meet?
What is an FHA loan?
What you need to know about getting a VA Loan
Southern California home prices are at their highest in 4 years
Southern California is finally beginning to see a decline in inventory levels.  During September 2012, Southern California counties saw the median home price jump up to $315,000 as compared to $309,000 in August 2012 (1.9%).  From September 2011 to September...
Record Low Mortgage Rates Due to Home Construction Increase
Potential homeowners heading into the market are still pleased to be enjoying historically low mortgage rates.  According to Freddie Mac’s Primary Mortgage Market Survey, the 30 year fixed-rate mortgage is currently 3.37% as of today, which is down from 4.11% at...
Home Construction Spurred by Fewer Distressed Homes
Positive housing statistics show that home sales are up from a year ago.  Fitch Ratings states that these percentages should be compared with economic and employment concerns.  What does this mean?  Essentially, the country might be showing signs of a...
Upcoming Changes for Reverse Mortgage Information
Home Prices rise in 3Q but Recovery Expected to Be Uneven
Prices of U.S. homes rose 1.3% in 3Q, but according to Zillow, the recovery won’t be even.  This increase in 3Q indicates the fourth quarter in a row with increases.  Analysts predict that home values will slightly rise and fall before returning to the long-term...
Banks warned of Home Equity Loan Risks
Borrowers often use their home equity as loan collateral (home equity lines of credit).  This collateral is often used for home improvements, medical bills or education.  Funds can be borrowed from home equity lines of credit during a draw period consisting of...
Trading Markets Shut Down by Hurricane Sandy
Hurricane Sandy is affecting mortgage and financial firms scattered around the East Coast.  NASDAQ just made an announcement that the U.S. Equity and Options markets will not be open today.  This is a reverse decision from the U.S. Equity and Options markets...
Home prices rise 0.9 percent
The nation’s home prices rose 0.9% this August as nineteen out of twenty cities in the Case-Shiller index reported monthly positive gains from July of 2012.  This increase in prices completely beat the expectations of analysts from Deutsche Bank, who had...
Big banks and HUD give assistance after Hurricane Sandy
The United States Housing and Urban Development will give relief to homeowners and low-income renters in the state of New York who had to evacuate their homes as a result of Hurricane Sandy.  HUD provided a moratorium of 90 days on foreclosures as well as forbearance on...
East Coast homeowners saved from hurricane deductibles
Hurricane Sandy’s early damage estimates are sitting at around $30 to $50 billion.  Homeowners affected by Hurricane Sandy won’t have to pay hurricane deductibles before the insurance coverage is applied.  Different homeowner insurance...
National Delinquency Rate Increases
The national delinquency rate increased 7.7% between August and September; this percentage represents the largest delinquency increase in four years.  The increase in delinquencies still is 30% lower than the high levels that were set in January 2010.  From...
Law firms may not be reimbursed under the new GSE rules
Law firms that don’t comply with the new Fannie Mae and Freddie Mac default servicing legal parameters after June 1st of 2013 will most likely have to cover their own out-of-pocket expenses and fees.  The housing agencies gave warning to servicers and their law...
Reverse Mortgage Refinance
This article will examine the optimal circumstances when refinancing a reverse mortgage, as well as outlining the general process in acquiring a reverse mortgage refinance loan.. How to Refinance a Reverse MortgageThe process for refinancing a reverse mortgage is fairly...
Declining REO inventory means less foreclosure discounts
Many U.S. metro areas currently have steep discounts on foreclosed properties (some as large as 27%) but the overall decrease isn’t as prominent as it seems.  This week, analysts placed the national foreclosure discount on properties that were distressed at a...
Serious Mortgage Delinquencies at Lowest Since 2008
The rate of seriously delinquent U.S. mortgages fell to its lowest rate since 2008 today due to an employment improvement and the recovering housing demand.  The amount of home loans that are ninety or more days behind in the foreclosure process dropped to 7.03% in 3Q from 7...
FHA shortages and specialty servicers
The Federal Housing Administration (FHA) mutual mortgage insurance fund is currently short by more than $13 billion.  Because of this, the FHA is currently considering a mortgage servicing rights transfer.  Researchers and analysts with Compass Point...
Securitization is the Best Remedy for Multifamily Financing
The Freddie Mac Multifamily securitization program gives borrowers, taxpayers and investors who finance with them a risk transfer away from the company as well as profit generation.  Borrowers who sell Freddie Mac a loan for securitization instead of selling it to...
Unsynchronized Mortgage Laws are a Hurdle to Housing Recovery
The fact that mortgage laws vary so much in different states is creating a complicated predicament that is ultimately stalling a full housing recovery.  A new academic study from Arizona State University implies that states with short foreclosure processes have...
Fannie and Freddie Conforming Loan Limits Will Stay the Same
Fannie Mae and Freddie Mac just announced today that they are going to keep maximum conforming loan limits the same.  The Federal Housing Finance Agency (FHFA) stated that the max loan limit will stay at $417,000 for one-unit properties.  This loan limit can still...
Controversial g-fee hike bill passes in House
The House of Representatives passed a bill on Friday that could mean the raising of g-fees on government-backed mortgages; the Senate still has to decide whether or not the bill will be passed.  The bill in question, House Bill 6429, doesn’t even deal with...
Housing recovery is rampant in November
When comparing today to a year ago today, home prices rose 3.8%, which represents the largest annual increase ever to be recorded.  In the month of October, the month-to-month increase was 0.8%, which would indicate an annual growth rate of 10%.  These results are...
Americans now have mortgage confidence
The housing slump may have inhibited possible homebuyers from receiving mortgages, but a new Fannie Mae National Housing Survey shows that there is finally starting to be improvement on this front.. In November 2012, a little over half of the survey’s respondents...
Mortgage Lending Rules Tightened by Consumer Watchdog
Yesterday, it was proclaimed by the government’s consumer finance watchdog that banks will be required to utilize new criteria to determine whether or not a borrower will be able to repay a home loan.  This is a direct effort to cease “loose lending”...
FHA to Increase Mortgage Insurance Premiums
By Sari R.. The FHA announced yesterday that it will be increasing mortgage insurance premiums and will require borrowers to pay this mortgage insurance for the entirety of the loan.  Mortgage insurance premiums will rise by 0.10% for new mortgages and 0.05% for mortgages...
Reasons to get an Adjustable-Rate Mortgage
Rising mortgage interest rates are inspiring many prospective homebuyers to explore alternatives to fixed-rate mortgages. If you are looking for an alternative to a fixed-rate mortgage, you may want to consider an adjustable-rate mortgage. An adjustable-rate...
Republican Lawmakers Hoping to Reform FHA
Republican lawmakers are hoping to overhaul the U.S. government role in housing finance by focusing on the troubled Federal Housing Administration.  The House Financial Services Committee is meeting today to discuss the role of the FHA; this meeting may lead to...
HARP Loan Modification HAMP
How to Pay Off a Mortgage Early
This article will cover four ways to pay off a mortgage early, beginning with the simplest solution and ending with the most complicated solution. All these strategies can be beneficial when correctly utilized, but each method varies in risk and feasibility,...
FHA Inspection Checklist
Qualifying for an FHA loan for your new home must first satisfy a strict FHA inspection, including criteria for health, safety, and security. These inspections are a supplement to the FHA-approved appraisal. . Use this FHA Inspection Checklist to familiarize yourself...
Short Sales Popular for the Next Two Years
At the Mortgage Bankers Association’s National Conference and Expo, mortgage professionals spoke about if short sales will add to or deter from the housing recovery.  There has been an increasing amount of short sale activity this year, and analysts believe...
Hurricane Sandy borrowers will have new Freddie Mac insurance procedures
Freddie Mac recently changed procedures that deal with insurance proceeds for borrowers who were impacted by Hurricane Sandy.  These changes deal with the process for helping servicers give insurance proceeds to borrowers who need to repair Freddie Mac secured...
Homeowner and Rental Markets will be Driven by Foreign-Born Households this Decade
According to a new report by the Mortgage Bankers Association’s Research Institute for Housing America, foreign-born households made up a large share of homeownership in the century’s first decade.  The report is a projection based on the foreign-born...
Press Release
ReverseMortgages411.com offers seniors a clear view of the benefits and risks of reverse mortgagesLender411, a mortgage information and rates website that helps consumers navigate the mortgage loan process, recently launched ReverseMortgages411.com, a new website...
First Time Home Buyer Tips and Advice
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Houses are Getting Bigger Again
The U.S. housing sector is turning out to be a big part of economic growth this year.  Housing starts increased 0.8% in February, making single-family homes increase to their highest level since June 2008.  Building permits have also grown to their highest level in...
Lender-Placed Insurance Scrutinized by Regulators
Maintaining property insurance is a condition that is imposed on most individuals who borrow money from a lender to purchase a house.  If that borrower allows that policy to lapse, their lender will purchase a policy and will bill the homeowner for it in order to protect...
Rent Rises are Slowing
Apartment rent prices grew significantly in 1Q, but it’s starting to look like the leverage that landlords once had could be diminishing as an increased supply takes over the market and the single-family housing market replenishes itself. . The average monthly...
Buying a foreclosure requires time and money
In the past year or so, investors have been flooding the housing market with the intent of flipping foreclosed properties into income-generating rental units.  Despite the fact that the demand for these homes is increasing, lenders have been listing there properties...
Credit Quality of Homebuilders Strengthened by Housing Recovery
Though the nation’s economic recovery has been slow and sluggish in 2012 due to a lackluster job growth, one area jumped 20% when comparing 2012 to 2011 – new homes sales.  Contributing to the growth of new home sales was increased apartment rents, all-time...
Strong HARP Refinance Volumes
In January, around 470,000 Fannie Mae and Freddie Mac mortgages were refinanced.  Out of all these mortgages, around 97,600 were done through the Home Affordable Refinance Program (HARP), which indicates that volumes are still high, even through the year’s...
Homebuilder confidence still low
According to the National Association of Home Builders Housing Market Index, short supplies of developed lots and heightened costs for building materials have officially taken their toll on homebuilder confidence.. Because of this, the index was pushed to 42 in April, down...
Tax Advice for First Time Home Buyers
Although things can seem a tad overwhelming during tax time, this is a great opportunity to learn more about the various tax write-offs that may ease the financial burden of owning a home.. Mortgage Interest Tax DeductionThe most significant tax deduction for most homeowners...
Housing improves even with economic setbacks
Tax hikes and sequestration should hold back economic growth and offset housing and the Federal Reserve’s monetary policy.  Therefore, economic growth in 2013 should finish at around 2.3%, according to Fannie Mae’s latest economic outlook.  This...
First-time homebuyers stalled by student loan debt
According to a study conducted by the Federal Reserve Bank of New York, thirty-year-olds who are still paying off student loans are less likely to have a mortgage than those with no educational debt.. Ten years ago, thirty-year-olds with a moderate amount of debt were still...
Larry the Lender Balloon Payment 5-03-2013
HUD will sell 40,000 distressed loans in 2013
In 2013, the U.S. Department of Housing and Urban Development (HUD) will be selling thousands of distressed loans insured by the FHA.  This will be HUD’s biggest effort to date in helping the nation’s shadow inventory and high-foreclosure areas.. This...
Use of Mortgage Interest Deduction Depends on Where You Live
The mortgage interest deduction varies drastically across the nation; there are concentrations on the West and East Coast as well as in areas with higher property values.  The average size of the deduction varies widely from area to area nationwide.  The federal...
Foreclosure protections for more soldiers after lawmakers draft bill
On Tuesday, Washington D.C. lawmakers introduced a bill that would lengthen foreclosure protections to those soldiers who bought a home after entering active duty.. The bill is known as the Military Family Home Protection Act and was spearheaded by the Committee for...
Should You Take Out a Mortgage in Retirement?
Infographic: What Does My Credit Score Mean?
Larry the Lender 5-24-2013
How to Get Preapproved for the Loan of Your Dreams
Financial Advice for Recent College Graduates
. Whether you are one of the lucky graduates starting the summer with your first professional job or are moving home to live with the ‘rents while searching for that perfect job opportunity, it’s important to be realistic about your financial situation. ....
Benefits of Homeownership
Can I Refinance If I Am Underwater On My Mortgage?
Mortgage Refinance Tips
Refinancing your mortgage is an excellent way to reduce your monthly mortgage payment and create additional cash flow for savings or other pursuits. Weigh your options to see if a refinance makes sense for your financial situation. . Start your decision-making process...
Mortgage Rates 8-02-2013
It seems as if mortgage rates are slowly on the rise again, as evidenced by the fact that all rates rose at least 0.03 percentage points from yesterday besides the FHA 30 Year Fixed Rate.  While these rates still have several percentage points to rise before reaching the 52 Week...
Mortgage Rates 8-05-2013
Following the Employment Situation Report, mortgage rates took a turn for the better.  Besides the FHA 30 Year Fixed Rate, all rates fell by at least 0.09 percentage points.  This means that these rates have dropped signicantly below the 52 Week High.  Even...
Considerations for Building a Home
Project Future ProblemsWhen deciding neighborhood, homebuyers should be future-minded to rule out any possible deterrents to home buying. For example, even though the home has not yet been built, homebuyers can discuss with builders to make sure that sunlight will...
Letter of Explanation for Credit Issues
Borrowers are often prompted to write a letter explaining the reasons for credit default. You can use our sample letter as a guide if you asked to write such a letter.. Dear Sir or Madam,. This letter provides explanations for each negative item on my credit report that you will...
What Is Mortgage Escrow?
Mortgage escrow accounts let borrowers build up money for homeowners’ policy premiums and property taxes gradually.  Escrow accounts are suggested for first time home buyers because buyers will be able to avoid surprises such as missed payments. Lenders often...
Notable Features of Construction to Permanent Home Loans
A construction-to-permanent loan is a type of loan that converts to a mortgage after originating as a construction loan. This type of loan is perfect for home buyers who are building a new house because many people don’t have the required financing to obtain...
Fannie Mae HomePath Mortgage Qualifications
Fannie Mae HomePath is a specific type of conventional loan that differs slightly from other conventional loans. A HomePath loan offers borrowers a 5% down payment with no mortgage insurance and no appraisal. Often, the rates are higher than conventional mortgages due to the...
Where to Find Manufactured Home Loans
There is a type of home loan that isn’t discussed very often but is nevertheless important to thousands of Americans across the country: manufactured home loans.. What Are Manufactured Home Loans?Manufactured home loans let borrowers purchase manufactured (or...
Common Homeowners Association Questions, Answered
What is an HOA?HOA stands for Home Owner Association.  An HOA is an organization of people who own property that upholds the rules of that particular condominium, subdivision, or development.  These rules administered by the HOA will limit the changes you can do to...
What Is the HUD 1 Settlement Statement?
What is the HUD 1 Settlement Statement all about? If you’re buying or selling a home, you will have to come in contact with this important document. Use this article to understand how best to read and interpret each section of the HUD 1 Settlement Statement. . What is...
3% Down Payment Conventional Mortgages for First Time Home Buyers
Fannie Mae announced that they would put a 97% LTV option into effect for first time home buyers. Freddie Mac will have a similar option as part of a new program called Home Possible Advantage. Instead of having a 5% down payment requirement, first time home buyers are only...
President Obama Initiates Lower FHA Mortgage Insurance Premiums
President Obama recently announced that he intends to lower mortgage insurance premiums as much as half a percentage point on select FHA issued mortgages.  This change could potentially allow as many as 250,000 people to become first time homebuyers in the next year...
What You Need To Know About Escrow
. When you purchase or refinance your home, you will receive a GFE (good faith estimate) from your lawyer approximately when you will go into escrow.  This GFE will describe in detail the information for your escrow account; this is commonly referred to as insurance...
The 5 Most Common Mistakes That Lead to Mortgage Delays
Play it safe, and make sure you avoid these five mortgage mistakes to avoid delays whenever possible:. #1: Leaving Out Financial Details.Your lender will review your financial information in detail with you to make sure no pieces of the puzzle are missing. Yes, your lender will...
Advantages & Disadvantages of A Second Mortgage
A second mortgage is a mortgage that is taken out in addition to the primary mortgage on your home. . Depending on your unique financial situation, a second mortgage has both advantages and disadvantages:. AdvantagesAccess a Large Amount of Money.Because you're not...
Low and No Down Payment Mortgage Options
Whether you're a first time homebuyer or simply trying to keep your costs low, you may want to find a mortgage that has a low or no down payment option. There are some very specific options you could qualify for, depending on your unique situation and your financials. Here are...
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