What Is Mortgage Insurance?

Conventional, FHA, USDA…Oh MI!   What is Mortgage Insurance? PMI, UFPMI, MI…it can all get very confusing! Homebuyers often have a lot of questions about mortgage insurance (MI)…and understandably so. With different rules for different loan programs, the details can be confusing. Here are a few things to keep in mind. All types of MI protect the lender in the event of default, and MI is typically required when homebuyers have less than a twenty percent deposit to put down on a home. There are two main types of... Read More >

Lower Fees On FHA Streamline Refinances

Price Cuts Announced for FHA Streamline Refinance See If You Can Benefit   FHA has announced a decrease to the Upfront and Annual Mortgage Insurance Premiums on certain streamline refinance transactions. This will make the prospect of an FHA loan refinance much more attractive, as homeowners will no longer be subject to the higher premiums in place today. FHA estimates that, as a result of this decrease, some borrowers may be able to save as much as $3,000 a year. There are two important dates to keep in mind: 1)... Read More >

Three Steps to Better Credit Scores

How To Improve Your Credit Score Rating   If you are looking to buy, invest in, or refinance real estate now or in the coming months, your credit is going to play a more significant role in today’s tight-fisted credit environment than it has in the past. It’s that simple. Would-be borrowers need to address any and all credit issues now to avoid having to pay for it later. But, here’s the kicker. Nearly 80% of all credit reports contain errors of some kind. Recent studies also indicate that... Read More >

Fee Increase To Impact Home Loans

In December 2011, Congress reached a last-minute deal to fund the payroll tax cut extension. The payroll tax extension will provide a 2% tax reduction for individuals earning up to $106,800, so the tax extension will be very helpful for many Americans who are struggling during these tough economic times. But like so many things in our tangled economy, there’s a flip side. In this case, the tax cut deal has a rippling effect that will impact the mortgage world. Here’s what’s happening and what it means to home... Read More >