Homeowners Insurance
With Mortgage Rates Low, Refinancing is the Smart Thing to do Mortgage rates spiked in January from the all time low, however last week, mortgage rates made the “largest one-weak improvement in 88 weeks by dropping 0.11 percentage points to 3.43% for the average 30-year fixed rate. The 15-year fixed mortgage rate made a steep [...]
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Round 2 of Changes Will Take Place on June 3, 2013 FHA annual mortgage insurance premiums were increased on loans with case numbers issued April 1, 2013 or later by 10 to 15 basic points. This is just the first round of changes that were issued with HUD Mortgage Letter 2013-04. If you have an [...]
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What is the USDA or Rural Development (RD) Loan? This is a government backed mortgage that allows you to put ZERO down on a new home. The seller can even pay for up to 6% of the purchase price for your closing costs and gifts are allowed. I know this almost sounds too good to [...]
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We have had numerous conversations with Realtors on the last month where the response has been “I didn’t know that” or “that’s not how it used to be”… 1. Effects of Homeowner’s Insurance On Purchase Loans. ♦ Insurance Coverage must be in place PRIOR to receiving a “clear to close”. ♦ Cannot Wait [...]
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For the last few years, FHA loans have dominated the low down payment space in the mortgage world. We are finally seeing some positive signs in Michigan that things are getting better. One of those signs is that conventional loans have loosened up and are now allowing a 3% down payment with PMI. Let’s compare [...]
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Home Insurance is important enough to take a few moments to understand how it relates to you and your real estate goals. It is a must have for all transactions. Here is what you need to know: The cost to reconstruct the home, your deductible, and your credit score are the key points that determine [...]
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We believe that all clients need to fully understand what it takes to close on their home loan. Yet the “Cash to Close” has consistently provided confusion in all borrowers’ minds. There are 3 main components that make out your cash to close: (Say we have a $150,000 purchase price, putting 10% down). Down Payment [...]
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