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VA Financing and the VA Funding Fee
The VA Funding Fee is a one-time fee charged on a VA Loan in order to limit the overall cost of the VA Loan, considering the VA Loan requires no down payment and has no monthly mortgage insurance. The...
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Should You Pre-Pay Your Mortgage or Take On An Accelerated Amortized Loan
With so much economic uncertainty going on both here and abroad, it’s understandable that people are worried about the future. Some may even want to minimize their debt as much as possible. If you’ve...
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FHA’s Current Mortgage Insurance Rates
FHA Loans are loans insured by the Federal Housing Administration. These insured loans minimize the risk lenders face by allowing buyers to purchase a home with a down payment less than 20% of the...
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What Impact Will the FHA Changes Have on the Refi’s
FHA formally announced their plan of action for 2013, last Friday. Many of us had been expecting it, as well as expecting the changes in the iconic program due to their earlier shortfall – primarily...
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When Applying For A Mortgage – Avoid These Mistakes
1. Forgetting to Check your Credit: Before you apply for a mortgage or even start looking for a bank that will give you a home loan, you should take a look at your credit score. Do you know that a low...
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FHA Is Getting More Expensive
The 3.5% down payment on FHA loans could be more expensive for buyers than expected. Beginning April 1, 2013, the mortgage insurance premium will go up by .1% to 1.35% which may not even be noticeable...
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The Difference Between Expert Advice and Perfect Advice
Don’t be afraid of those two words-expert advice. Remember: An expert doesn’t mean you’re going to give perfect advice. An expert means you’re going to give excellent advice. Here’s the difference:...
View ArticleLPMI (Lender Paid Mortgage Insurance)
With LPMI, the cost of MI coverage is built into the mortgage rate, resulting in a higher interest rate for the borrower, but often a lower total monthly payment. Here’s an example: Borrower-Paid...
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15 vs 30 Year Mortgages
Which is better: A 30-year fixed-rate mortgage or go for a lower-interest 15-year one? Typically, 15-year mortgage allows you to pay off your mortgage quicker and save a significant chunk of money on...
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