The House of Representatives recently voted in favor of a legislation that allows the use of private flood insurance policies as an alternative to the federal National Flood Insurance Program (NFIP). If enacted, the private flood insurance is deemed to satisfy mortgage lenders’ requirements in areas at high risk of flooding.However, the Senate struck this provision from an … [Read more...] about House Okays Private Flood Insurance Bill, Senate Reserves It for NFIP Reform
A recent survey commissioned by a lender revealed that 53% of its respondents prefer a 10% down payment on a home, not 15%, 20% or 30%. What’s more interesting is that 25% of the respondents professed not understanding how mortgage rates generally work.This confusion is understandable because mortgages can be difficult subjects themselves. But in the interest of home buying … [Read more...] about How Well Do You Know Mortgage Rates and Why They Matter to You
For as long as you are of legal age, you can apply for a mortgage. But the question is, should you do it if, say you are in your 60s or even 90s? Is it wise to carry debt into your retirement?When you’re okay with making monthly mortgage payments every month, it should not be a problem. But you have to prepare for this very important obligation, especially your retirement … [Read more...] about Getting a Mortgage in Your 60s, or Even 90s: Is It Possible, How?
Down payment is an ever-present issue in any home buying scenario. And a working paper in August by members of the Board of Governors of the Federal Reserve System proposes to improve the 30-year fixed-rate mortgage and take note, with no down payment.Sure, there are no down payment mortgages available in the market such as VA and USDA loans. But what makes the Fed’s idea … [Read more...] about Is This Mortgage the Fed’s Answer to the Down Payment Problem?
The Federal Housing Administration (FHA) that backs the majority of today’s reverse mortgages for seniors called Home Equity Conversion Mortgages (HECMs) has rolled out changes to the program this year. According to the FHA, these changes are geared toward the improvement of the HECM program to ensure it remains a viable resource for senior borrowers.Key Date Calendar for … [Read more...] about As FHA Makes Changes to Reverse Mortgages, Remember These Key Dates