If you put less than 20% down on your home and you have a conventional loan, you probably pay PMI or Private MortgageInsurance. This added fee to your mortgage payment increases the amount you pay each month. It’s not a fee you will ever get back - the insurance premiums cover the lender should you default on the loan. Compare Offers from Several Mortgage … [Read more...] about Does PMI Drop Off Automatically?
The Federal Housing Administration (FHA) recently submitted its annual report to Congress for fiscal year 2017. It discussed, among other things, the financial status of the mutual mortgage insurance fund and highlights on its single-family forward mortgages or FHA loans as they are known to all. FHA loans have been around since 1934 at the time when America … [Read more...] about Profiling Borrowers, Characteristics of FHA Loans Made in FY 2017
As the end of 2017 draws near, expect forecasts on the housing market and the overall economy for the next year to start rolling in. The Mortgage Bankers Association (MBA), for one, predicts home purchase originations to increase in 2018. Michael Fratantoni, chief economist and senior vice president for Research and Industry Technology at MBA, has this to say in support of … [Read more...] about All the Pieces Are in Place: MBA Sees Home Purchase Growth in 2018
Closing costs are required in any mortgage transaction, whether for a purchase or a refinance. Recent data from San Diego-based ClosingCorp revealed how much consumers pay at closing on an average, which costs would vary depending on where they live. Mortgage closing costs can cost between 2 and 5% of the total loan amount. Being paid upfront and hefty, one can’t help but … [Read more...] about Find Out Which States Have the Highest, Lowest Mortgage Closing Costs
In the wake of the 2008 housing crisis, many American homeowners found themselves unable to refinance because of the significant drops in home prices. To offer support, the federal government stepped in to help underwater and near-underwater homeowners refinance their mortgages. This support program was named HARP® or the Home Affordable Refinance Program, established by the … [Read more...] about HARP®: A Timeline