Although the financial markets have tightened lending guidelines and financing requirements over the last few years, the right advice when applying for your loan can make a big difference. Not all loans are approved. And even when they aren't approved immediately, it doesn't have to be the end of your real estate dreams. There … [Read more...] about 3 Tips To Get The Best Results On Your Mortgage Application
Have you heard the term Private Mortgage Insurance (PMI) when looking to finance real estate? You may be wondering what PMI is and how you know when you need to purchase it. These answers can be hard to find among all the real estate jargon you might be hearing lately. Below is the short version of what you need to know. … [Read more...] about How To Know If You Will Need Private Mortgage Insurance on Your Mortgage Loan
According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan. Between July - September 2012, fewer than 6% of banks tightened mortgage guidelines -- the fourth straight quarter that's happened-- and roughly 10% of banks actually loosened them. For today's buyers and … [Read more...] about Mortgage Approvals : Documents You’ll Need For Your Lender
As another signal of an improving U.S. economy, the nation's biggest banks have started to loosen mortgage lending guidelines. As reported by the Federal Reserve, last quarter, no "big banks" reported stricter mortgage standards as compared to the quarter prior and "modest fractions" of banks reported easier mortgage … [Read more...] about Mortgage Standards Stop Tightening; Lending Soon To Loosen?
Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year. Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both purchase and refinance. The MIP update will be the … [Read more...] about FHA To Change Its Mortgage Insurance Premium Schedule Monday, June 11, 2012
Despite several big-name banks pulling the product from their respective home loan offerings, reverse mortgages remain a popular mortgage choice among homeowners aged 62 or over. A reverse mortgage is exactly what it sounds like -- a mortgage in reverse. Rather than borrow a fixed amount of money then pay that loan balance down … [Read more...] about Reverse Mortgages : Pros And Cons
Despite an improving U.S. economy, the nation's banks remain cautious about what they will lend, and to whom. Last quarter, by a margin of 3-to-2, more banks tightened residential mortgage lending standards for "prime borrowers" than did loosen them. A "prime borrower" is defined as one with a well-documented credit history, … [Read more...] about Mortgage Guidelines Resume Tightening Nationwide
Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today. Beginning next week, the Federal Housing Administration (FHA) is changing the way it charges mortgage insurance to U.S. homeowners. For the fourth time since 2010, FHA mortgage insurance premiums are … [Read more...] about FHA Mortgage Insurance Premiums Increasing April 9, 2012