FHA’s Upfront Insurance Premium Increasing on Monday, 4/5/10
For FHA loans assigned on or after April 5, 2010, the upfront mortgage insurance premium (UFMIP) is increasing from 1.75% to 2.25%. If you’re on the fence about refinancing into an FHA loan, or are currently still working on negotiations for a purchase, there...Things to Consider If You’re Thinking of Refinancing
I just got a phone call yesterday from a 45 year old single mom of three. She heard that rates have gone down and she was excited about potentially refinancing. She has had her current loan (a 15 Year Fixed) since 2003. In 7 more years, her mortgage will be...Interest-Only Loans
Surprisingly, Interest-Only (I/O) loans are back. They carry higher interest rates than fully-amortized (principle & interest) loans, but recently, they have become quite competitive. I’m surprised that they’re available because these loans are a big reason why...Time Period Required Before Buying Again When You have Short-Selled or Foreclosed
If you have decided to short sell your home or have gone through foreclosure, your credit score is not the only thing that gets affected. You will also not be able to get a loan for a certain time period. Keep in mind that these are current rules and can change at...Loan Calculator
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