Changes to Lending on Condos
Do you remember the condo building in Miami that collapsed in 2021 due to its structural deterioration and spalling? It was devastating, and many people died. But it also brought attention to how frequently (or infrequently) condominium projects are inspected and...“I’m Paying Mortgage Insurance – When Can I Cancel It?”
If you purchased or refinanced your home and put down less than 20% (or had less than 20% equity), then you are most likely paying Private Mortgage Insurance (PMI). PMI is charged as an insurance policy for the lender against you defaulting on your mortgage, since you...Financing Options for Buying a New Home Prior to Selling Your Current
It is not an unusual situation to want to buy a new home prior to selling your current; the biggest reason is that you save the hassle (and fees) of moving twice. Although the market is becoming a little more buyer-friendly, there still is enough demand (coupled with...FHA Reduces Their Mortgage Insurance Premiums Across the Board!
GREAT NEWS! FHA has announced that they are reducing their mortgage insurance premiums across the board by 30 basis points. Mortgage Insurance can often be a dealbreaker in securing an FHA loan, depending on down payment and credit score, but this will help immensely...“Why Do I Get So Many Unwanted Solicitations When I Apply for a Mortgage?”
When you apply for a mortgage, whether to purchase or refinance, the three major credit bureaus have record of the inquiry into your credit and unfortunately will sell that information in the form of a lead to lenders and banks. This has been dubbed a “trigger...30 Year Fixed Rate 2nd Mortgage!
Check out this 30 Year Fixed rate HELOAN (Home Equity Loan)! You can use it for any personal reason; however, the homeowners that have most recently taken advantage of it had accumulated high credit card debt, which the HELOAN paid off in full at a much lower rate...A Home Equity Line of Credit (HELOC) versus a Home Equity Loan (HELOAN)
If you need to tap into your home equity and you have secured an interest rate in the 2% and 3% range of yesteryear, then it would be quite difficult to relinquish that amazing rate by doing a cash-out refinance on your 1st mortgage. Your alternative option to access...What is a Buydown?
There are two definitions in the mortgage industry for a buydown. One is most common and simply means the borrower pays points to buy the rate down for the life of the loan (a one-time upfront cost for a longer-term benefit). You can refer to my blog post here where I...What is an ARM and is it the Right Loan for You?
A Fixed Rate Mortgage is the most common type of loan: The rate and payment is fixed for the life of the loan, depending on the fixed term you choose, with no opportunity for adjustment. An ARM is fixed for a set period of years (typically 5, 7 or 10) and then...Loan Calculator
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