Options to Avoid Paying Private Mortgage Insurance (PMI)
Did you know you have options in paying or avoiding Private Mortgage Insurance (PMI)? PMI is charged by the lender when you do not have 20% down payment. It is insurance to protect the lender (not you) against you defaulting on the mortgage, since you are considered...Breaking News! FHA is Decreasing Their Annual Mortgage Insurance Rates by .25%
UPDATE: THE REDUCTION IN FHA’S MORTGAGE RATES HAS BEEN SUSPENDED INDEFINITELY. In this rising interest rate environment, FHA will be passing along a little reprieve to home buyers and home owners that are securing financing through FHA. The annual insurance...Conforming Loan Limits Are Increasing in 2017
Great news, conforming loan limits are increasing in 2017! We haven’t had an increase since 2006. (!) The new conforming loan limit will be $424,100, up from $417,000. With this increase, the high-balance loan limit will increase per county as well. For Bay Area...Canceling Private Mortgage Insurance
If you purchased your home with less than 20% down payment on a Conventional loan, you were required to purchase Private Mortgage Insurance (PMI). PMI is a cost that protects the lender in case you default on your mortgage (stop making payments). Lenders are required...Trended Credit Data: A Big Change to Underwriting and What it Means to You
The biggest change in credit reporting in 25 years is now upon us, and implemented in underwriting engines as of 9/24/16. It’s called “Trended Credit Data”. Trended Credit Data allows lenders to see your payment behavior over the past 24 months, in order to give them...Loan Calculator
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