Last week on July 16, 2021, the FHFA formally announced plans to eliminate the 0.5% adverse market refinance fee, sending lenders into a competitive race to drop rates for qualified borrowers ahead of schedule. According to the FHFA press release, “Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries […]
This past year many homeowners spent a lot more time at home. If you’ve been thinking about remodeling your kitchen, building out a home office, or doing a home renovation to update needed repairs, you’re not alone. The good news is there are great renovation home loan programs that can help you finance your next […]
Refinancing your mortgage is nothing more than replacing an existing home loan with another. Why refinance? Most homeowners refinance their mortgage because rates have fallen below the interest rate on their current mortgage. Lowering Your Mortgage Rate Each week, Freddie Mac comes out with its weekly mortgage rate survey which reports an average rate culled […]
It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers. They are smashed together within a 30 day period. Certainly the main priority is to enjoy the holidays with family and friends along […]
The FHA home loan program is by far the most popular financing option for first time buyers. Why? First, the low down payment is very attractive. FHA loans only need a down payment of just 3.5% of the sales price of the home. Second, qualifying for an FHA loan is a bit easier as credit […]
Are you getting ready to take the leap? Are you wondering if you should go ahead and lock in your rate now? Or maybe wait a bit to see what happens? We get that. But let me take some time here to provide you some suggestions as the best course of action for your situation. […]
There are several types of closing costs involved when financing or refinancing a home. Some are lender fees while still more are non-lender fees. We’re talking about processing fees, document preparation, title insurance and others. Yet two of these fees alone are expressed as a percentage of the loan amount. Those fees are a 1% […]
You’ve finally decided to move forward and refinance your existing mortgage and at the same time pull out some extra cash to make a couple of home improvements and take some time off for a well-deserved vacation. You speak with your loan officer to get an update on rates and monthly payments and to confirm […]
The Federal Housing Administration’s home loan program is one of the three government-backed loans and is also the most popular. The other two government-backed loans are the VA and USDA programs. The FHA loan is also the favorite for first-time homebuyers. There are several reasons for this popularity but primarily the minimum down payment is […]
Surely the ideal loan program for those looking to come to their closing with as little cash as possible is the VA loan. There are only a couple of government-backed mortgages that do not require a down payment and the VA program is one of them. The other is the USDA mortgage but that is […]
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