The FHA Mortgage Insurance Premium Conundrum

We’re now well into the first quarter of 2017, and Mortgage Insurance Premiums (MIP) are changing for FHA Loans. We’ve seen a change of administrations as the new replaces the old and sometimes the replacement doesn’t seem all that enthusiastic about fading into the sunset.  If you’ve applied for an FHA loan recently you’re probably […]

The Pre-Approval Letter: Why You Need One

We do admit there are some confusing terms in the mortgage industry. It’s not on purpose and mortgage lending isn’t alone as it relates to industry jargon. Two of the sometimes confusing terms are “pre-qualification” and “pre-approval.” There is a distinct difference and could determine whether or not the sellers accept your offer or someone […]

Does an ARM Still Make Sense?

Adjustable rate mortgage loans, or ARMs, have been around for a long, long time, even longer than a traditional fixed rate product. Adjustable rate loans provide lenders with interest rates that move with the markets ensuring a margin payment each month to the bank. If rates go up, the bank still profits because an ARM […]

What the Heck is a HECM?

The Department of Housing and Urban Development, or HUD, offers the Home Equity Conversion Mortgage (HECM) through the FHA program. Pronounced HECK-um, this loan is often referred to as a reverse mortgage and is somewhat counterintuitive. A traditional mortgage is what is a “forward” mortgage which means the loan balance gets lower as each payment […]

Is Cash Out Refinancing Right for You?

If you’re thinking about refinancing your mortgage you’re not alone. A cash-out refinance can be a smart move for a lot of homeowners. Yes, interest rates appear to have bottomed out and have risen slightly over their historic lows. Yet millions of other homeowners can still benefit by refinancing for more than just the rate. […]

Home Buying Tips for Millennials

Post-Recession Home Buying Tips Home buying tips can change along with our economy. As the so-called Great Recession falls further and further in our rearview mirror real estate has returned. This recovery has been gradual rather than “spiking” and the home equity that was lost post-2008 has returned. Homeowners are now able to sell their […]

They’re Back – Bank Statement and Stated Loans

In today’s mortgage marketplace, there are two primary types of mortgage loans available- conventional and government-backed. Conventional loans include those underwritten to Fannie Mae and Freddie Mac standards while the government-backed group features VA, FHA and USDA mortgages. This is a far cry from say 10 years ago when a host of mortgage programs were […]

What Is a HomeStyle Loan?

The HomeStyle loan is a mortgage program introduced by Fannie Mae designed to help borrowers buy a home as well as finance home improvements and remodeling costs into one loan. It’s very similar in nature to the FHA 203(k) loan yet much more flexible. Buyers who want to renovate a home or make home improvements […]

Mortgage Broker vs. Retail Bank: What Are The Differences?

Knowing the difference between a retail bank and a mortgage broker could save you money. Years and years ago when someone wanted money to buy a home, they would go to their bank. The bank would evaluate the application, go to its vault of money and transfer it to the borrower’s account to be used […]

Looking For Mortgage or Refinancing Options?

Looking For Mortgage or Refinancing Options? When you have made the decision to purchase a home one of the major steps involved is obtaining financing. It is a good idea to consider financing options before you begin looking at homes. At C2 Financial, we can help you determine the best financing options available to meet […]