First-Time Home Buyer

Canceling Private Mortgage Insurance

The federal Homeowners Protection Act has provisions for canceling private mortgage insurance.  In addition, Fannie Mae and Freddie Mac have additional guidelines for both borrower-requested and automatic MI cancellation that apply to their respective loans. With borrower-requested cancellation, homeowners can – under certain circumstances – initiate cancellation earlier than would otherwise occur automatically (when the […]

by Heather Mitchell on 7/21/15

SFH Guaranteed Underwriting System Updates

Advance Notice: Upfront Guarantee and Annual Fee for Fiscal Year (FY) 2016 This message provides advance notice of the upfront guarantee fee and annual fee structure that will be effective for Single Family Housing Guaranteed Loan Program (SFHGLP) loans in fiscal year (FY) 2016.  FY 2016 begins October 1, 2015 and ends at the close […]

by Heather Mitchell on 7/14/15

Affordable Home Financing with VA Loans

If you’re a military veteran or still in active service, you may qualify for a Veterans Administration (VA) loan.  These often require no down payment and have lower closing costs, which can help keep your savings secure. Other features include: 100% financing with full VA entitlement* VA financing fees that can be “rolled” into the loan […]

by Heather Mitchell on 6/16/15

Mortgage Rates and APRs: What’s the Difference?

When you are shopping for a mortgage, there are two numbers you need to be concerned with: the interest rate and the annual percentage rate (APR). The interest rate is the annual cost of borrowing and doesn’t include fees or other charges. APR reflects the interest rate, but also the cost of financing the transaction over […]

by Dan Leeder on 6/4/15

Need to Know: How Mortgage Insurance Works

Chances are you know you’ll need homeowners (property) insurance when purchasing a home, but are you familiar with mortgage insurance (MI)? MI is quite different from your homeowners policy, and it works differently: It’s what lenders use to insure themselves should you, the borrower, default on your loan. MI also behaves differently in conventional (Fannie […]

by Dan Leeder on 6/2/15

Financing: What to know before August 1, 2015

CHANGE – Something we dislike, yet something we deal with daily in this industry.  August 1, 2015 is fast approaching and TILA-RESPA INTEGRATED DISCLOSURES (TRID) becomes effective. So what is TRID?  The TILA-RESPA INTEGRATED DISCLOSURES (TRID) consolidates four existing disclosures required under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) for closed-end credit transactions secured by […]

by Heather Mitchell on 5/28/15

Mortgage Rate Projections

Quarter Fannie Mae Freddie Mac MBA NAR Average 2015 1Q 3.90% 3.90% 3.90% 3.80% 3.88% 2015 2Q 4.00% 4.10% 4.30% 4.00% 4.10% 2015 3Q 4.10% 4.30% 4.70% 4.30% 4.35% 2015 4Q 4.20% 4.50% 4.80% 4.70% 4.55% Heather D Mitchell Sr. Loan Officer NMLS ID 240300 Mobile 608.212.5881 Office 608.318.1907 [email protected] 771 Lois Drive Sun […]

by Heather Mitchell on 3/19/15

FHA MI Premiums Officially Reduced!

Reduction to FHA Annual Mortgage Insurance Premiums Announced by HUD! Effective for FHA cases assigned on and after January 26, 2015, FHA annual mortgage insurance premiums are being reduced by 50 basis points for loans with amortization terms greater than 15 years! In addition, FHA will provide instructions to allow case cancellations for FHA loans […]

by Heather Mitchell on 2/4/15

Annual Percentage Rate – What is the Real Cost of Financing?

Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs.  However, it is important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way.  While the Federal Truth-in-Lending Act does require any mortgage broker or […]

by Heather Mitchell on 1/13/15

Home Prices Continue to Rise

“Broad-based Slowdown for Home Prices” That is a headline you might have seen over the past weekend.  And though it is true, we must understand the story behind the headline.  Case Shiller reports on the year-over-year difference in homes values.  Their latest report revealed that the rate of appreciation has slowed – not that prices are falling!! […]

by Heather Mitchell on 12/2/14