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Recent Mortgage Articles

Posted on February 14   By MLP Blog
What types of Mortgage Insurance programs are out there? Each homebuyer is unique, and purchasing mortgage insurance is no longer a cookie-cutter, one-size-fits all industry. From buyers that are cash-strapped to those looking to trade up, there are several mortgage insurance programs to consider. The Finance Single Premium Option—With this option, you pay the insurance during the closing with one payment. Simply put, you’re financing some of the mortgage insurance .... Read More...
Posted on February 14   By MLP Blog
Split Premium Insurance—In this option, the borrower purchases a portion of the insurance by either paying out of pocket or financing, and then pays a smaller amount on the monthly premium. Some find this option attractive because it offers flexibility for the homebuyer and the lender. Mortgage payments may even be lower because the premium can be paid by a third party or at closing. Borrowers may also benefit from a split premium tax write-off. Stan.... Read More...
Posted on February 14   By MLP Blog
Many homeowners are choosing to refinance their homes during today’s unpredictable economy. Paying off credit card debt, helping pay for college, or freeing up cash for home improvement are some of the more popular reasons. Refinancing, by definition, is where an existing debt is replaced by a new debt obligation under new terms. Fortunately, borrowers have several options available, each with its own strengths and weaknesses. Rate and Term Refinancing—Under this option, borrow.... Read More...
Posted on February 13   By MLP Blog
Below is a continuation of our focus on traditional refinancing options for consumers. Please be advised that new legislation has caught steam in Congress that would put open up an ability to refinance through new initiatives with FHA loans to millions of Americans. Fixed Rate Mortgage—Borrowers who are preparing to permanently stay in their home often choose a fixed rate mortgage to refinance. The most popular terms are 30-year or 15-year fixed. Borrowers who like stability and no surp.... Read More...
Posted on February 13   By MLP Blog
There's a cool map offered up by the NY Fed that gives statistics on all different aspects of loans issued in metropolitan areas across the U.S. Check it out here Dynamic Map. Since we last posted, FHA loan limits have been giving a temporary push to $729,000 in some areas. FHA continues to grow in its usefulness for homebuyers and existing homeowners alike..... Read More...
Posted on February 13   By MLP Blog
Today's homebuyers have an incredible number of options at their fingertips when it comes to selecting mortgage insurance. However, not all mortgage insurance options are created equal. Your first step should involve asking questions and researching the options, and then deciding what is best for your personal situation. First things first: What is Mortgage Insurance? Mortgage insurance is a financial guaranty that insures lenders against loss in case a borrower defaults on a mortgage. Lende.... Read More...
Posted on February 13   By MLP Blog
The FHA is working to change the guidelines of the Real Estate Settlement Procedures Act in order to force lenders to make more comprehensive Good Faith Estimates for borrowers. Concerned consumers may want to know more about this issue or voice their opinion either way on what they think about this new proposal from the FHA. To give your opinion on this FHA proposal or make comments you should: Go to Regulations.gov which is the Federal eRulemaking portal. Here you can make comments that will.... Read More...
Posted on February 13   By MLP Blog
On Tuesday President Bush signed a $168 billion economic stimulus package intended to provide “booster shot” for the economy. Included in the plan are approximately $117 billion in rebate checks and tax breaks for businesses as well as an increase in the FHA loan limit. The increase in the loan limit is meant to help the sagging subprime housing market, which has taken substantial hits in recent months due to the fallout of predatory lending practices of many lenders. By increasing.... Read More...
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