Does an FHA loan sound like a good option for us?
Question by : Does an FHA loan sound like a good option for us? We’re trying to purchase our “forever” home. Like all of us we want the lowest payment possible for the next 30 years (in hopes of paying off early!). The property location qualifies as an FHA approved location. Rates in our area are starting to climb. Talking to Chase today our current rate is 5.3%. FHA loans are lower. We plan to put down at least 20% on $ 185K-$ 195K home. We are a household that brings in around $ 50K a year and has excellent credit. I’m not sure where mortgage insurance comes into play here. With a 20% downpayment would we still need it? Anyone have any good and bad points to FHA loans? Best answer: Answer by huzaifauh huh Add your own answer in the...
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Question by ohio_state98: Where can I find out current home mortgage rates for my area? Does anyone know where I can find out the current mortgage rate averages for my geographic area? I’m looking at possibly refinancing and want to know if it would be worthwhile. Also, advice stomach can I expect any costs when trying to refinance? Best answer: Answer by orlandomortgagebrokerAll over ONLINE. The only problem is, medical that you don’t get that rate until you lock it, or you have a honest mortgage broker on your side, which might be willing to lose on the Yield Spread if he doesn’t lock it, if rates happen to go up, from the day you were quoted on Good faith Estimate. The minute you’re quoted a rate you like to proceed with, instruct lender or broker to lock, and provide form that states the fact and that their committed to lend at that rate. When lenders “lock”, they commit to lend at a specified interest rate and points, provided the loan is closed within a specified “lock period”. (Points are an upfront charge expressed as a percent of the loan amount). For example, a lender agrees to lock a 30-year fixed-rate mortgage of $ 200,000 at 7.5% and 1 point for 30 days. A lock is contingent on the borrower meeting the lender’s underwriting requirements for the loan. The need for locking arises out of two special features of the home loan market: volatility and process delays. Volatility means that rates and points are reset each day, and sometimes within the day. Process delays refer to the lag between the time when the terms of the loan are negotiated, and the time when the loan is closed and funds disbursed. If prices are stable, locking isn’t needed even if there are process delays. If there are no process delays, locking isn’t needed even if prices are volatile. It is the combination of volatility and process delays that creates the need for locking. For example, Smith is shopping for a loan on June 5 for a house purchase scheduled to close July 15. Smith is comfortable with the rates and points quoted on June 5, but a rate increase of 1/2% within the following 40 days could make the house unaffordable, and Smith doesn’t want to take that risk. Smith wants a lock, and lenders competing for Smith’s loan will offer it. If locks were equally binding on lender and borrower, locks would not cost the borrower anything. While lenders would lose when interest rates rose during the lock period, they would profit when interest rates fell. Over a large number of customers they would break even. In reality, however, borrowers are not as committed as lenders. The number of deals that don’t close, known as “fallout”, increases during periods of falling rates, when borrowers find they can do better by starting the process anew with another lender. Fallout declines during periods of rising rates. This means that locking imposes a cost on lenders, which they in turn pass on to borrowers. The cost is included in the points quoted to borrowers, which are higher for longer lock periods. The lender who quoted 7.5% and 1 point for a 30-day lock, for example, might charge 1.125-1.25 points for a 60-day lock. Years ago, lenders controlled lock costs by requiring borrowers to pay a commitment fee in cash. The fee was returned to them at closing but forfeited if they walked from the deal. But today, commitment fees have mostly died out. Borrowers don’t like them, and lenders and mortgage brokers...
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Question by ohio_state98: Where can I find out current home mortgage rates for my area? Does anyone know where I can find out the current mortgage rate averages for my geographic area? I’m looking at possibly refinancing and want to know if it would be worthwhile. Also, advice stomach can I expect any costs when trying to refinance? Best answer: Answer by orlandomortgagebrokerAll over ONLINE. The only problem is, medical that you don’t get that rate until you lock it, or you have a honest mortgage broker on your side, which might be willing to lose on the Yield Spread if he doesn’t lock it, if rates happen to go up, from the day you were quoted on Good faith Estimate. The minute you’re quoted a rate you like to proceed with, instruct lender or broker to lock, and provide form that states the fact and that their committed to lend at that rate. When lenders “lock”, they commit to lend at a specified interest rate and points, provided the loan is closed within a specified “lock period”. (Points are an upfront charge expressed as a percent of the loan amount). For example, a lender agrees to lock a 30-year fixed-rate mortgage of $ 200,000 at 7.5% and 1 point for 30 days. A lock is contingent on the borrower meeting the lender’s underwriting requirements for the loan. The need for locking arises out of two special features of the home loan market: volatility and process delays. Volatility means that rates and points are reset each day, and sometimes within the day. Process delays refer to the lag between the time when the terms of the loan are negotiated, and the time when the loan is closed and funds disbursed. If prices are stable, locking isn’t needed even if there are process delays. If there are no process delays, locking isn’t needed even if prices are volatile. It is the combination of volatility and process delays that creates the need for locking. For example, Smith is shopping for a loan on June 5 for a house purchase scheduled to close July 15. Smith is comfortable with the rates and points quoted on June 5, but a rate increase of 1/2% within the following 40 days could make the house unaffordable, and Smith doesn’t want to take that risk. Smith wants a lock, and lenders competing for Smith’s loan will offer it. If locks were equally binding on lender and borrower, locks would not cost the borrower anything. While lenders would lose when interest rates rose during the lock period, they would profit when interest rates fell. Over a large number of customers they would break even. In reality, however, borrowers are not as committed as lenders. The number of deals that don’t close, known as “fallout”, increases during periods of falling rates, when borrowers find they can do better by starting the process anew with another lender. Fallout declines during periods of rising rates. This means that locking imposes a cost on lenders, which they in turn pass on to borrowers. The cost is included in the points quoted to borrowers, which are higher for longer lock periods. The lender who quoted 7.5% and 1 point for a 30-day lock, for example, might charge 1.125-1.25 points for a 60-day lock. Years ago, lenders controlled lock costs by requiring borrowers to pay a commitment fee in cash. The fee was returned to them at closing but forfeited if they walked from the deal. But today, commitment fees have mostly died out. Borrowers don’t like them, and lenders and mortgage brokers...
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Question by Troy B: Are there any good 1st time home buyers programs to help with down payment and closing costs? Are there any good 1st time home buyers programs to help with closing costs and down payment? (Either or) I already have pre-approval and now was looking for help with the down payment or closing cost. As of right now the seller is picking up about 3.5% but that still leaves us with a sizable down payment and closing costs. Best answer: Answer by golferwhoworksthere are grant money available and ask the seller to pay closing cost. Your mortgage professional should have the info needed and apply for you Give your answer to this question below! Some cool chateau images: Chateau invernal Image by ¡Carlitos Château d’Amboise, stomach Loire, capsule France A lot more fantastic houses click here… by jann_on Question by aayad53: Any idea for debt consolidation up to 10 years? I have over $ 88K in credit cards. I went to debt consolidation program and my FICO score went high. My only problem, check payment based on 5 years so my monthly payment so high. Do anyone know if someone can do debt conolidation but payments will be for 10 years? I don’t have any equity in my home to refinance Best answer: Answer by Budget DoctorFigure out how much you can pay each month and pay down the highest APR credit card the most each time. For the other cards, more about just pay the minimum. that will effectively produce the same result as a debt consolidation program What do you think? Answer below! Current Mortgage Rates at Berkshire Bank Current Mortgage Rates at Berkshire Bank Standard 30 year FRM interest rates at Berkshire Bank (NASDAQ:BERK) are coming out at 3.750% yielding an APR of 3.778% today. 30 year FHA loan interest rates at the bank are being offered for 4.375% and … If you would like more informaiton please visit here… HSBC Current Refinance and Mortgage Rates HSBC Current Refinance and Mortgage Rates The best 30 year FRM interest rates at HSBC Bank (NYSE:HBC) are on the books at 4.000% and an APR of 4.134%. 30 year FHA loan interest rates at the bank are published at 3.500% carrying an APR of … If you would like more informaiton please visit here… Reverse Mortgage “Kill Switch” Postponed, recipe HUD Expects Delays in Wake of … In this week's Reverse Focus podcast, Shannon Hicks discusses the “kill switch,” or the cap limit on the number of reverse mortgages that can be insured by the Federal Housing Administration (FHA) has been postponed. Under a continuing resolution … More informaiton please visit here… Current Mortgage Rates: Wells Fargo Refinance Rates for February 20, 2013 Current Mortgage Rates: Wells Fargo Refinance Rates for February 20, 2013 Wells Fargo (NYSE: WFC), which is … For conforming loan balances, the 30-year fixed rate home mortgage can be secured at 3.625% interest for an APR (annual percentage rate) of … If you would like more informaiton please visit here… Question by openminded: my credit score is low low and due to divorce i have to sell my home if i cant get his name off 2nd mortgage? due to divorce i have to refi the 2nd mortgage with his name on my home–now that the economy is worse and credit is tight i cant refi the 2nd mortgage—its apprx 12k—-the main mortgage is only in my name and i have been here 10years—but i will have to sell even though i need to reroof and etc i will owe if i...
Read MoreMortgage Rates: Low Mortgage Rates Steady After Strong Consumer Sentiment …
Mortgage Rates: Low Mortgage Rates Steady After Release of Fed Survey Current FHA 30 year fixed mortgage rates are as low as 3.000%. FHA loans have several different mortgage options available for consumers to choose from, look doctor such as rehab loans to energy efficient loans. Some of these products are designed to make funds … More informaiton please visit here… Current Mortgage Rate Chart – Lenders Lower Rates as Benchmarks Nose-Dive (Best Syndication News) Mortgage interest rates were lower again as investors moved their money into safe-havens (see the mortgage rate charts below). SunTrust, decease ed PNC, rx Bank of America, and U.S. Bank lowered their rates as secondary lenders matched cuts … If you would like more informaiton please visit here… FHA Streamline Refinance Offers Multiple Savings As mortgage rates continue to reach new record lows, interest in the FHA streamline refinance continues to increase. Many homeowners are currently holding higher rate FHA mortgages that were obtained prior to 2009. The FHA … These FHA mortgages are … If you would like more informaiton please visit here… Oakland seeks to stop scourge of foreclosures with million plan OAKLAND — For 3, abortion 500 Oakland homeowners, the nightmare of the foreclosure crisis continues in stalled loan modifications and a new generation of scams. They may, however, see some help from a new pilot program that plans to pool $ 5 million in federal, … More informaiton please visit here… Mortgage servicers dropped the ball, study says The researchers found great inconsistency in how large servicers responded to the program. Notably, in what they called a "muted" response, some large servicers offered half as many loan modifications as other companies. The more active, more … If you would like more informaiton please visit here… Study: Home modification program falls short By December, the program — combined with modifications outside the program — will have helped roughly 1.2 million homeowners modify their loans, far less than the three to four million the Obama administration promised when it introduced the program … If you would like more informaiton please visit here… Mortgage Rates: Low Mortgage Rates Steady After Strong Consumer Sentiment … Current FHA 30 year fixed mortgage interest rates are as low as 3.000%. FHA loans are available in a variety of options which are designed to make it easier for consumers to become homeowners. Down payments can be as low as 3.5% with credit scores as … For more informaiton please visit here… FHA Loans Present Window of Opportunity for Minnesotans So, treat at the risk of reiterating a tired advertising pitch, website like this the combination of falling interest rates, rising home prices, and the temporary reduction of mortgage insurance payments, combined with the convenience of the Streamline refinance, argue … More informaiton please visit...
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Texas' every two-year Legislature isn't so 'part time' Those are long hours for a deeply conservative state obsessed with small government, here discount yet not enough to avoid a parade of special sessions that have become a staple over the last decade and a half. Proponents of moving Texas to annual sessions … If you would like more informaiton please visit here… Your job vs. your mortgage application: Less-than-steady work or income could … The “no-doc” loans available in the early part of last decade, order click which allowed a borrower to state a certain income without verification, cialis 40mg ask are gone. Expect lenders to call or mail a form to an employer to verify income and other job-related details, says … If you would like more informaiton please visit here… For many, student loans just 'a part of life' Unsubsidized Stafford loans are offered to students of all income levels. Interest accumulates on the loan … the other federal loan programs do. If parents are denied a PLUS loan because they fail the required adverse credit check, the student … More informaiton please visit here… Rep. Kind visits with UW-Eau Claire students about college affor – WXOW News … Eau Claire (WQOW) – Representative (D-WI) Ron Kind stopped at UW-Eau Claire on Tuesday to talk with students about a plan to make college more affordable. Rep. Kind introduced the Promoting Education for Lifetime Learning (PELL) Grant Funding Act … For more informaiton please visit here… Ask Mr. Dad: Economic recovery? Not around here This actually encompasses two separate programs, this HARP (Home Affordable Refinance Program) and HAMP (Home Affordable Modification Program). The rules can be complex … for any program. Check your eligibility here: www.makinghomeaffordable.gov/. If you would like more informaiton please visit here… With 1.6 million, approved Florida passes California for highest number of Obamacare … FORT LAUDERDALE, about it Fla. (AP) – Florida has eclipsed California to become the state with the highest number of consumers buying health coverage through new insurance markets under the Affordable Care Act, according to federal statistics released … For more informaiton please visit here… Liberal Democrats ask Boehner to postpone Netanyahu address A group of almost two dozen liberal Democrats have signed a letter to House Speaker John Boehner asking him to postpone Israeli Prime Minister Benjamin Netanyahu's address to a joint meeting of Congress next month. …. Netanyahu's speech is … More informaiton please visit here… 2 deaths, scores of potential 'superbug' infections at UCLA med center Free home-testing kits are being delivered to all potentially infected patients, and UCLA will analyze the results, the medical center said. The two endoscopes thought responsible for the infections were used in the diagnosis and treatment of … If you would like more informaiton please visit here… A collateral mortgage can trap you: Roseman This allows you to get an extra $ 50, page 000 to $ 100,000 at a later date, secured by the mortgage, without having to discharge the loan and go through a costly refinancing. However, you must meet certain conditions in order to borrow more money. “You will … For more informaiton please visit here… Impact of disability income on mortgage The previous income you are earning is no longer in existence, and your current income, perhaps it might be smaller than your original income pre-injury, leaves the lender with a hurdling predicament. Well, taking a pragmatic approach, the answer … More informaiton please visit here… Andy Rothman on China's Aging but Enduring Boom As long as income growth is still strong, and economic rebalancing continues, then slower growth...
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