Category Archives: Understanding Your Mortgage

A New FHA Refinance Program for Struggling Home Owners

Last Friday, HUD announced a new program designed to help home owners who have seen a drop in their home’s value.  We do not have all the details yet, but here is a quick summary of what was announced: 1.  Existing lender must be willing to write down/reduce the loan’s principle balance by at least [...]

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The New Good Faith Estimate 2010

On January 1st , 2010, HUD implemented a new disclosure designed to simplify the understanding of the cost of a loan.  The document is called GFE 2010.  Many things are different between the old Good Faith Estimates (GFE) and the new one, but here are some of the main differences. 1.  Lenders will no longer [...]

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A Working Government Program for Home Owners

Over the last couple of years, the government has made many attempts at trying to help home owners keep there homes.  Many of these attempts have been disappointments at best or all out failures at their worst.  There are a couple of programs though that are working to help home owners lower their mortgage payments, [...]

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What Are Rates Going to Do This Year?

Interest rates for mortgages over the last 6 months have been amazing.  Most borrowers have been able to get rates in the low 5% without paying any points or high 4% if they wanted to pay some points.  There is a lot of speculation in the market right now about what is going to happen [...]

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Looking Back at 2009

The $8000 first time home buyer tax credit that didn’t have to be paid back is introduced. Foreclosures declined but short sales were on the rise. Stated income loans went away, making it difficult for self-employed income borrowers to get a new mortgage. New mortgage guidelines tightened up. Large investors (unless they are cash buyers) [...]

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