Archive for the Mortgage Refinance Category

Housing Affordability Could Be at the Best Levels We Might See in Our Lifetime???

April12
"Money's Too Tight to Mention" - Simply Red The Housing Affordability Index was developed over thirty years ago to help consumers determine when it is a good time to buy a home. It's considered advantageous to the buyer when the index is over 100 because a median income family can qualify for a median price home. Recent figures released by the National Association of REALTORS' economic department show that the 2011 index of 184.5 is the highest annual average since it has been calculated. The most recent month released, December 2011, was 194.9. The index is also broken down into four … Read More

FHA Costs Going Up Soon…Get ‘em While They’re HOT!!!

February28
"UP, UP and AWAY" - The Fifth Dimension FHA Costs Going UP!! If you've been considering a purchase that would include FHA (Federal Housing Administration) financing.  Don't hesitate ... as once again some of the costs of procuring this very competitive form of financing (especially for the first-time buyer) are going UP!!!  In an announcement from HUD today that mortgage insurance for FHA loans would increase April 1st, 2012 and June 1st, 2012!  FHA financing has considerable advantages for some buyers.  This will NOT affect existing FHA loans!! Here's a "quick and dirty" breakd… Read More

Your Perceived “Risk” to the Lender Determines Actual Mortgage Rates!

February21
Cast of Glee sings "Taking Chances"   Risk Determines Rate Regardless of what a lender quotes on mortgage rates, the actual rate paid by a borrower is based on a number of variables. Lenders determine whether to loan money and at what rate based on the risk involved with the transaction. Factors that increase the risk that the loan will be repaid will proportionately increase the interest rate charged to the borrower. If the risk becomes too high, the loan will not be approved. Loan amounts - conventional loans for more than the conforming limits set by Fannie Ma… Read More