Mortgage interest rates are down again, and scammers are on the rise. It never fails that someone out there is trying to make a fast buck to the detriment of someone looking for some relief. If you are considering refinancing your loan, or are in the process of buying a home and need financing, deal … Continued
“Annual Mortgage Insurance Premium Change” effective April 18, 2011. Let’s look at what this means for those hoping to secure an FHA mortgage in the future: The Annual Insurance Premium will increase .25% for standard forward mortgages. The Up Front Mortgage Insurance remains at 1.00%. NOW is the time to refinance your current home OR … Continued
How do you find an honest mortgage lender? Start with personal recommendations, and set up some appointments with certified lenders. Call me today and ask about Shawn Tihen at iBeria Bank. I can recommend him with full confidence. The Grant Hickman Team314.265.1531
Pay off your credit cards on time and in full, skip the new car or the new furniture. Banks and mortgage companies want to see financial stability with no big changes. Anxious to close on the house? Sometimes the waiting period between finding your perfect place and driving up to your new home with keys … Continued
Jobs, continued low interest and a variety of housing choices encourage potential buyers Positive signs are beginning to indicate an upturn in the real estate market. The Labor Department announced a decline in unemployment filings as layoffs ease and hiring slowly increases. Economists are encouraged that the economy is getting closer to generating job gains, … Continued
Don’t be surprised if your friendly lender, the one who invites you to sit down and apply for a mortgage, ushers you politely out the door empty-handed after you’ve chatted a bit. The sudden chill isn’t personal. The Mortgage Bankers Association, or MBA, in Washington, D.C., estimates that about half of all mortgage applicants are … Continued
There is plenty of news in the media right now regarding the housing market, especially with the financial and bank bailout looming. Although much of this news is accurate, many facts get misinterpreted and falsely reported, leading to rumors and hearsay. The biggest rumor right now is that you need a 20% down payment to … Continued
Get off the sidelines if you are thinking about buying a home. Contrary to implications in the news, now is one of the best times to be a home buyer. No one knows how long this once in a generation, or perhaps once in a lifetime, window of opportunity will be open but there are … Continued
Interest rates are affected by a number of factors. The Federal Reserve, which is charged with maintaining the stability of the nation’s financial system, raises or lowers short-term interest rates in an effort to maintain that stability. The Fed regularly takes these actions in response to economic ups and downs that the country goes through … Continued
Commonly referred to as DTI, your debt-to-income ratio tells lenders what % of your income you have available for a house payment after fulfilling your other recurring obligations each month.Recurring debt includes credit card payments, child support payments, car payments and other obligations that will not be paid off within 10 months (for conventional loans). … Continued
This is very beneficial information to have when deciding how much to spend on a new house or determining whether to refinance. This is also one of the many factors that lenders review when deciding whether or not to lend you money. Your housing ratio simply measures the amount of your income that you spend … Continued