Renting

Proposed Bill Lowers FHA Costs for Educated First-Time Buyers

A new bill being floated by Representative Karen Bass (D-Calif.) aims to lower the costs of obtaining an FHA loan, which have surged in recent months. Back in April, the FHA’s upfront mortgage insurance premium increased from 1% to 1.75%. On a $200,000 loan, we’re talking about an increase of $1,500, which certainly isn’t incidental. [&hellip

The post Proposed Bill Lowers FHA Costs for Educated First-Time Buyers first appeared on The Truth About Mortgage.

Mass Mortgage Refinancing Plan: Obama’s Ace In the Hole

We’ve heard talk of mass refinancing plans for years now, but nothing has quite delivered. Sure, the Home Affordable Refinance Program (HARP) was recently expanded to allow just about any homeowner to refinance, regardless of negative equity issues. But since it was announced in late October, I haven’t heard too much about it. Perhaps because [&hellip

The post Mass Mortgage Refinancing Plan: Obama’s Ace In the Hole first appeared on The Truth About Mortgage.

Happy Holidays: Your Gift is Record Low Mortgage Rates

You guessed it. Just in time for the holidays, mortgage rates fell to yet a new record low. What a nice gift to give existing and prospective homeowners. Average interest rates on the popular 30-year fixed-rate mortgage slipped to 3.91% during the week ending December 22, down from 3.94% a week earlier, per Freddie Mac [&hellip

The post Happy Holidays: Your Gift is Record Low Mortgage Rates first appeared on The Truth About Mortgage.

New Refinancing Program for Loans Not Owned by Fannie or Freddie

Yet another mass refinancing program has been proposed, this time by Oregon Senator Jeff Merkley. His program, “The 4% Mortgage: Rebuilding American Homeownership” (RAH), is geared toward underwater borrowers who have kept up with their mortgage payments, but haven’t been able to receive assistance via existing programs. It specifically targets those who hold mortgages that [&hellip

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Are the Low Mortgage Rates a Home Buyer Trap?

Despite a slight uptick this week, mortgage rates are still pretty much rock bottom, and unarguably at ridiculously low levels. This has sparked yet another refinance boom, with mortgage application volume rising to its highest point since May 2009, per the latest data dump from the Mortgage Bankers Association. This is great news for existing [&hellip

The post Are the Low Mortgage Rates a Home Buyer Trap? first appeared on The Truth About Mortgage.

5 Expenses Homeowners Pay That Renters Don’t

Thinking about buying? Be sure to include these five items in your calculations.

You May Have Missed the Housing Bottom, But Not the Mortgage Rate Bottom

Over the past several months, it has become somewhat clear (insert gigantic grain of salt here) that home prices may have bottomed last year, at least in some areas of the country. While it’s still too early to say so definitively, it looks like some homes were snatched up at rock-bottom prices a year ago. [&hellip

The post You May Have Missed the Housing Bottom, But Not the Mortgage Rate Bottom first appeared on The Truth About Mortgage.

The Top 5 Renting Nightmares and How to Face Them

Renting can be a real dream – as long as you know how to tackle these common challenges.

HARP Refinancing Takes Off Thanks to New Guidelines

As a result of recent enhancements, and perhaps ua-low mortgage rates, the Home Affordable Refinance Program has actually made a meaningful impact. Last month, there were a total of 98,885 HARP refinances recorded by the FHFA, which accounted for nearly 24% of all the Fannie Mae and Freddie Mac refis during August. That’s a big [&hellip

The post HARP Refinancing Takes Off Thanks to New Guidelines first appeared on The Truth About Mortgage.