Mortgage News

Renters Have Much to Gain by Pursuing Home Ownership

Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Realtors: Is an FHA Appraiser Requiring Lead-Based Paint Repairs?

If you're interested in working with HUD REO properties and buyers who need FHA financing, you may come across appraiser-required conditions to perform lead-based repairs.

The only time lead-based repairs are required for an FHA-financed HUD REO property is when the property was built prior to 1978.

FHA Announces 2014 Loan Limits

Is this good news or bad news for home buyers?

The Federal Housing Administration (FHA) recently announced the FHA loan limits for 2014. There are several important items to note:

  • The high cost market maximum is reduced from $729,750 to $625,500
  • The floor loan limit remains unchanged at $271,050
  • The formula for calculating area loan limits between the floor and the cap will be reduced from 125 percent of area median value to 115 percent

 

Refinance Your Mortgage for Rate and Payment Reductions

Save on monthly payments at a lower interest rate!

One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at “no cost” to the borrower.

 

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