The Virginia Mortgage Insider
Larry Saunders
Real Estate Sales Picking Up
There has been a substantial increase in home sale activity in the past thirty days or so as the spring real estate market is heating up. Every day I’m getting calls from homebuyers who want to get pre-qualified for purchasing and home and a good percentage of them are going under contract. I’ve met [...]
FHA Financing Costs Increasing April 1, 2012
It was announced this week that FHA will have a new premium structure starting April 1, 2012. FHA will increase the monthly Mortgage Insurance premium (MIP) by 0.1% per year. This is increase the annual premium from the current level of 1.15% per year to 1.25% per year. If a home buyer takes out a [...]
The End of the Mortgage Foregiveness Debt Relief Act?
There was an article in the Washington Post today by Ken Harney about an issue that all of us in the real estate industry should be cognizant of. You probably are aware of The Mortgage Forgiveness Debt Relief Act that was passed in 2007. This law allows homeowners who have received principal reductions on [...]
How to Bring Funds to Your Closing
I worked as a Realtor for twenty years and as a Mortgage Loan Officer for the past 10 years and I’ve always told everyone to bring a cashier’s check for the funds necessary for closing on their home. Well, things have changed. Over the past year, many banks have been putting holds on cashier’s checks. [...]
Why is the Mortgage Interest Rate Different than What Was Advertised?
It has been my experience that most people think when they see a mortgage interest rate advertised in the newspaper or the Internet that “the rate” they see is “the rate” they would get if applies for that mortgage loan. There is always the possibility that “the rate” is artificially low to make the lender’s [...]
How Long Must You Wait to Buy a Home After Short Sale or Foreclosure?
I’ve had a number of people ask me how long they must wait before they can purchase a home after they have been through a short sale (sales price did not cover amount owed) or a foreclosure (home given back to bank). Of course, if you pay all cash for your new home, you can [...]
Current Mortgage Rates Still Great!
If you think you missed the boat for locking in a low mortgage interest rate for buying a home or refinancing, there is no need to worry. Home loan rates do change a little bit each day depending upon market conditions… but rates are still at historically low rates. The most popular financing used today is [...]
HARP II – Home Affordable Refinance Program
Fannie Mae and Freddie Mac are now accepting mortgages into the new and improved Home Affordable Refinance Program (HARP II). HARP is the refinance program that allows homeowners who own more than their home is worth to take advantage of today’s low interest rates. This new program removes the 125% loan to value (LTV) ceiling for [...]
PMI Premiums No Longer Deductible
Larry Saunders Starting this year, homeowners can no longer write off their private mortgage insurance (PMI) premiums like they have for the past several years. Some type of mortgage insurance is required when a home buyer uses less than a 20% down payment. Mortgage insurance for conventional mortgage loans can be paid two different ways. [...]
Funding the Payroll Tax Cut with Home Loans
A change that just started in the past week is an increase in the cost for conventional financing to pay for the temporary extension of the payroll tax cut that was enacted just before Christmas. This new fee is supposed to go into effect on April 1 but it is for loans delivered to Fannie [...]
Larry Saunders Mortgage Loan Originator License #MLO-1652VA, NMLS #219732. Mahone Mortgage, LLC. is licensed by the Bureau of Financial institutions, Virginia State Corporation Commission, # MC-5118, NMLS #205539. Equal Housing Lender.
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