FHA Cuts Annual MIP!

FHA announced this morning that it is lowering the annual premium 25 bps. It is effective for loans with a closing or disbursement date on or after January 27th, 2017. By making the change effective for loans closed instead of case numbers assigned, it eliminates a lot of the confusion caused in 2015 when premiums […]

How Safe is Your Information & Documentation?

Your right to privacy is a significant concern for mortgage professionals who are involved in the solicitation, origination, processing, closing and servicing of mortgage transactions. Multiple laws protect the privacy of borrowers, and violation of these laws can result in serious liability. Privacy laws protect borrowers from the time they receive a solicitation for a mortgage […]

Can I Remove Mortgage Insurance from My Loan?

Answer: To remove private mortgage insurance you must be up to date with your monthly payments. And you have to reach the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. GREAT info from the CFPB’s original article – here To remove private […]

Hey TRID, why is my client paying 69.45% interest??

Here’s something ‘exciting’ (note: sarcasm) that your clients will be seeing going forward. It’s appropriately called the TIP! What is TIP? It’s the Total Interest Percentage – basically it’s the total amount of interest they’ll pay over the life of their loan expressed as a percentage. Now, that doesn’t seem to threatening, right?? Well, what […]

The Owelty Lien – aka the Divorce Lien

Refinancing while divorcing is a very hard thing to do. Emotionally and financially, it can be very stressful. Finding an experienced mortgage lender in the state of Texas who is capable of handling this delicate situation is essential. Texas is a common law state and if you are married and own Real Estate that is considered your primary […]

Mortgage Insurance = Tax Deduction

On December 19, 2014, legislation was passed once again allowing for the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers. The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December 31, 2013 and through December 31, 2014 may qualify for tax deductibility […]

I Have to Explain the $500 Deposit in MY Bank?? WHY??

It’s suffice to say that my clients do NOT like lender required document ‘scavenger hunts’ – let’s be honest, who really does? In today’s world of tighter credit standards, loan ‘buy-backs’, uber compliance and 100% audits (vs the good ol days of 10% audits) it’s critical that lenders underwrite your loan to the inth degree, […]

Buying a Home: WHY So Much Paperwork!?

I am often asked why there is so much paperwork involved in a mortgage loan application when buying a home today. It seems that the bank needs to know everything about you and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and […]

Why is the Mortgage Payment Higher than the Online Payment Calculator?

Has this ever happened to you? You’re surfing around on one of the many googolplexian (the biggest number in the world…with a name) of real estate websites wishing, dreaming of that new home but thinking the homes you’re looking at online are a little out of reach. Then you’re eyes are immediately fixated on that […]

Can you use projected rental income on your Primary Residence to qualify for a Home Loan?

A better question….can you use the projected rental income on your current home if you plan to convert it to a rental property when you buy your new home? The short answer….YES! The long answer….YES…and NO! It really depends on a number of factors, let’s break them down. Here’s the scenario – you’re shopping for […]