Mortgages
I have been asking myself this question for some time now and still cannot think of any reason, why banks can not let people who are underwater with their mortgage refinance their loan. I don’t mean the people who cannot pay or are not paying their mortgage, I am talking about people who pay their [...]
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The annual mortgage insurance premium is due to increase on the 18th April, by 0.25%. For loans whose LTV (loan to value) is 95% from 0.90% to 1.20% (assuming length of mortgage is more than 15 years). For those of you that don’t know, mortgage insurance or PMI, is designed to protect the lender if [...]
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I know that the real estate market is not exactly booming in the U.S., but I was reading an article the other day about the market in the U.K. that really shocked me. Apparently, mortgage loans dropped 95% between July 2008, and August 2008. That’s not a misprint, they dropped 95% in a single month. [...]
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Now that the real estate market has slowed, lease to buy options are now being accepted by some sellers. If you are having problems obtaining a loan due to poor credit and the tightening of the lending guidelines, a lease option maybe the answer to your problems. A lease to buy option allows you the [...]
At the start of this month, Fannie Mae changed its policy regarding declining markets. Previously if you were in a declining market you had to put 10% down in order to obtain a loan. Now the policy has changed so that regardless of the state of the local real estate market buyers only need to [...]
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