As noted recently, Julian Castro, the HUD (Housing and Urban Development) Secretary, announced a rollback of the FHA (Federal Housing Authority)-required mortgage insurance premiums from .85% to .60%. The change was to be effective on January 27th. The … Read the rest
Mortgages…Math Is Important!
There is more math in the mortgage process than meets the eye and most borrowers, and even many loan officers, don’t understand all potential ramifications. It’s important to work with someone who does in order for them to present the … Read the rest
Misconceptions about reverse mortgages
A lot of people who might benefit from a reverse mortgage have misconceptions about them. Fact: a reverse mortgage is just like any other mortgage in regards to homeowner rights….with one exception. Unlike a forward mortgage where, after a reasonable … Read the rest
Two Kinds of Mortgage Loan Officers
There are two kinds of mortgage loan agents….those who simply want to get paid and those who want to provide truly valuable assistance to their clients. There are other valid comparisons, but an agent’s core value determines the commitment to … Read the rest
Mortgage Interest Deduction Going Away?
The Mortgage Bankers Association (MBA) has defended the tax deduction for mortgage interest against any and all challenges. Yesterday, in the National Mortgage News, it was reported that David Stevens, head of the MBA, indicated that the agency might not … Read the rest
Government Regulations
For members of the lending community and, certainly, for investment professionals, ie; financial planners, stock brokers, etc., it seems like the government just delights in piling on more and more regulatory restrictions. And, for every new regulation or restriction, yet … Read the rest
Time Savings?….Not So Much!
When Mortgage Magic opened 26 years ago, the mortgage process was far different. Everything was done manually including loan applications, disclosures and credit reports (2-3 days to receive). Employment and bank accounts were verified by mail.
When processing was completed, … Read the rest
First-Time Homebuyer Assistance Programs
There are legitimate zero-down programs for first-time homebuyers that have been around for many years. Those never were, nor ever will be, poorly thought out and/or designed to put people in homes they might not be able to afford. These … Read the rest