Archive for the ‘2015 Mortgage Market’ Category
A lot of people have been asking lately what documents they need to provide in order to get approved for a mortgage to buy a house. With this video, we’ll go over the documents that you need to provide the lender to make the mortgage application easier for you and the lender. They fall within basically three different categories.
Great news for anybody who either has an FHA loan or is looking to buy a property with an FHA loan.
On January 26, 2015, which is just a few days from the taping of this video, the FHA will be lowering their Mortgage Insurance premiums. The current FHA Mortgage Insurance premium is 1.35%. It’s going to be lowered by 0.5%, so from currently 1.35% to 0.85%.
This represents the savings to people taking out FHA loans anywhere from $90 to $300 per month every month that you have that loan. So anybody has an FHA loan. you may be available to do a Streamline Refinance. A Streamline Refinance has very low documentation and has no closing cost so it can be a good deal. You’re automatically saving by half percent just by the reduction in the Mortgage Insurance. And if your rate is higher than the new rate you’ll also save money on the interest rate itself.
The FHA insures about one-fifth of all new U.S. mortgages and is a major provider of mortgages to first-time homebuyers. FHA loans allow for little as 3.5 percent downpayment with the minimum FICO score requirement of 580.
The lower premiums are going to enable 800,000 homeowners to save money on a refinance and it’s going to enable another 250,000 new homebuyers to become homeowners due to the lower payments.
So whether you’re first time homebuyer moving in to a new house or you want to refinance your existing FHA mortgage, the FHA loan program will let you do this with lower Mortgage Insurance.
If you’re interested in finding out how you can buy a house with an FHA loan or save hundreds of dollars per month on your current FHA loan, give Dan a call at (917) 575 -6977 or email at firstname.lastname@example.org.
The real estate market in 2014, while better than the prior two years, was not an especially strong year as the market was hampered by stricter lending guidelines. The good news is that interest rates didn’t rise like many pundits predicted and are now actually at their low point for the year. Check the trends that are developing in 2015… (cont)