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The mortgage insurance premium is an issuance policy attached to FHA loans with down payments of less than 20%. FHA mortgage insurance premiums are in two phases -- 1) upfront at closing, and 2) annually in 12 monthly installments. The current upfront MIP fee is 1.75% of the borrowed amount; and, the typical annual MIP fee is 0.85% of the borrowed amount.
Federal Housing Administration (FHA)-backed loans are popular with home buyers and refinancing homeowners for multiple reasons, including:
However, one place FHA mortgages don't always measure…
Mortgage lenders are often asked if there is a best time of day, day of the week, or period of the year when a prospective borrower should lock in a mortgage interest rate.
The truth is, no one can tell with any degree of accuracy what rates will do.
In fact, the best time to lock a mortgage is when the unexpected happens.
Case in point: Brexit.
Recently, Britain voted to exit the European Union. “Brexit,” as it is known, caused an international "flight to quality," meaning investors worldwide sought perceived safe assets like U.S. mortgage bonds. Mortgage rates fell dramatically.
These unforeseen shifts are the best time to lock a mortgage. But what if you’re not fortunate enough to be rate…
It’s likely you spend much of your time at home in your kitchen, cooking, entertaining friends over a glass (or two) of wine, or talking through your day with family. But there may come a day when you look around and notice that — gasp! — this well-loved space is starting to look a bit worn. Suddenly, your favorite gathering spot has become a place you rush guests through, and you’re concerned that potential future buyers will be turned off by its outdated appearance — especially if you’re in an expensive (read: high end) market, like Westport, CT.
There’s no need to shy away from kitchen upgrades,…
The United Kingdom Friday voted 52 percent to 48 percent to leave the European Union—the much anticipated, but also much feared “Brexit”—in a move that has had immediate effects on global and American markets.
According to Bloomberg, selloff triggered by anticipation of the U.K. leaving the European Union has caused U.S. stocks to tumble the most since February‒‒385 points off the Dow Jones Industrial Average, though assurances of assistance from the Fed reportedly kept the Dow from dropping more than 500 points.
The Federal Reserve issued a statement early Friday saying it is “carefully monitoring developments in global financial markets, in cooperation with other central banks” as a result of the U.K.’s vote.
“The Federal Reserve is prepared to…
The mortgage services industry reached its 25 millionth non-foreclosure solution in April, as foreclosure, short sales, and deed-in-lieu transactions continue to drop, according to HOPE NOW, a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.
According to HOPE NOW’s report on April numbers, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds-in-lieu, and workout plans) were approximately 117,000. This compares to approximately 28,000 foreclosure sales for the month.
Included in that total solutions figure were an estimated 31,000 permanent loan modifications. This total includes modifications completed under both proprietary programs and the…
The percentage of residential real estate homes sold in March 2016 that were all-cash transactions was down to about one-third (33 percent), which is a year-over-year decline of 2.4 percentage points, according to data released by CoreLogic on Thursday.
The ongoing steady decline in foreclosures since reaching their peak in 2010 has precipitated a corresponding decline in the nationwide cash sales share, according to CoreLogic. The cash sales share peaked in January 2011, when nearly half (46.6 percent) of all residential home sales were all cash.
“Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent,” CoreLogic senior economist Molly Boesel said. “If the cash sales share continues to fall at the…
Freddie Mac announced Monday, it has reached a milestone for credit risk transfer, having transferred the risk on a total of $650 billion in unpaid principal balance on mortgage loans to the private market.
Through its credit risk transfer programs, Freddie Mac has transferred a portion of credit risk of mortgage defaults on $500 billion in UPB associated with single-family loans since 2013 (as well as $150 billion in UPB on multifamily loans since 2009) to investors in the private capital market.
Freddie Mac has also significantly reduced its legacy mortgage credit risk through the securitization and/or sale of more than $50 billion in less liquid and impaired assets from its mortgage-related portfolio since that same year.
“I am grateful to…
Freddie Mac has announced that it has made yet another non-performing loan (NPL) sale via auction as part of its initiative to rid its mortgage-related investments portfolio of deeply delinquent mortgage loans.
The transaction includes 2,879 deeply delinquent single-family residential mortgage loans with an aggregate unpaid principal balance (UPB) of $706 million. The loans are serviced by Bayview Loan Servicing and the servicing will be transferred post-settlement. The transaction is expected to settle in August 2016, according to Freddie Mac.
Freddie Mac began marketing the transaction to potential bidders on May 25, 2016. The potential bidders to which the transaction was marketed included minority- and women-owned businesses, non-profits, and…
HUD has awarded more than $42 million in housing counseling grants to hundreds of national, regional, and local organizations in order to prevent foreclosures, according to an announcement from HUD on Tuesday.
More than 1.4 million households will be assisted with the funds leveraged by HUD. The counseling that the money provides will help homeowners find housing, make more informed housing choices, or remain in their current homes if they are facing foreclosure.
The grants awarded Tuesday were announced at a White House gathering to commemorate National Homeownership Month, which is happening in June.
“Housing counselors provide potential homeowners with the tools they need to ensure they’re ready and responsible,” HUD Secretary Julián Castro…