When can you cancel Mortgage Insurance?
Starting on June 3 of this year the Federal Housing Administration’s new policy on mortgage insurance premiums (MIP) went into effect. See how and when you can cancel mortgage insurance. Read the rest of this entry
What Is Really Behind the Appraisal?
One of the most important variables in the loan process is the appraisal. What most people don’t realize is that the appraiser’s opinion of value isn’t the only thing that underwriters consider when approving a loan for a clear to close. When considering the value of a home there are three indicated value approaches; sales comparison approach (most recent sales), cost approach (what it would cost to rebuild), and income approach (what it could be rented for). However, primary emphasis is placed on the Sales Comparison Approach due to the fact that it best reflects what a typical buyer is willing to pay in the present market. Read the rest of this entry
I have been asked over the last few months to explain the timeline for purchasing a home. Let me start by saying each bank is different. What one bank or mortgage company does, many times will not be the same for others. I have found in my years of experience, each company has their own niche. As a mortgage broker, able to shop mortgages with several lenders, this allows me to select a company based on their strengths in loan programs and turn times. Read the rest of this entry
These days, the mortgage stress doesn’t end once you have received your loan approval. You still have the appraisal hurdle to get though. The mortgage industry, over the last few years, made major changes in this area as well. Lender’s are now requiring the use of a 3rd party appraisal company to order, process, assign, and review the appraisal. Read the rest of this entry
If you’ve read Jennifer’s blogs, you know the definition of closings costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom. Since we have many transients in Florida, I get asked about this a lot. Here’s what you can expect: Read the rest of this entry