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A bill authorizing much higher mortgage insurance rates for FHA loans has passed the House overwhelmingly. An increase in the monthly mortgage insurance premium will reduce the loan amount, and therefore the purchase price, a prospective buyer can qualify for.
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A few years ago there were so many “creative” ways to get zero or low down payment conventional loans, and private mortage insurance was so inexpensive, that FHA loans were used less frequently. That is no longer the case. Continue reading
For those of us who work with home buyers and mortgage lenders routinely, it has been clear for a long time that mortgage underwriters were getting more cautious — and rightfully so. This is Fannie Mae’s latest move to reduce mortgage loan defaults. Continue reading
If you’re struggling with a mortgage and considering your alternatives, the best advice is to begin communicating as early as possible with your lender and with financial and real estate professionals. Continue reading
This website does a good job of outlining the steps in a Texas foreclosure, and in providing good general information about some alternatives. Continue reading
This op-ed piece from RISMedia offers an attractive option that is worth exploring — equity sharing, true cooperation between lender and borrower. Continue reading
Don’t wait until it’s too late. Your credit score can affect you in ways that most people would never imagine. Here are some great resources to help you avoid surprises. Continue reading
Just requiring a new form will not create professionalism where it did not exist before. The market — i.e., informed consumers — will still determine which mortgage lenders survive over time, exactly as it should. Continue reading
Bill Morris on Austin Real Estate 