Best Mortgage Lender, New Home Mortgage, Police and Fire Federal Credit Union, best mortgage lender.#Best


Home purchase mortgage

Our knowledgeable Mortgage Advisors can help you select the best mortgage option to fit your needs.

Home Purchase Mortgage

PFFCU, a trusted mortgage lender, works exclusively for YOU! There are no high-pressure sales tactics, and the approval process is fast and easy.

Why We Are The Best Mortgage Lender:

  • You will enjoy the highest level of Service, Value, Convenience, and Trust.
  • We survey everyone who gets a home purchase mortgage loan. 90% of surveyed members rated PFFCU as Exceptional or Superior in the overall Real Estate experience.
  • You will save money with PFFCU because there is no application fee and our closing costs are among the lowest in Philadelphia, Bucks County and Montgomery County, PA and in Mt. Laurel, Cherry Hill and Washington Township, NJ.
  • We offer a pre-approved Mortgage Loan Commitment that you can take to your realtor to demonstrate that you are a serious buyer. Our pre-approval will make your loan processing quicker so you can close your loan faster.
  • Our experienced Mortgage Advisors provide the best personal guidance to help you get the best loan that is right for you.

If you prefer, you can call 800-486-9592 and ask to speak to a Mortgage Advisor to apply by phone or to schedule a personal appointment.

PFFCU has been a trusted mortgage lender since 1938.

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Fixed-Rate Mortgages

Available with terms of 10, 15, 20, and 30 years, a fixed rate home purchase mortgage is best for you if you want a consistent monthly payment or you plan to stay in your home for a long period of time.

Adjustable-Rate Mortgages

ARMs offer lower initial rates than fixed-rate home purchase mortgages, resulting in lower monthly payments that are especially attractive to first-time home buyers and home owners looking to buy a larger home. PFFCU offers adjustable-rate mortgages with 30-year terms where the initial APR and payment are fixed for the first 5 or 7 years, then convert to an adjustable rate, which may change annually.

No PMI Mortgage

If you have less than a 20% down payment, consider this option as a cost-effective way to avoid Private Mortgage Insurance. You may enjoy lower monthly payments, as well as a tax deduction for the interest paid (check with your tax advisor for more details).

First Time Home Buyer Mortgage

If you are a new home buyer who can t afford a large down payment but would otherwise qualify for a mortgage, our First Time Home Buyer Mortgage may be ideal for you. With as little as a 3% down payment, you can buy your first home.

If you already have an Agreement of Sale:

Trust your PFFCU mortgage lending team to handle your new home purchase with a fast and efficient process to give you peace of mind through closing.

If you do not yet have an Agreement of Sale:
  • Request your valuable PFFCU Mortgage Pre-Approval before you visit a real estate agent, begin shopping for a home or speak with any other financial institution or lender.
  • Our expert Mortgage Advisors will guide you through the process and help you choose the mortgage that best meets your needs.
  • A mortgage pre-approval qualifies you for a $250 discount coupon, that can be redeemed when you close your mortgage with PFFCU.

After you fill out our online worksheet, we will call you within one business day. We can provide you with your pre-approval within as little as three hours after we contact you, so you can start looking for your dream home sooner.

PFFCU New Home Purchase Personalized Service

For Personalized Service, apply by phone or schedule a personal appointment for your new home purchase mortgage six-days-a-week by contacting our Call Center at 800-486-9592 and one of our knowledgeable Mortgage Advisors can guide you through your new home purchase mortgage application process.

Or, visit any of our conveniently located branches in Philadelphia, Bucks County, Montgomery County, PA and NJ for your home purchase mortgage needs. Members in Washington Township, NJ area can stop by our branch on Route 42. Members in the Mt. Laurel, Cherry Hill area can stop by our branch on Lenola Road across from the Moorestown Mall.

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Already Have a Mortgage Elsewhere?

Refinance with the best mortgage lender—PFFCU and save. Find out more about mortgage refinance in Bucks County PA, Montgomery County PA, Philadelphia PA, and mortgage refinance in Mt. Laurel, Cherry Hill and Washington Township NJ.

Call Us with Questions

If you have questions or want to apply for a loan over the phone please call us at 800-486-9592.

Best mortgage lenderBest mortgage lenderBest mortgage lender

ABA Routing #236084285

Police and Fire Federal Credit Union

901 Arch Street, Philadelphia, PA 19107

©2017 Police and Fire Federal Credit Union.


The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


Housing Economic Crisis News Picks

  • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
  • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
  • Richest 1% own over half the world’s wealth – [2017-11-15]
  • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
  • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
  • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
  • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
  • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
  • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
  • Debt swap problems pile up in China – [2017-11-12]

Latest Posts from the ML Forum!

Go to the forum!

Imploded* Lenders™

About The Implode-o-Meter

ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

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FHA Appraisal Requirements – Best FHA Lender, best mortgage lender.#Best #mortgage #lender


FHA Appraisal Requirements

Over the past couple of years, I have heard numerous real estate agents steer people away from FHA mortgages. Some have stated in their MLS listings that the seller will not accept a buyer with FHA financing and others have told buyers that it isn’t a good idea to get an FHA loan. All of this because they think that FHA appraisal requirements are too tough.

Yes, this used to be quite true. FHA is the first to admit that historically their appraisal requirement heavily stressed the repair of minor property deficiencies.

However, this has changed.

FHA now permits an “as-is” appraisal for homes being financed with FHA loans that have minor property deficiencies resulting from deferred maintenance and normal wear and tear. In fact, the current FHA appraisal requirements have been in place since January 1, 2006

FHA Appraisal Requirements General Rules to Remember

For an easy reference to FHA Appraisal Requirements, think of the two S’s .

Safety – FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that will affect the health and safety of the occupants.

Soundness – FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that jeopardize the soundness and structural integrity of the property.

When an FHA appraisal is done on a home, they are looking to make sure that their aren t any safety hazards and that the house is structurally sound.

In Mortgagee Letter 05-48, FHA provides the following examples of minor property conditions that do not require automatic repair for existing properties:

  • Missing handrails
  • Cracked or damaged exit doors that are otherwise operable
  • Cracked window glass
  • Defective paint surfaces in homes constructed post 1978
  • Minor plumbing leaks (such as leaky faucets)
  • Defective floor finish or covering (worn through the finish, badly soiled carpeting)
  • Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of unrepaired structural damage
  • Rotten or worn out counter tops
  • Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post- 1978
  • Poor workmanship
  • Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
  • Crawl space with debris and trash
  • Lack of an all weather driveway surface

FHA also provided the following list of conditions that will require automatic repair for existing properties:

  • Inadequate access/egress from bedrooms to exterior of home
  • Leaking or worn out roofs (if 3 or more layers of shingles on leaking or worn out roof, all existing shingles must be removed before re-roofing)
  • Evidence of structural problems (such as foundation damage caused by excessive settlement)
  • Defective paint surfaces in homes constructed pre-1978
  • Defective exterior paint surfaces in home constructed post-1978 where the finish is otherwise unprotected.

These lists are not meant to be all inclusive, but they give clear guidance on the issues that are and are not a concern to FHA.

If you are interested in buying a house and you want to use an FHA loan for financing, don t let common misconceptions about FHA Appraisal Requirements misguide you.

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112


Mortgages Unlimited, mortgage lender.#Mortgage #lender


MN, WI, and SD Home Mortgage Loans

As a Direct Mortgage Lender, MN, WI, and SD home loans are all we do. We beat the banks, the big internet lenders, and the Realtor’s in-house lender everyday with our great interest rates on home loans, and personalized service from LOCAL professional Licensed Loan Officers. Our ultimate goal is to create lasting relationships by closing your home loan on time with a stress free process.

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2015 – Top 100 Loan Officer in the Nation (Orignation News )

2014 – Minnesota Loan Officer of the Year (Minnesota Mortgage Association)

2012 – Best Mortgage Professionals in the Twin Cities based on Customer Satisfaction (Minneapolis St Paul Magazine)

2011 – Top 40 Most Influential Mortgage Professionals to Watch (National Mortgage Professional Magazine)

2010 – Top 150 Loan Officer in the Nation (Origination News)

We keep it simple for you! Slick advertising is not our game. We are a top MN lender, and it’s not just because of our LOW mortgage rates. Its because we offer the whole package! We provides fully automated processing, with all of the latest instant approval systems. We even give you instant Email notification for each step of your loan!

Purchase : Using your Realtor’s in-house lender, or the big banks

Refinance : Assuming the company you currently make payments to is your best option

Dakota County First Time Homebuyer City Living Program Zero down Payment VA Loans and USDA Rural Development Loans HARP Lender in MN, WI, and SD (Home Affordable Refinance Program

Mortgages Unlimited CLIENT TESTIMONIALS Mortgage lender

“Thanks for helping us get this done, I really didn’t think I could refinance. I called on a whim because you had placed my original mortgage on this house. Now we will be enjoying a lower house payment for years to come. Best wishes to you.”

Angie W. St Paul, MN

-Tim M. Minneapolis, MN

Mortgage Loan Programs

Conducting Your Minnesota, Wisconsin, or South Dakota Mortgage Rate and Lender Search

Mortgage lender Shopping for a home loan has never been this easy. To obtain the most accurate and up-to-date mortgage rate quote for your loan scenario, call us at 651-552-3681 . Mortgage lender If you are simply shopping for a mortgage , you can fill-out our easy Mortgage Rate Quote Form and someone will usually contact you within minutes with that information.

Y ou can also initiate the application process by completing our Secure Online Mortgage Application. We advertises our services in many places and we are committed to honoring the displayed rates and mortgage closing costs as defined by the various publishers’ guidelines.

You can always count on Mortgages Unlimited for great rates and low mortgage closing costs. Please do not hesitate to contact us with any questions. We are always here to address your concerns and offer you up-to-the minute mortgage quotes and home loan advice.

Smart people know Mortgages Unlimited is your St Paul, Minneapolis best lender choice for your home loan needs .

Our staff of Loan Officers are thankful for the opportunity to provide you with comprehensive mortgage rate quotes and mortgage closing cost information. Your Loan Officer will be happy to provide you with a Good Faith Estimate and Truth-In-Lending Statement so that you can better compare Mortgages Unlimited to other Mortgage providers. We wish you the best during your loan process, and remind you that a low rate quote is only part of your overall satisfaction!

I know you have lender options, and I understand the importance of securing the very best interest rate and lowest closing costs for you and your family. I do not take that obligation lightly and will work hard to prove the value in having a long term relationship with myself and my team.

Joe Metzler and his team are committed to helping you make a truly informed mortgage decision. Our advice goes way beyond just quoting rates and fees. We provide you with a complete analysis of your mortgage debt picture through analysis and reports. Most people don’t understand the life changing differences between different loan programs. We do. Learn More

Get real interest rate and closing cost estimates so you can see specific numbers right up front. No surprises. Our rates are typically 0.125% to 0.25% lower than the big banks and little mom-and-pop mortgage brokers, with lower closing costs, too.

Mortgage lenderWith our low interest rates and low closing costs , you might be wondering about the kind of service or expertise you ll receive. You re in for a pleasant surprise. We ve gone to great lengths to streamline the loan process and make it the easiest, most convenient experience imaginable. No appointment needed. No account numbers or shoebox full of financial papers. Just the information that s in your head.

Find out how good it feels to work with a lender that delivers on both price and service, and read a few real customer comments. Then you’ll know why we enjoys a 98.0% overall recommendation rating , which we’d like to point out is a far higher standard than mere satisfaction.

I have closed thousands of loans in my career . That’s a lot! Those customers contributed to our continuing success because they know WE GOT THEM A BETTER DEAL!

We can do the same for you ! So if you are checking mortgage rates in Minneapolis, St Paul, all of Minnesota, Wisconsin, or South Dakota, we can help you get the lowest cost mortgage of anyone on your area, saving you thousands of dollars!


UR Mortgage – UR Lender for Life, best mortgage lender.#Best #mortgage #lender


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Passionate

Here at UR Mortgage we are passionate about helping people get a mortgage – and it shows! We love what we do and love making the dream of home ownership come true for our customers.

Knowledgeable

Our team at UR Mortgage has over 40 years of experience in the mortgage industry! We will guide you through the process from beginning to end. Trust our experts to get your loan closed!

The mortgage process can be painful – but it doesn’t have to be. From our technology that allows you access to your loan on your schedule, to our team of human beings to answer any questions you might have – we balance technology and an old-fashioned handshake in a way that works for you!

Knowledgeable Reliable Different

Welcome to Ultimate Rate Mortgage – we’re a local, family-owned mortgage broker whose cornerstones are hard work and customer service! We listen to our clients, uncover their needs and find the best product and programs that fits. With over 40 years of experience, our highly qualified team can expertly guide you through the process from application through closing.

We know that each of our clients have their own unique mortgage needs. That’s why we work with a select hand-picked group of lenders that have the products that our clients need and the service they deserve. Whether you have perfect credit or are looking to buy again after a bankruptcy or foreclosure, we can find the best option for you.

At UR Mortgage, you’re more than just another number – you’re part of the family. Let us show you the difference!

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Your Guide to UR Team

We know that getting a mortgage can be stressful! That’s why we’ve built a team of well-versed mortgage professionals to support you along the way. Our team has a comprehensive understanding of the mortgage process and requirements to help ensure a smooth path to closing. We work in partnership with you, your realtor, and your attorney from contract to closing keeping all parties up to date on status throughout the process. Find out what the power of #URteam can do for you!

Ania Kozera

UR Mortgage Specialist

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Sylvia Maciorowska

UR Mortgage Specialist

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Types of Mortgage Lenders, The Truth About, mortgage lender.#Mortgage #lender


Types of Mortgage Lenders

Mortgage lender

Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

Portfolio Mortgage Lenders

Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

Correspondent Mortgage Lenders

Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

Wholesale Mortgage Lenders

Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

Subprime Mortgage Lenders

Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

Related: Take a look at the top mortgage lenders in the second quarter of 2010.


Lender-Paid Mortgage Insurance Pros, Cons, best mortgage lender.#Best #mortgage #lender


Lender-paid mortgage insurance: Pros, cons

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Are you looking to buy a home and hesitating since you still haven’t accumulated an adequate down payment to avoid paying private mortgage insurance? You should explore the possibility of going the lender-paid mortgage insurance, or LPMI, route if that’s the only barrier preventing you from taking advantage of today’s low interest rates.

Mortgage insurance

A policy that reimburses the lender if the borrower defaults on a home loan. Generally, lenders require mortgage insurance when the loan is for more than 80 percent of the home’s value. Often known as private mortgage insurance, or PMI. The Federal Housing Administration sells mortgage insurance, too.

Avoid private mortgage insurance

With LPMI, your mortgage lender pays your mortgage insurance premium upfront in a lump sum and passes on the cost to you in the form of a higher interest rate. With LPMI, the interest rate often is one-quarter to half a percentage point higher, but it sometimes can be outside of that range, either lower or higher.

According to Bill Banfield, vice president of capital markets with Quicken Loans, “It is similar to leasing a car in that you can make a monthly payment every single month, or you could do a one-time payment and you get a discount for doing that.”

An example of PMI and LPMI

Say you are looking to buy a $200,000 house and don’t have the 20 percent down payment required to avoid mortgage insurance. If you were to put down $20,000 to make a 10 percent down payment, you would typically have to make a private mortgage insurance payment every month.

Banfield says that at Quicken Loans, if you have a 720 credit score, you would pay $66 a month on private mortgage insurance in this case. At a 4.5 percent interest rate on a 30-year fixed mortgage, your monthly mortgage payment would be $912, making for a total monthly payment of $978, including the PMI cost.

On the other hand, if you took the LPMI option, your monthly mortgage payment, at a slightly higher interest rate of 4.625 percent, would be $925, and you wouldn’t pay any additional amount in private mortgage insurance.

Another hypothetical example

Lupe and Jordan buy identical houses for $250,000. Each makes a down payment of $25,000 and borrows $225,000. Both of them have to get private mortgage insurance, but they select different types. Lupe gets regular, borrower-paid mortgage insurance, which is dropped automatically when the loan balance falls below 78 percent loan-to-value (in this case, it takes 7 years and 2 months).

What affects the costs?

Private mortgage insurance, both regular and lender-paid, gets more expensive with higher loan-to-value ratios or lower credit scores.

Loan-to-value ratio

Outstanding mortgage debt as a percentage of the home’s current market value.

Formula: Mortgage amount owed / Appraised value

Example: Alex owes $60,000 on the mortgage. The house is worth $100,000.

$60,000 mortgage / $100,000 = 60 percent

Credit score

A number, roughly between 500 and 850, that summarizes a consumer’s creditworthiness.

The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher. Generally, a “low” credit score is in the “fair” to “poor” ranges below.

750 and higher = excellent

749 to 700 = good

699 to 650 = fair

649 to 600 = poor

599 or lower = bad

Tax advantage of LPMI

Opting for LPMI offers at least one advantage over going with private mortgage insurance: While your private mortgage insurance payment is not tax deductible, your mortgage interest payments are.

Thus, the higher interest rate you pay by doing the LPMI is tax deductible. Private mortgage insurance has been tax deductible in previous years, and the private mortgage insurance industry is lobbying to get the deduction extended, but it is not currently tax deductible.

Private vs. FHA

Peter Milewski, director of homeownership lending with MassHousing in Boston, says that the state agency’s LPMI option, launched in April, makes up as much as two-thirds of its production. He says, “It is popular because it is a vehicle whereby the cost of mortgage insurance built into the interest rate is less expensive than paying for the mortgage insurance separately.”

Milewski also finds borrowers leaning toward LPMI who would otherwise consider Federal Housing Administration-insured loans as an alternative. FHA insurance has become more expensive in the past couple of years.

On the negative side, you are tied to the higher interest rate you get with LPMI as long as you hold on to the loan. However, with borrower-paid PMI, the mortgage insurance payments are dropped automatically after the loan balance falls below 78 percent of the original value of the home.

Comparing the options

As to which option is better for you, it all depends on your situation and what your plans are for your home purchase. Ask your banker to crunch the numbers to see what works best for you.

Tim Pascarella, a senior loan officer with Ross Mortgage in Royal Oak, Michigan, notes, “The one thing I tell my customers when it comes to lender-paid mortgage insurance is that there are a lot of things that factor into it. It is not for everyone. If this is the house you are going to live in for the next 30 years, you might just want to take the lowest rate possible and just deal with the private mortgage insurance.”

Reducing the cost of LPMI

There are ways to reduce the cost of lender-paid mortgage insurance. For instance, you could buy down your interest rate with discount points. This way, you could pay the same mortgage interest rate as you would without adding on the additional LPMI-induced hike. You could even look into whether the seller of the house is willing to buy down your interest rate to sweeten the deal.

Another option: Your mortgage lender pays only part of the mortgage insurance upfront rather than the whole amount. In this case, you would still make a monthly payment on private mortgage insurance, but one that would be considerably lower than the full payment you would otherwise be liable for.


FHA Appraisal Requirements – Best FHA Lender, best mortgage lender.#Best #mortgage #lender


FHA Appraisal Requirements

Over the past couple of years, I have heard numerous real estate agents steer people away from FHA mortgages. Some have stated in their MLS listings that the seller will not accept a buyer with FHA financing and others have told buyers that it isn’t a good idea to get an FHA loan. All of this because they think that FHA appraisal requirements are too tough.

Yes, this used to be quite true. FHA is the first to admit that historically their appraisal requirement heavily stressed the repair of minor property deficiencies.

However, this has changed.

FHA now permits an “as-is” appraisal for homes being financed with FHA loans that have minor property deficiencies resulting from deferred maintenance and normal wear and tear. In fact, the current FHA appraisal requirements have been in place since January 1, 2006

FHA Appraisal Requirements General Rules to Remember

For an easy reference to FHA Appraisal Requirements, think of the two S’s .

Safety – FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that will affect the health and safety of the occupants.

Soundness – FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that jeopardize the soundness and structural integrity of the property.

When an FHA appraisal is done on a home, they are looking to make sure that their aren t any safety hazards and that the house is structurally sound.

In Mortgagee Letter 05-48, FHA provides the following examples of minor property conditions that do not require automatic repair for existing properties:

  • Missing handrails
  • Cracked or damaged exit doors that are otherwise operable
  • Cracked window glass
  • Defective paint surfaces in homes constructed post 1978
  • Minor plumbing leaks (such as leaky faucets)
  • Defective floor finish or covering (worn through the finish, badly soiled carpeting)
  • Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of unrepaired structural damage
  • Rotten or worn out counter tops
  • Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post- 1978
  • Poor workmanship
  • Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
  • Crawl space with debris and trash
  • Lack of an all weather driveway surface

FHA also provided the following list of conditions that will require automatic repair for existing properties:

  • Inadequate access/egress from bedrooms to exterior of home
  • Leaking or worn out roofs (if 3 or more layers of shingles on leaking or worn out roof, all existing shingles must be removed before re-roofing)
  • Evidence of structural problems (such as foundation damage caused by excessive settlement)
  • Defective paint surfaces in homes constructed pre-1978
  • Defective exterior paint surfaces in home constructed post-1978 where the finish is otherwise unprotected.

These lists are not meant to be all inclusive, but they give clear guidance on the issues that are and are not a concern to FHA.

If you are interested in buying a house and you want to use an FHA loan for financing, don t let common misconceptions about FHA Appraisal Requirements misguide you.

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

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Lender-paid mortgage insurance: Pros, cons

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Are you looking to buy a home and hesitating since you still haven’t accumulated an adequate down payment to avoid paying private mortgage insurance? You should explore the possibility of going the lender-paid mortgage insurance, or LPMI, route if that’s the only barrier preventing you from taking advantage of today’s low interest rates.

Mortgage insurance

A policy that reimburses the lender if the borrower defaults on a home loan. Generally, lenders require mortgage insurance when the loan is for more than 80 percent of the home’s value. Often known as private mortgage insurance, or PMI. The Federal Housing Administration sells mortgage insurance, too.

Avoid private mortgage insurance

With LPMI, your mortgage lender pays your mortgage insurance premium upfront in a lump sum and passes on the cost to you in the form of a higher interest rate. With LPMI, the interest rate often is one-quarter to half a percentage point higher, but it sometimes can be outside of that range, either lower or higher.

According to Bill Banfield, vice president of capital markets with Quicken Loans, “It is similar to leasing a car in that you can make a monthly payment every single month, or you could do a one-time payment and you get a discount for doing that.”

An example of PMI and LPMI

Say you are looking to buy a $200,000 house and don’t have the 20 percent down payment required to avoid mortgage insurance. If you were to put down $20,000 to make a 10 percent down payment, you would typically have to make a private mortgage insurance payment every month.

Banfield says that at Quicken Loans, if you have a 720 credit score, you would pay $66 a month on private mortgage insurance in this case. At a 4.5 percent interest rate on a 30-year fixed mortgage, your monthly mortgage payment would be $912, making for a total monthly payment of $978, including the PMI cost.

On the other hand, if you took the LPMI option, your monthly mortgage payment, at a slightly higher interest rate of 4.625 percent, would be $925, and you wouldn’t pay any additional amount in private mortgage insurance.

Another hypothetical example

Lupe and Jordan buy identical houses for $250,000. Each makes a down payment of $25,000 and borrows $225,000. Both of them have to get private mortgage insurance, but they select different types. Lupe gets regular, borrower-paid mortgage insurance, which is dropped automatically when the loan balance falls below 78 percent loan-to-value (in this case, it takes 7 years and 2 months).

What affects the costs?

Private mortgage insurance, both regular and lender-paid, gets more expensive with higher loan-to-value ratios or lower credit scores.

Loan-to-value ratio

Outstanding mortgage debt as a percentage of the home’s current market value.

Formula: Mortgage amount owed / Appraised value

Example: Alex owes $60,000 on the mortgage. The house is worth $100,000.

$60,000 mortgage / $100,000 = 60 percent

Credit score

A number, roughly between 500 and 850, that summarizes a consumer’s creditworthiness.

The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher. Generally, a “low” credit score is in the “fair” to “poor” ranges below.

750 and higher = excellent

749 to 700 = good

699 to 650 = fair

649 to 600 = poor

599 or lower = bad

Tax advantage of LPMI

Opting for LPMI offers at least one advantage over going with private mortgage insurance: While your private mortgage insurance payment is not tax deductible, your mortgage interest payments are.

Thus, the higher interest rate you pay by doing the LPMI is tax deductible. Private mortgage insurance has been tax deductible in previous years, and the private mortgage insurance industry is lobbying to get the deduction extended, but it is not currently tax deductible.

Private vs. FHA

Peter Milewski, director of homeownership lending with MassHousing in Boston, says that the state agency’s LPMI option, launched in April, makes up as much as two-thirds of its production. He says, “It is popular because it is a vehicle whereby the cost of mortgage insurance built into the interest rate is less expensive than paying for the mortgage insurance separately.”

Milewski also finds borrowers leaning toward LPMI who would otherwise consider Federal Housing Administration-insured loans as an alternative. FHA insurance has become more expensive in the past couple of years.

On the negative side, you are tied to the higher interest rate you get with LPMI as long as you hold on to the loan. However, with borrower-paid PMI, the mortgage insurance payments are dropped automatically after the loan balance falls below 78 percent of the original value of the home.

Comparing the options

As to which option is better for you, it all depends on your situation and what your plans are for your home purchase. Ask your banker to crunch the numbers to see what works best for you.

Tim Pascarella, a senior loan officer with Ross Mortgage in Royal Oak, Michigan, notes, “The one thing I tell my customers when it comes to lender-paid mortgage insurance is that there are a lot of things that factor into it. It is not for everyone. If this is the house you are going to live in for the next 30 years, you might just want to take the lowest rate possible and just deal with the private mortgage insurance.”

Reducing the cost of LPMI

There are ways to reduce the cost of lender-paid mortgage insurance. For instance, you could buy down your interest rate with discount points. This way, you could pay the same mortgage interest rate as you would without adding on the additional LPMI-induced hike. You could even look into whether the seller of the house is willing to buy down your interest rate to sweeten the deal.

Another option: Your mortgage lender pays only part of the mortgage insurance upfront rather than the whole amount. In this case, you would still make a monthly payment on private mortgage insurance, but one that would be considerably lower than the full payment you would otherwise be liable for.