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HARP 2.0 is NOW Available: Fannie Mae & Freddie Mac
Refinance
May 17, 2012
You may have heard some buzz in the media about the HARP
2.0 program. This new program isn’t really new per se,
it’s just that the HARP program has been modified a bit
to help more underwater homeowner’s refinance their
homes an take advantage of these low rates were seeing
in this lending environment.
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entry »
Today's Current Illinois Wisconsin Minnesota Florida
Mortgage Rates
May 17, 2012
Current Illinois, Minnesota, Florida and Wisconsin
mortgage rates are updated daily on our website and our
blog. Rates are updated between 9:00 AM and 10:30 AM CST
Monday through Friday and are effective from the time
published until 5:00 PM CST.
We quote conventional 30, 20, 15 and 10 year fixed
rates, jumbo, ARMs, USDA Rural Housing, VA, FHA mortgage
rates and FHA 203k for all of Wisconsin, Illinois,
Minnesota and Florida including major cities such as
Chicago, Streamwood, Waukegan, Carol Stream, Mount
Prospect, Minneapolis, Bloomington, Eden Prairie, Eagan,
Mankato, Panama City, Gainesville, Pensacola, Tampa,
Fort Myers, Tallahassee, Kenosha, Sun Prairie, Appleton
FHA loans rates, Green Bay, Pewaukee, Waukesha,
Brookfield and Madison.
How to shop mortgage
rates
Mortgage rates trend as of 05/17/2012:
Improving
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entry »
Understanding the VA Cash Out Refinance Loan
The
Veterans Administration
(VA)
mortgage has been a wonderful financial tool for many
homebuyers. Not only does the mortgage work for a
purchase transaction but it also aids veterans who wish
to get cash from a refinance transaction.
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entry »
The USDA Rural Housing Loan is One of The Most
Affordable
May 04, 2012
The
USDA Rural Housing loan
is one of the most affordable loans for most borrowers.
Although these mortgages may seem to have a few more
restrictions than a FHA or Conventional loan, the rules
actually work to make sure the borrowers can easily
afford the payments. Here are some of the highlights of
the USDA Home Loan program.
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entry »
Change in Marital Status Could Affect VA Loan Refinance
April 30, 2012
The VA funding fee is intended to enable the veteran who
obtains a VA home loan to contribute toward the cost of
this benefit, and thereby reduce the cost to taxpayers.
I’d also like to add that a veteran can use their home
loan benefit more than once but may be required to pay a
higher funding fee for subsequent use. First and second
time users who make a down payment of at least 5 percent
or more will pay a reduced funding fee.
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entry »
Getting a Conventional Loan after a Short Sale
April 27, 2012
Based on the struggling economy of the past 3 years many
homeowners have been forced to get rid of their property
through a short sale. As people rebuild their credit and
improve their incomes they are starting to get the itch
to buy a home again. Here are the general guidelines for
qualifying for a conventional mortgage following a short
sale.
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»
Pros and Cons of Getting a Reverse Mortgage
April 25, 2012
Ask any economist to analyze a financial move and they
will tell you that there is always a good side and a bad
side. They will use terms like “opportunity cost” or
“time value of money.” In essence, their point is that
there is no perfect financial transaction. People have
to decide what is best for them in their current
condition. The same can be said for a reverse mortgage.
They are not all good and they are not all bad. Each
loan needs to be considered in light of the borrower’s
circumstances.
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»
Spouse of Military Veterans Can Apply for a VA Mortgage
Loan
April 17, 2012
The act of war can be so ugly. Lives are lost, families
broken apart and countries are damaged. The United
States government realized many years ago that no amount
of money could make up for the loss of a loved one. But,
extending benefits to the surviving spouses could help
the spouse and potential family maintain a quality home.
That is the nature of the
Veterans Administration
(VA)
Surviving Spouse Benefit.
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»
New Research Shows Advantages of Reverse Mortgage
April 13, 2012
Since its introduction the
reverse mortgage has been at the center of a storm. Lending agents have touted their benefits to people in their golden years while many consumer advocates and financial planners have cried out against the loan. But new research from an economics professor and a practicing tax attorney show empirical evidence that these loans can be beneficial if used in the proper manner.
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USDA Can Be the End of the Renting Cycle
April 10, 2012
A few news outlets have recently reported that the
American Dream of owning a home seems to be fading away.
However, the
United States Department
of Agriculture (USDA)
wants to remind people that home ownership is still
quite possible for many people.
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»
VA Loan Not Limited to Veterans of War
April 06, 2012
The VA mortgage has been one of the benefits offered to
our men and women who willingly join the armed services
of America. Most people think that the home loan program
is only offered to people who are discharged from the
military and served in time of war. However, that is not
the case.
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»
Five tips for First Time Home Buyers
April 03, 2012
Buying a home should be fun and a worthwhile investment.
Follow these simple
First time home buyer
steps to make sure you are ready to sign the papers and
get the keys to your new home.
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»
Advantages of a 5 Year ARM for Jumbo Loans
March 30, 2012
Jumbo mortgages have always been a special situation for
most lenders and borrowers. The rules for the loans are
typically more stringent than other types of loans. And
the deal is much larger than a typical loan, making the
considerations for the borrower a much more important
discussion. For several people, the 5/1 Adjustable
mortgage (ARM) has often been the standard.
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entry »
First Time Home Buyers can Use a Wedding Windfall to Pay
for a Mortgage
March 27, 2012
Spring is upon us and with that comes a familiar site;
WEDDINGS! Many people choose the spring and summer
months as a time to say their vows and start a new
chapter in their lives. One of the best moves young
people (who also tend to be
first time home buyers) can make is to use the
occasion of their wedding to prepare them for a home
purchase.
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»
Best Real Estate Tips for the Year 2012
March 23, 2012
The last few years have brought tremendous turmoil in
the real estate market. Although there are signs of
improvement, in general the homebuyer will still have
the advantage. But, most analysts feel that the year
will be much improved. Here are some tips for sellers
and buyers to follow in order to get the best deal.
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»
FHA Loans Have Grown in Usage Greatly: Here’s 4
Advantages
March 16, 2012
Although the FHA mortgage has been around for over 70
years it was only recently that they became popular with
home buyers. Thanks to a few changes, and increase in
loan limits, the FHA loan has grown in usage greatly
since 2005. There are quite a few benefits for buyers to
using an FHA loan for a purchase or a refinance.
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»
FHA Mortgage Insurance to Lower for all Streamline
Refinance Transactions That are Refinancing FHA Loans
Endorsed on or Before May 31, 2009
March 07, 2012
Effective June 11, 2012, FHA will lower both the upfront
mortgage insurance premium and annual mortgage insurance
premium for all streamline refinances that are
refinances of FHA loans endorsed on or before May 31,
2009.
Read the rest of this
entry »
Should You Refinance or Move Into a Bigger Home?
March 05, 2012
With interest rates hovering at historical lows there
are many homeowners asking themselves a really valid
question. Should they
refinance to a
low rate and save thousands upon thousands of dollars in
interest? Or, should they take advantage of the great
rate and move into a bigger or newer home? The answer
depends on a couple of variables.
Read the rest of this
entry »
Steps to Take to Obtain a USDA Rural Housing Loan
March 01, 2012
The
United States Department
of Agriculture (USDA)
has offered a mortgage loan to qualifying borrowers on
rural homes for a number of years. Getting the loan
takes a few steps which can be coordinated efficiently
by your mortgage broker. Here is the primary sequence of
events in obtaining a USDA loan.
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»
Types of VA Home Loans
February 23, 2012
When a veteran chooses to apply for a VA mortgage, they
have a few options to pick from. The different types
are:
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»
Understanding the APR of a Conventional Mortgage
February 16, 2012
Most people only consider two things when they are
shopping for a mortgage. First, they ask the loan
officer about the available interest rate then they ask
for the estimated payment based on the given rate.
However, there is one more item that should be
considered; the APR.
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»
FHA 203k Loans: For Homes In Need of a Little TLC
February 06, 2012
The down payment, credit requirements and interest rate
for a 203k loan are identical to the typical FHA
purchase transactions. This means that anyone who can
qualify for a traditional FHA loan should be able to
qualify for some type of 203k loan.
We offer FHA 203k loans in Wisconsin, Illinois,
Minnesota and Florida.
Read the rest of this
entry »
What Are Mortgage Overlays?
January 03, 2012
Overlays are nothing new to our industry, but they have
gotten much more popular as lenders have become more
conservative when they make lending decisions in today’s
challenged real estate market. Lenders can make their
own rules on basic interpretations of guidelines because
it may have affected them negatively in the past or they
are just uncomfortable with the risk level.
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»
Despite the News, Qualifying for a Mortgage is Not That
Difficult
January 31, 2012
The past 3 years have seen some radical changes in
mortgage lending. More documentation requirements and
closer scrutiny by lenders have led to a number of
realtors, home builders and home designers to all sing
the same song. They claim that the new lending rules
make it tougher than ever to qualify for a mortgage.
However, there is one expert who is singing his own
song.
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»
2012 USDA Rural Housing Income Limits Published
January 20, 2012
The USDA has announced the income limits for the Guaranteed Rural Housing (GRH) Program have changed effective January 18, 2012. Since 2009 income limits are based on a two tier income structuring consisting of a 1 – 4 member household and a 5 – 8 member household which replaced the 1 – 8 person structure in 2008.
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entry »
Is a No Cost Refinance Loan Right for You?
January 13, 2012
Some lenders advertise their “no cost refinance” mortgages all over the place in an effort to entice people to apply for a home loan. While it is possible to get a loan in which you do not pay for the closing costs, you will pay more in interest.
Read the rest of this
entry »
Are there really that many homes that qualify for USDA
funding?
January 05, 2012
Since the term “rural” is often used to describe the USDA mortgage program many individuals wrongly assume that only the properties located 50+ miles from any type of city will qualify. However, this is terribly wrong.
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entry »
Thank You and Happy New Year!
December 30, 2011
We at Inlanta Mortgage would like to say thanks to you,
our customers. Based upon the events of this past year
it is apparent that people have a variety of needs when
it comes to mortgages. And we want to remind you that we
are still here for you regardless of your needs. Whether
it is a purchase or refinance, a home equity line or a
second mortgage to consolidate debt we have the
resources to help you out.
Read the rest of this
entry »
FHA Streamline Refinance is a Good Option
December 27, 2011
What about people who are not loaded down with lots of
extra equity? The FHA streamline refinance is still a
good option. It is possible that this program will not
require a new appraisal, which saves the borrower in
costs. It also does not have the same requirements for
documents, which means less paperwork.
Read the rest of this
entry »
Is the Mortgage Tax Credit Going Away?
November 30, 2011
The financial crisis of the past few years has left an indelible mark upon most parts of society. Lawmakers are faced with the largest national debt in the country’s history. Although mortgage interest rates are at all time lows home sales are still sluggish. Cuts are coming to all parts of the government and some members of Congress are wondering if the credit for mortgage interest should be eliminated.
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entry »
How the New, Lower Mortgage Rates will Impact Customers
October 26, 2011
The Federal Reserve recently made an unprecedented
announcement that the current mortgage rates that are at
an all time low will not be changing any time soon. The
basic message was that the fed has no intention of
raising rates and inhibiting new mortgage loans.
How will this impact the majority of consumers? First
and foremost it is a slight indication the powers that
be feel the economy will take considerable time to
rebound. Slow growth means that jobs will also be slow
to return.
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»
First time home buyer – Understanding Home Owner’s
Insurance
October 11, 2011
For the first time home buyer there is a lot of
information to learn and understand before signing a
mortgage. One item of importance is the home owner’s
insurance policy. Getting this right will not only help
you on your monthly payments but can also provide you
great protection in the event of a natural disaster or
some other event.
Read the rest of this
entry »
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