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.
Today I will be covering the changes to the program and what we may be able to do for you.
In this modern day people go through many changes. Good or bad, one of those changes could be a divorce and new marriage for many people. For those individuals that are considering a refinance of a VA loan, especially an Interest Rate Reduction Refinance Loan (IRRRL) the change in marital status could present a problem.
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.
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.
Today I would like to talk about an often overlooked issue in home finance. People often don’t understand why certain lenders will make additional rules to obtain a home loan with them above and beyond the requirements set by Fannie Mae, Freddie Mac, FHA, VA, or even USDA. We call these rules overlays.
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.
Today I’d like to talk about escrow accounts. This is usually a hot topic this time of year.
If you have a mortgage, chances are you’ve heard this term but may not have a full understanding of what it entails and their role in your mortgage loan. An escrow account is a type of account a lender may or may not require for your loan. It is used to manage a borrower’s taxes and insurance payments to help mitigate risk to a lender. If you have an escrow account, a lender will simply take your last year’s tax bill and insurance bill and divide by 12 and add that to the required principal and interest payment as well as mortgage insurance if applicable.
Welcome to my mortgage blog. My name is Cory Kessenich and I am a mortgage consultant with Inlanta Mortgage in Madison, WI. I am dedicated to educating consumers on mortgage lending. In these posts you will find an array of tips and knowledge to educate yourself on the process of mortgage lending and the loan programs that are available in the current market. These posts will update weekly and have the latest news and information about the mortgage industry. Please come back often to check out my content as it expands.
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