Category Archives

VA Home Loan

With Veteran’s Day upon us, I thought it would be a perfect opportunity to review the VA Home Loan Program. The VA home loan is available to service members, veterans, and some surviving spouses of the United States. It may be used for both purchases and refinances, with the basic intention to help veterans purchase properties with no down payment or refinance up to 100% without having to… read more

Good News for Potential HARP Borrowers

In an effort to help struggling homeowners take advantage of the Home Affordable Refinance Program, the program has been extended to December 31, 2015 and has expanded the eligibility criteria.  The HARP program is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages. read more

Considering a Reverse Mortage

With the “Baby Boomer” generation nearing retirement I thought it may be a good time to refresh Reverse Mortgages… A reverse mortgage is a loan available to people over 62 years of age that allows a borrower to convert part of the equity in their home into tax-free income.  Reverse mortgages were developed as a means to help people in or near retirement with limited income.  The loan is… read more

Upcoming Changes

More regulations are on the way for our industry.  As of January 10, 2014 the new Qualified Mortgage Rule will become effective.  Issued by the Consumer Financial Protection Bureau (CFPB), the QM rule will tighten the underwriting standards for qualifying borrowers.  The Qualified Mortgage Rule has two categories.  The first protects the consumer by tightening lending practices.  The second… read more

Are Adjustable Rate Mortgages Back?

As we have all seen in the past few months, interest rates have started to rise.  Once in the 3.5% range, a traditional 30 year fixed mortgage rate will be closer to 4.5%.  Although this is still an excellent rate, it has been a shock to many home owners and potential buyers.  So, is it time to start considering adjustable rate mortgages?  Unfortunately, ARMs are held responsible for t… read more

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