McKinney, Allen, Frisco, Plano TX real estate
Refinancing homeowners are granted a 3-day "cooling off" period post-closing during which they retain the right to rescind, or "cancel", their recent refinance without penalty or cost, as part of the federal Truth-in-Lending Act, The Right To Cancel is protection against surprises at closing and/or a change of heart. It's also a safety valve for … [Read more...]
As another signal of an improving U.S. economy, the nation's biggest banks have started to loosen mortgage lending guidelines. Last quarter, no "big banks" reported stricter mortgage standards as compared to the quarter prior and "modest fractions" of banks reported easier mortgage standards, reported the Federal Reserve. The data comes from … [Read more...]
As though we're not confused enough, beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year. Want more confusion? Try this. Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both … [Read more...]
Beginning this week, FHA-backed mortgage for your home loan cost are going up. The Federal Housing Administration (FHA) is changing the way it charges mortgage insurance to U.S. homeowners. For the fourth time since 2010, FHA mortgage insurance premiums are rising for all FHA-backed homeowners. For FHA Case Numbers assigned on, or after, … [Read more...]
With summer right around the corner, thoughts of outdoor entertainment and a sparkling pool can become a reality with the right planning -- and the right loan. Yes, there's a loan that covers sprucing up your pool, adding an outdoor kitchen and expanding your home entertainment center - it's the Fannie Mae HomeStyle Renovation loan program - and … [Read more...]
The new, revamped HARP program is now available in Texas and nationwide. It was officially released Saturday, March 17, 2012 by Fannie Mae and Freddie Mac. HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the conforming mortgage loan product meant for "underwater homeowners". Under the HARP program, homeowners in … [Read more...]
Normally we think of adjustable rate mortgages (ARM) as good options when interest rates are high -- which is certainly not the case today with interest rates bouncing around at historic lows. For buyers and refinancing households , adjustable-rate mortgages are a relative bargain as compared to fixed-ones. According to Freddie Mac's weekly … [Read more...]
A conforming mortgage is one that, literally, conforms to the mortgage guidelines as set forth by Fannie Mae and Freddie Mac. Conforming mortgage guidelines are Fannie's and Freddie's eligibility standards; an underwriter's series of check-boxes to determine whether a given loan should be approved. Among the many traits of a conforming … [Read more...]
After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are -- once again -- as high as $729,750. DALLAS-PLANO-IRVING, TX loan limits are $271,050. The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to … [Read more...]
Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy nationwide. HARP stands for Home Affordable Refinance Program. The updated program is meant to give "underwater homeowners" an opportunity to refinance at today's low mortgage rates. In the … [Read more...]
After a 2-year easing cycle, the nation's largest banks report that they've reversed course, and are raising the bar on mortgage approvals. As part of its quarterly survey to member banks nationwide, the Federal Reserve asked senior loan officers whether last quarter's "prime" residential mortgage guidelines have tightened, loosened, or remained … [Read more...]
The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give "underwater homeowners" opportunity to refinance. With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million … [Read more...]
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