Mortgage Insurance

Another Big FHA Change That Will Make You Pay More – Effective October 4, 2010

Have you been sitting on the sidelines waiting to refinance your FHA loan?  After reading this, you might want to put some pep in your step, or else you will pay much, much more And here’s why. Effective October 4, 2010, when you apply for an FHA mortgage, the cost of your monthly mortgage insurance will [...]

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FHA Mortgage Insurance Premiums Changing Once Again Effective September 7, 2010 – Your Payment Will Increase

Will they ever get it right? David Stevens, Federal Housing Commissioner, has issued a “Special Edition” press release confirming that both upfront and monthly required FHA mortgage insurance will be modified on all FHA case numbers issued on or after September 7, 2010.  The changes will have a huge impact on any FHA borrower who needs to [...]

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Clarifying a Common Confusion: “Mortgage Insurance” is Not “Mortgage Life Insurance”

When working with concepts and terminology every day, it can be easy to presume that others (outside of the your business) also know what things mean.  Not true.  This week, a homeowner said to me that she felt a sense of security for her three daughters because her mortgage would be paid off in the event of her [...]

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Does HUD Owe You a Refund? Check HUD’s Database Below for Your Name

Did you buy a home after Sept. 1, 1983 with an FHA loan.  If yes, more than likely, you were required to purchase upfront mortgage insurance.  This rather large amount would have been added in as a closing cost on your loan. FHA was supposed to refund at least a portion of that insurance back [...]

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What is Mortgage Insurance?

From my experience, there is nothing more misunderstood (in the mortgage business) than mortgage insurance.  Borrowers want to know what it is and why, for goodness sake, must they pay it.  AND, if/how they get it back. First, what it is,  Mortgage insurance is an amount paid by the borrower to cover lender losses in the [...]

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