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Author Archives: Mr. Homes & Loans

Can I avoid PMI without 20% down?

In my previous article we looked at mortgage insurance, or PMI, and how you can stop paying it. Today we will look at different approaches to financing or refinancing a home that avoid PMI from the start. Remember that PMI is added to a conforming mortgage loan when you buy a house with a down payment smaller than 20% of ... Read More »

Tired of Paying PMI?

Learn what PMI, or Private Mortgage Insurance, is and how you can stop paying it... Read More »

Are You Due a Refund on Your Mortgage?

40,000 Florida homeowners are. Find out more inside. Read More »

New Bill Offers More FHA Money

A new bill introduced in the US House of Representatives is trying to increase the limits on FHA loans, making it easier for consumers in more expensive areas to purchase a home with FHA mortgage insurance. The Federal Housing Administration, or FHA, insures mortgages and thus provides lenders with protection against losses as the result of homeowners defaulting on their ... Read More »

Mortgage Financing Clause: Get Out of Jail Free?

Does a mortgage financing clause make it easy to cancel a real estate contract? Read this... Read More »

Community Association Blues

Many homes today, especially in Florida, are subject to usage restrictions imposed by a community association. A community association is a nonprofit corporation established to protect the home values in a community, and may be called a homeowners’ association (or HOA), a condominium association, property owners’ association, or cooperative association. When purchasing a home, it is important to understand how ... Read More »

Credit Score Tips

People often ask me how they can improve their credit score to qualify for a better mortgage or a better interest rate. The problem is that simply exercising good financial planning may actually lower your credit score instead of helping. Here are some actions to avoid, according to Money Management International (MMI), a credit and debt counseling nonprofit organization: * ... Read More »

Mortgage Tips From NAMB

Interest rates are still low, keeping consumer’s interest in mortgage loans high. If you’re considering a new mortgage loan, either to purchase a home or to refinance your current home, keep these tips from the National Association of Mortgage Brokers (NAMB) in mind: 1) Be cautious of bargain loans. If a loan seems to good to be true, it probably ... Read More »

Predatory Lending OK For National Banks?

The Office of the Comptroller of the Currency (OCC) passed a new rule that makes national banking conglomerates exempt from state consumer protection and lending laws. These state laws, including banking, advertising, privacy, and insurance laws, are enacted to protect consumers from predatory lending and other abusive practices. On Feb 12, 2004, the OCC decided that consumers did not need ... Read More »

New FHA Loans To Benefit 40,000

The Department of Housing and Urban Development has published a final rule that expands its offerings of FHA adjustable-rate mortgages (ARM). Potential homebuyers will be able to choose ARMs with fixed-interest rate periods of one, three, five, seven or ten years, depending on their needs. Previously, HUD only offered FHA ARMs with a one year fixed rate. The new hybrid ... Read More »