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10 mortgage terms you need to know.

Once you enter the realms of homeownership, a mortgage typically becomes a major part of your life.  Here are some terms to get familiar with about mortgage: Debt-to-Income Ratio:  This is a calculation of your monthly debts and regular expenses versus your gross income. APR: Your APR, or annual percentage rate, is the amount of

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Breaking News: Trump Administration suspends reduction in FHA MIP rate

Unfortunately, the earlier news about the FHA rollback on the reduction of annual mortgage insurance premiums has been suspended indefinitely.  It now appears that HUD rescinded the FHA premium reduction on Friday as part of the Trump Administration’s plans to overturn a host of regulations/policies implemented by the Obama Administration.  FHA will issue a subsequent Mortgagee

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To avoid delay in closing as well as getting the loan transaction close smoother, buyers need to remember the following Do and Don’ts list: Don’t transfer down payment fund around Don’t deposit un-source-able fund, like cash, to your account Don’t apply for any credit since it will lower your credit score Do postpone major purchases until escrow

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