It generally takes
seven years for a foreclosure to drop off a credit report. Short sales take less
time, generally three or four years.
PITI - Remember to approximate the taxes and insurance to get the full PITI (Principal, Interest, Taxes, Insurance) payment. Divide the yearly taxes and insurance by 12 months for the average per month.
3% down mortgages roll out
- WASHINGTON Jan. 5, 2015 - Lenders' quick adoption of a recently announced
decision to allow 3 percent down payment mortgages. Lenders say they've sped up
the process. They're able to get the new product out faster because many lenders
now sell their loans directly to Fannie Mae and Freddie Mac instead of
aggregators or wholesale lenders that had attached extra lending guidelines to
the loan requirements. Also, the qualified mortgage rule (QM), while stricter,
has made it easier for lenders to assess quality control, underwriting and risk
decisions because there are now fewer gray areas that require study.
Still, most consumers don't yet know that a 3 percent down payment mortgage
product exists – yet. The mortgage industry must now start to make consumers
aware that the low down payment loan products are available.
Financial News - 20-year mortgages cut interest significantly - Buyers with the ability might consider a 20 yr fixed-rate mortgage instead of the traditional 30 yr. A $200,000 mortgage with a 30-year term and an interest rate of 4.75 would have a monthly payment of $1,043 and the total interest over the life of the loan would be $175,600. The same mortgage with a 20 yr term at 4.5 percent would have a monthly payment of $1,265 with total interest over the life of the mortgage of $103,670.
Many people shop for real estate based on the monthly mortgage payment they can afford.
U.S. houses are more affordable today. Since last year at this time, the change has been huge. The mortgage payment on the typical home is now is 20% less expensive than it was a year ago. Last year, the median U.S. home would have cost about $230,000, with approximately 7% in interest on the mortgage. With a 20% down payment that makes it a $1,200 monthly mortgage payment. Today, the median price for a home is $200,000 which is a $30,000 difference from last year and the mortgage rates are down to 6%. Between the lower price and the lower mortgage rate, you'd be paying less than $1,000 a month on your mortgage now for the same house that would have cost you $1,200 last year.
Refinancing? Know your Credit Score and what you qualify for. When it comes time to financing you'll avoid un-necessary surprises. Up to 60% of people who check their free credit report find errors. You can get a free credit check if you've been denied credit in the last 60 days. 3 credit bureaus Equifax, Trans Union and Experian collect information from major creditors. Your credit report lists all credit history for the last two years; liens and judgments for 7 years; bankruptcy 10 years.
Financial News Lending - Fannie Mae and Freddie Mac gave the go-ahead to restart sales of their foreclosed properties, which had been on hold since when it was revealed that flawed or fraudulent court documents may have been used to repossess homes. Brokers received memos from the government-sponsored enterprises saying that the homes could once again be marketed and sales finalized on properties already under contract. Fannie Mae's letter explains that evictions and lockouts are still suspended on its properties. In South Florida, the move releases thousands of houses for sale that were removed from the market earlier this fall, leaving buyers and Realtors in limbo. Fannie Mae and Freddie Mac own or guarantee about half of all U.S. mortgages, or 31 million home loans worth more than $5 trillion. About 12 percent of Fannie Mae loans in Florida are delinquent, while Freddie Mac has 17 percent of its Florida mortgages in arrears.
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A poor credit score can cost you money, knowing what to do to improve your score can help you save money!
Mortgages, Loans and Florida Real Estate Information. Do the Home Work and be a wiser buyer or seller. Find links for Home Inspectors, Home Appraisers, Schools, Maps, Online Mortgages, Loans, Attorneys and more. We specialize in Pinellas County, Pasco County and Hillsborough County
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