The Department of Housing and Urban Development has announced a 30 basis point reduction to the Federal Housing Administration’s mortgage insurance premium, which many stakeholders believe is a long-awaited move. This cut brings premiums down for the typical FHA user from 85 basis points to 55 basis points, returning them to a level that hasn’t… Continue Reading
The BRRRR method is a unique real estate investing approach that has recently gained popularity. BRRRR stands for Buy, Rehab, Rent, Refinance, and Repeat and is all about maximizing your cash flow and leveraging your investments. In a nutshell, the BRRRR method involves buying a property, fixing it up, renting it out, refinancing it to… Continue Reading
With interest rates at twice what most Americans currently have on their home loan after refinancing over the last few years, those looking to use their home equity when needed are in a bit of a pickle. Refinancing to take cash out would mean doubling their current mortgage rate. Yet, there are pressing needs of… Continue Reading
The year 2022 made history in the real estate market in several ways. Unprecedented numbers were seen in home prices, number of sales, and rise in mortgage rates. It’s early 2023, and we are in the midst of a significant market shift where home prices are declining month over month, and mortgage rates are still… Continue Reading
Home buyers looking for alternatives to the current fixed-rate mortgages, which have doubled in the past 12 months, find themselves with limited options for lower payment options. Recently we covered one of the most touted options: the 2-1 buydown. There is another option that may be less costly overall and yet provides a way for… Continue Reading
A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that allows people to access their home’s equity and take cash out for a variety of purposes. The HECM was created by Congress in 1992 and has been used by seniors since then to help them pay for expenses related to aging, such… Continue Reading
If you’ve been following the news, you know that the Federal Reserve has been raising interest rates. The Fed’s efforts to bring inflation under control by raising interest rates affect many aspects of our lives in a very real way. In particular, Fed policy impacts home affordability and sales activity. But before we dive into… Continue Reading
The US economy has been a rollercoaster ride since the COVID-19 pandemic began. For many, there has been significant hardship due to job loss or illness, which may have caused them to fall behind on mortgage payments. The government instituted programs to help homeowners stay out of foreclosure, but those programs are ending. Unfortunately, the… Continue Reading
The Federal Housing Finance Agency (FHFA) introduced rate discounts for first-time home buyers using Fannie Mae- or Freddie Mac-backed conventional mortgages, a much-welcomed relief to housing costs in today’s housing market. Economic uncertainty always affects the housing market. And when the housing market is facing challenges, it hits first-time home buyers hard. The FHFA rate… Continue Reading
If you are looking to get approved for a home loan, you may be vaguely familiar with what it takes to pass the underwriting process and get approved. Most people only get a home loan every few years at the most so it is understandable that the average person doesn’t know the fundamentals of getting… Continue Reading