Underwater Mortgage Refinancing Brings More Affordable Payments On Home Loans

Underwater mortgage refinancing opportunities may allow homeowners who have seen their home’s value drop obtain a more affordable payment on their mortgage. Home loan repayments for homeowners who have an underwater mortgage have become difficult in some cases so certain refinancing opportunities have been made available or are set to be begin in the near future.

For some, the Home Affordable Refinancing Program may help them obtain a more affordable underwater home loan payment thanks to the Obama Administration’s Making Home Affordable Program. The Refinancing Program, which is an extension of the Home Affordable Program, may help homeowners by allowing them to refinance their underwater mortgage to take advantage of a lower mortgage rate.

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FHA VS CONVENTIONAL LOAN

REMOVAL OF MIP FROM FHA LOANS

FHA delays implementation of mortgage insurance premium structure until Oct. 4th

The Federal Housing Administration (FHA) has announced that it is postponing implementation of its premium changes until Monday, Oct. 4. Originally, it was announced by FHA Commissioner David H. Stevens that a target date of Tuesday, Sept. 7 had been set for implementation of its premium changes. FHA will lower its upfront premium simultaneously with the increase to the annual premium. FHA’s upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years.

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Fha vs Conventional Loan
Conventional: Advantages and Disadvantages

5 New Barriers To Getting A Mortgage

Are you having trouble getting approved for a mortgage? Ever since the housing bubble burst, lenders have been subjecting mortgage and refinance applicants to stricter and stricter criteria. Here are five reasons why people are finding it more difficult to get approved these days.

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VA Loan Advantages and Disadvantages

Mortgage rates expected to remain unpredictable

Mortgage rates will remain stubbornly unpredictable, and jumbo mortgages will be easier to get as summer fades and fall begins.

Those are two of five projected trends in mortgages and real estate over the next quarter, according to mortgage professionals.

After a lackluster summer selling season, Bankrate asked several mortgage pros to look into their crystal balls and forecast whether things will improve during the next three months. Here are their predictions.

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House Passes Bill Giving FHA Ability to Raise Insurance Premiums

The House passed legislation to give the Federal Housing Administration (FHA) flexibility to raise mortgage insurance premiums on the loans it guarantees on Friday.

In July, the House passed a broader bill doing the same but it remains stalled in the Senate. The bill passed on Friday is a much narrower version and has a better chance to move quickly through the Senate. Read More...

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Fha Vs Conventional loan

Conventional Pros and Cons

FHA Mortgage Rates for July 29, 2010

Total Mortgage has some of the finest FHA mortgage programs in the country. In order to obtain a FHA mortgage you must first find an FHA-approved lender. Luckily, Total Mortgage is FHA-approved.

FHA fixed rate mortgages are very similar to a conventional fixed rate mortgage. Both have mortgage rates that remain fixed throughout the life of the loan. The difference between the two is that an FHA mortgage is insured by the Federal Housing Administration. This means that if a borrower defaults on his/her loan the Federal Housing Administration is still liable to pay off the lender. Read the Whole story...

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Fha Vs Conventional Loan Comparison

Fha Comparison

Former FHA official predicts ‘pivotal’ year for reverse mortgages

Former Federal Housing Administration Commissioner Brian Montgomery, who oversaw the nation’s most popular reverse mortgage product for nearly five years, sees a “pivotal” year ahead for the industry that allows seniors to tap the equity in their homes.

”This is a service that helps solve a social need,” said Montgomery, now a partner in a Washington, D.C.-based consulting firm. “Because of cash shortfalls in the program, the amount seniors can borrow will be reduced for the second time. In the big picture, the number we’re talking about amounts to a rounding error in the federal budget.” Read the entire story

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Fha Conventional Comparison

Home Loan Money Saver