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11 Things You Need to Know When Filing Your Tax Return

by The Hildebrecht Team

11 Things You Need to Know When Filing Your Tax Return | GOBankingRates

Foreclosure vs Short Sale

by The Hildebrecht Team

Foreclosure vs Short Sale

How to Get a Mortgage Pre-Approval

by The Hildebrecht Team

How to Get a Mortgage Pre-Approval - Buy - realtor.com

FHA Buyers Should Act Now

by The Hildebrecht Team

US-Federa lHousing Administration LogoI read an informative blog post this morning by Lori Hiscock, a senior loan officer at Ruoff Home Mortgage, entitled Why FHA Buyers Should Buy Now.

Here are my bullet points:

  1. FHA (Federal Housing Authority) formed by congressional decree in 1934 to help housing market
  2. Funded by mortgage insurance premiums (MIP) paid by buyer not tax dollars
  3. FHA not as solvent as when originally created
  4. Mortgage insurance premium raised four times in last four years. Not good :-)
  5. FHA Fiscal Solvency Act passed in 2012 grants HUD (Housing and Urban Development) permission to raise mortgage insurance premium to buyers up to 2.05%
  6. Current MIP is 1.25% of original loan
  7. That's a difference of $70K/mth on $100K loan
  8. HUD plans to keep MIP in place for full term of loan 
  9. These changes will impact buyers in 2013
  10. Options for FHA buyers - Strengthen credit, income or down payment and go with Conventional Loan, buy now or explore other loan options.

It's a good article. Give me a call if you have any questions or are looking to take your next step toward buying a home. I'm happy to help.

Why Have Rates Moved Higher?

by The Hildebrecht Team

Interest Rates On the RiseI received this email from Jane Koebel. She is a senior loan officer from Hallmark Home Mortgage. 

Why Have Rates Moved Higher?

After reaching record lows near the end of July, mortgage rates have moved steadily higher this month, and the trend accelerated this week. While the US economic data was roughly neutral and there was little news out of Europe, mortgage rates continued to rise.

Prior to July 26, two primary factors were responsible for the decline to record low mortgage rates. First, the European debt troubles caused investors to shift to relatively safer assets, including US mortgage-backed securities (MBS), and mortgage rates are largely determined by MBS prices. Second, slower economic growth reduced inflationary pressures and supported low mortgage rates. While the troubles in Europe and sluggish growth rates are likely to remain for quite a while, what changed is that investor expectations on both fronts have improved this month.

On July 26, the President of the European Central Bank (ECB) declared that the ECB will do "whatever it takes" to preserve the European Union (EU), and Germany's Chancellor made similar comments this week. This raised expectations that the ECB will provide additional aid and help prevent the debt troubles from spreading. As a result, investors have partially reversed the flight to safety trade, lifting stocks and hurting mortgage rates.

The stronger than expected July Employment report released on August 3, this week's Retail Sales report, and improving housing sector data have raised the outlook for US economic growth. In typical fashion, as expectations have improved, mortgage rates have moved higher.

 

Hallmark Home Mortgage

 

 

Jane Koebel

Senior Loan Consultant

54505 26th Street, Suite F

South Bend, IN 46635

Cell: 574-993-7339

Fax: 866-503-2995

http://www.hallmarkhomemortgage.com/jkoebel

Homepath Mortgages

by The Hildebrecht Team

 

HomePath Mortgage loans have the following characteristics:
 
HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.
 
Benefits to You, the Borrower
  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
  • Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender-requested appraisal.
  • No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
  • Expanded seller contributions for closing costs allowed.
  • Available for primary residences, second homes and investment properties.
  • Many condo project requirements are waived; ask your lender for details.
  • For more information, contact a HomePath Mortgage lender or click here for the Home Buyers Guide.

Displaying blog entries 1-6 of 6

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The Hildebrecht Team
RE/MAX 100 & RE/MAX Modern Realty
3010 Hickory Road
Mishawaka IN 46545
Direct Line: 574-968-4214
Cell Phone: (574) 298-1978
Fax: Fax: (574) 968-4294