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Industry Insights, Trends & Mortgage News

New FHA Mortgage Insurance Rates in 2017

Posted in Government MortgagesPosted by Shane Latza

Announced this month (January 2017), FHA issued Mortgagee Letter 2017-01, which lowers the annual MIP premium for Forward Mortgages. The reduction is anywhere from 20 bps to 45 bps, depending on the Loan to Value and term of the loan. Below is a chart that shows the old vs. new comparison on what has changed with these reduced rates. FHA announced these lowered MIP rates will be effective on closing/disbursement dates on or after January…

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NY VA Home Loans: Veteran Home Mortgages and Certificate of Eligibility

Posted in Government MortgagesPosted by Shane Latza

In July of 1930, through an executive order by Herbert Hoover, the Veterans Administration was created. The federal government guarantees VA-guaranteed loans through the Veterans Benefits Administration. What Are VA Loans? The main purpose of the Veteran Affairs in guaranteeing loans is to help meet the housing needs of eligible veterans who have served or are currently on active duty in the US Armed forces: Army Navy Air Force Marine Corps Coast Guard Reserves National…

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What is a Mortgage Broker & How Does it Differ from a Bank? [VIDEO]

Posted in FAQsPosted by Maple Tree Funding

A home will likely be the largest purchase you make in your life. When it comes to financing that purchase, you have lots of options to consider. Government loans, conventional loans, fixed rate loans, adjustable rate loans and more – there are so many mortgage options to choose from. But while you’re considering your options in terms of home loans, you may also want to carefully consider the source of that loan. If you are a…

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2016 USDA Loan Fee Changes

Posted in Government MortgagesPosted by Shane Latza

On October 1st, 2016 the USDA implemented the changes to the guarantee fee from 2.75% to 1.0% of the loan amount and the annual fee from 0.50% to 0.35% of the average scheduled unpaid principal balance for the life of the loan. This decrease has gone into effect for all USDA Commitments issued on or after October 1, 2016, regardless of the application date or the date the loan was submitted to USDA. What Does…

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The What, Why & How of Mortgage Escrow Accounts

Posted in FAQs, Mortgage BasicsPosted by Maple Tree Funding

Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…

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