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Industry Insights, Trends & Mortgage News

2016 USDA Loan Fee Changes

Posted in Government MortgagesPosted by Shane Latza

On October 1st, 2016 USDA has 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. This is…

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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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Mortgage Down Payments & Private Mortgage Insurance (PMI)

Posted in Mortgage BasicsPosted by Maple Tree Funding

The Down Payment Hurdle: How Much is Too Much? For most first-time home buyers, saving enough money for a down payment is the biggest hurdle to owning a home. Traditionally, lenders have required a down payment of at least 20% of the home’s purchase price, which can be daunting for many. However, many lenders will now accept less than 20% of the home’s purchase price if the borrower also pays for private mortgage insurance (PMI). In…

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What Are Closing Costs? Is There a Way to Estimate Them?

Posted in FAQsPosted by Maple Tree Funding

Closing costs are various fees that are paid at the closing of your mortgage. Depending on the state you live in, the closing is where you’ll sit down with the seller and those involved in the home buying transaction, such as real estate brokers and lawyers, and you will sign all the paperwork and remit payments that officially transfer home ownership to you. You’ll walk out with the keys… and a bit less money in…

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2016 New York STAR Program Changes

Posted in Home Buying Tips & InfoPosted by Shane Latza

The New York STAR Program (School Tax Assessment Relief) has recently gone through some changes in 2016.  To find out more about what STAR is, please visit our “How The Star Program Helps Lower Your School Taxes” Blog. Who Will Be Impacted by The STAR Program Change? Beginning with the 2016-2017 school year, those that are subject to the new STAR program will receive a STAR check directly from New York State instead of receiving…

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