‘Mortgage’ Category

New Refi Options for FHA Loans

Posted on: April 20, 2012

There's a new mortgage refinance option for those with FHA loans that can benefit you even if you're upside-down in your home. The program would lower your interest rate to 4% or below. There are some criteria you must meet in order to qualify: Your current home loan must be FHA-insured and must have been put on the Federal Housing Administration's books no later than May 31, 2009. This is different from the dates you applied for your loan or closed on ... (Read more)

Mortgage applications jump 10.3% as interest rates decline

Posted on: November 11, 2011

According to Housingwire, Mortgage Applications were up this week as rates dropped.   If you are thinking of refinancing, deciding whether or not to buy, or considering an investment or 2nd home, rates look good!   Article below:   Mortgage applications increased 10.3% this past week as more homeowners refinanced existing mortgages or took advantage of lower interest rates to buy homes. The Mortgage Bankers Association said its market composite ... (Read more)

Answers to your HARP Questions

Posted on: October 31, 2011

Lots of people are asking me about the governments revamped HARP program.  Here is some basic info about the program and links to more detailed information. There are 4 basic criteria: Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac Your home must be a 1- to 4-unit property You must have a perfect mortgage payment history going back 6 months You may not have had more than one 30-day late payment on your mortgage going back 12 months The big difference ... (Read more)

Troubled homeowners get a lifeline

Posted on: October 25, 2011

The government announced a new program to help upside down home owners take advantage of today's ridiculously low mortgage rates.  If you think the program may be a fit for you, go to our Financing Page and fill out an application to speak w/ Mark Daker at Fidelity Bank. Article below from CNN.com: NEW YORK (CNNMoney) -- In the latest attempt to address the ailing housing market, the government on Monday announced ... (Read more)

Possible Changes to FHA Loans

Posted on: August 24, 2011

We wanted to pass along a note below from our preferred mortgage banker, Mark Daker, regarding a possible change in FHA loans. Here is Mark's take: Over the last couple of months, there has been quite a bit of speculation as to whether FHA would drop their loan limits. Initially, I thought this was unlikely in light of economic conditions, but it's appearing there is a good chance this will happen effective October 1st. Fortunately, the drop is not ... (Read more)

Atlanta Mortgage Lending Partner – Mark Daker, Fidelity Bank

Posted on: June 17, 2011

At Team Rich Richardson, we try to surround ourselves with the top vendors in each facet of the real estate transaction. We know how important this is to making your home buying or selling experience the best it can possibly be. When buying a home, one of the most important partners is your lender. They handle the biggest financial aspect of the transaction, and so much hinges on your relationship with them and their performance.  Plus ... (Read more)

Low 15 Year Interest Rate for Mortgages in Georgia

Posted on: June 11, 2011

It seems unbelievable that you can borrow money to buy a house for less than 4.0% interest.  It's true, you can. On June 10th, the mortgage interest rates at Fidelity Bank in Georgia were Conventional 30 Yr Fixed  4.375% Conventional 15 Yr Fixed  3.625% FHA Mortgage 30 Yr Fixed  4.250% Those are some low interest rates!  Want to take advantage?  You can refinance your existing mortgage, sell your home and buy a different one, ... (Read more)

Mortgage rates hit new lows for 2011

Posted on: June 02, 2011

Think mortgage rates couldn't go down any more? You wouldn't be alone, but last week they just hit the lowest point of 2011 according to HousingWire.com. The 30-year, fixed-rate mortgage rate fell to 4.6% in the most recent Freddie Mac Primary Mortgage Market Survey, reaching a new low for 2011. That compares to a rate of 4.61% a week earlier and 4.84% last year. The 15-year, FRM followed suit, averaging 3.78%, down from 3.8% a week earlier and 4.21% last ... (Read more)

Bank of America to Reduce Mortgage Balances

Posted on: March 26, 2010

Bank of America announced Wednesday that it would introduce a program to help distressed borrowers from losing their home. The program focuses on loan modification for those who have experienced a hardship, yet continue to make payments over a period of time. The article below does a great job of explaining all of the details of the program, and outlines the situation at large.While not perfect, it's another way lenders are trying to limit the amount of foreclosures. By avoiding ... (Read more)

FHA Loan Changes

Posted on: February 11, 2010

FHA has changed the amount of Up Front Mortgage Insurance. Effective April 5th all new loans will have an Increased Up Front Mortgage Insurance (UFMIP) from 1.75% to 2.25%.So, for example, on a $200,000 loan that means the extra .5% will add $1,000 to their loan. For a $300,000 loan the increase will add $1,500 to their loan balance.The fee increase doesn't take place until April 5th, so there is still time to avoid the fee.