FHFA Dissolves Adverse Market Refinance Fee
Great news for homeowners looking to refinance right now! The Federal Housing Finance Agency(FHFA) is officially removing the 50bps Adverse Market Refinance Fee effective August 1st. This means that lenders will no longer be required to pay Fannie Mae or Freddie Mac a 50bps fee on refinances. The elimination of this fee will help families...
Who Qualifies As a First Time Homebuyer?
You’re probably aware that first time homebuyers get access to special loan programs and assistant programs that current homeowners do not. However, there are a lot of misconceptions around who actually qualifies as a first time homebuyer. You’re probably thinking “anyone who has not purchased a home before, duh…” But that’s not always the case!...
FHA Policy Update: DACA Recipients Now Eligible for Loans
On January 2021, the U.S. Department of Housing and Urban Development declared that the Federal Housing Administration will give DACA(Deferred Action for Childhood Arrivals) recipients with U.S. work permits access to loans it insures. This means that any DACA recipients who are legally permitted to work in the U.S. are eligible to apply for mortgages...
How Does Mortgage Interest Work?
Purchasing a home is typically the single largest financial transaction a person will make in their lifetime. However, the majority of people that take out a mortgage don’t fully understand how mortgage interest actually works. Mortgage Payment Calculation Your monthly mortgage payment is split into both principal(the amount you’ve borrowed) and the interest accrued for...
8 Things Every First-Time Homebuyer Should Consider
Scary. Overwhelming. Exciting. These are just a few words that describe the feeling of becoming a homeowner for the first time! For many, homeownership is truly a dream that they’ve worked hard for by planning and saving for years, and the last thing you want is buyers remorse or regret! It’s easy to overlook details...
Did The Feds Just Drop Mortgage Rates To Zero?
You may have heard the news over the weekend that the Federal Reserve dropped the Fed Funds Rates to zero. Many of our current and past clients have been confused by this, thinking that mortgage rates hit zero percent as well. The Federal Reserve announced on March 15th, 2020 a stimulus package to help level...
AIME Activate Irvine Recap
AIME Activate 2020 Last week a few of our team members made the trek out to Irvine, CA for AIME Activate, which was a 1-day conference for mortgage brokers with a heavy focus on marketing best practices. One of our loan officers, Ryan Ehler was actually hosting one of the sessions, which we’ll cover below!...
What Is Debt-To-Income Ratio?
Debt-To-Income Ratio (DTI) Understanding your debt-to-income ratio is a critical piece of the mortgage loan approval process. It is the number one way for lenders to determine your ability to manage your monthly payments and repay your new loan. Your DTI ratio is all of your monthly debt payments divided by your gross monthly income....
2020 Mortgage Loan Limits
2020 Loan limits are up from 2019. In fact, they are way up! This doesn’t come as much surprise, with housing prices continually rising throughout the nation over the past year. With the increase in house prices, it’s important for loan limits to follow suit. This is big news for potential home buyers and homeowners...
Private Mortgage Insurance (PMI)
What is Private Mortgage Insurance? Private mortgage insurance(PMI) is a type of insurance that mortgage lenders require when borrowers put less than 20% down on their home. If you’re purchasing a home with little money down, you’ve probably heard of it already. PMI was put into place to protect lenders in case the homebuyer defaults...