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Category Archives: residential mortgage

09 Jan

First-Time Homeowners and our Existing FHA Clients

Federal Housing Administration announced they will reduce the annual premiums most borrowers will pay by a quarter of a percent. The new rates are projected to save new FHA-insured homeowners an average of $500 this year said U.S. Housing and Urban Development Secretary Julián Castro. This announcement along with Efinity's Mortgage's pledge to get our FHA borrowers into homes for only the required 3.5% down payment makes this the time to call us and get your home loan started. Efinity Group 817.581.8878 o888.638.5030 817.581.8898 finfo@efinitygroup.comwww.efinitygroup.comINSURANCE | INVESTMENTS | MORTGAGEAnnouncement & Source: https://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2017/HUDNo_17-003

21 Jun

Buying a Home and Have Questions?

Wonderful! Congrats on the decision. We have pulled together some helpful tips to get you started. These go pretty much in order, as most in the real estate industry will tell you it is important to stick with this road map to save yourself and others much anxiety. How Much House Can You Afford?Buying a new house is a big investment. You want to be sure that you have all the right finances before proceeding. Spend the time to do a serious audit of your finances and determine a budget. Use an Affordability Calculator to estimate how much you can...

12 Apr

Welcome to Spring – Home Buying Time!!

With Spring upon us, and new buyers out looking for houses, we thought today might be a good time to review the basics of what lenders look for as they decide to approve (or deny) mortgage applications. For at least the last two decades we have heard them called “The 4 C’s of Underwriting”- Capacity, Credit, Cash, and Collateral. Guidelines and risk tolerances change, but the core criteria do not.CAPACITYCAPACITY is the analysis of comparing a borrower’s income to their proposed debt. It considers the borrower’s ability to repay the mortgage. Lenders look at two calculations (we call ratios). The...

03 Nov

Damn’d if you Do and Damn’d if you Don’t

A state court judge has ruled that Illinois can move forward with a lawsuit alleging that Wells Fargo & Co. steered minority borrowers into risky mortgages at the height of the housing bubble. Important to note the court DID NOT find that Wells Fargo engaged in discriminatory lending but the Illinois action is the first fair-lending lawsuit brought by a state attorney general against a national bank to reach discovery, attorneys familiar with the case said. After discovery, Illinois may be able to bring the case to trial. We believe this is a poor decision. Here are the underlying issues...

31 May

As we called it, Double Dip Housing has arrived

Here are latest from S&P/Case Shiller report out this morning. • 4.2 percent decline in Q1 of 2011, 2.9 percent from one year ago. • The 10 cities fell .6 percent in March• Top 20 cities fell .8 percent in MarchWhat's probably most concerning and begs to question, what happened to the home buyer tax credits which were supposed to stimulate the economy and housing market (not necessarily in that order)?Perhaps the best news to come out of this will be evidence that mortgage rates will remain low as yields become subject to basic economic supply and demand. With new...

11 Feb

If you won’t listen to us… perhaps the writers with the AP will sway you

Era of super-low mortgage rates is OVER30-year benchmark rises to 5.05 percent from 4.81 percent The average rate for a 30-year home loan rose above 5 percent this week for the first time since last April — just as Americans are feeling more secure in their jobs and confident about the economy, and just before the big spring home-buying rush. Freddie Mac said Thursday that the average rate was 5.05 percent, almost a full percentage point higher than in November, when it hit a 40-year low. Economic signals suggest the recovery is gaining momentum. New claims for jobless benefits came...