It generally takes seven years for a foreclosure to drop off a credit report. Short sales take less time, generally three or four
PITI - Remember to approximate the taxes and insurance to get the full PITI (Principal, Interest, Taxes,
Insurance) payment. Divide the yearly taxes and insurance by 12 months for the average per month.
3% down mortgages
- Lenders' adoption of a recently announced decision to allow 3 percent down payment mortgages. Lenders say they've sped up the process. They're able to get the new product out faster
because many lenders now sell their loans directly to Fannie Mae and Freddie Mac instead of aggregators or wholesale lenders that had attached extra lending guidelines to the loan
requirements. Also, the qualified mortgage rule (QM), while stricter, has made it easier for lenders to assess quality control, underwriting and risk decisions because there are now
fewer gray areas that require study. Still, most consumers don't yet know that a 3 percent down payment mortgage product exists – yet. The mortgage industry must now start to make
consumers aware that the low down payment loan products are available.
Financial News - 20-year mortgages cut interest significantly - Buyers with the ability might consider a 20 yr fixed-rate mortgage instead of the
traditional 30 yr. A $200,000 mortgage with a 30-year term and an interest rate of 4.75 would have a monthly payment of $1,043 and the total interest over the life of the loan would be
$175,600. The same mortgage with a 20 yr term at 4.5 percent would have a monthly payment of $1,265 with total interest over the life of the mortgage of $103,670.
Many people shop for real estate based on the monthly mortgage payment they can afford.
U.S. houses are more affordable today. Since last year at this time, the change has been huge. The mortgage payment on
the typical home is now is 20% less expensive than it was a year ago. Last year, the median U.S. home would have cost about $230,000, with approximately 7% in interest on the mortgage.
With a 20% down payment that makes it a $1,200 monthly mortgage payment. Today, the median price for a home is $200,000 which is a $30,000 difference from last year and the mortgage
rates are down to 6%. Between the lower price and the lower mortgage rate, you'd be paying less than $1,000 a month on your mortgage now for the same house that would have cost you
$1,200 last year.
Refinancing? Know your Credit Score and what you qualify for. When it comes time to financing you'll avoid un-necessary surprises. Up to 60% of people who check their
free credit report find errors. You can get a free credit check if you've been denied credit in the last 60 days. 3 credit bureaus Equifax, Trans Union and Experian collect information
from major creditors. Your credit report lists all credit history for the last two years; liens and judgments for 7 years; bankruptcy 10 years.
Financial News Lending - Fannie Mae and Freddie Mac gave the go-ahead to restart sales of their
foreclosed properties, which had been on hold since when it was revealed that flawed or fraudulent court documents may have been used to repossess homes. Brokers received memos from the
government-sponsored enterprises saying that the homes could once again be marketed and sales finalized on properties already under contract. Fannie Mae's letter explains that evictions
and lockouts are still suspended on its properties. In South Florida, the move releases thousands of houses for sale that were removed from the market earlier this fall, leaving buyers
and Realtors in limbo. Fannie Mae and Freddie Mac own or guarantee about half of all U.S. mortgages, or 31 million home loans worth more than $5 trillion. About 12 percent of Fannie Mae
loans in Florida are delinquent, while Freddie Mac has 17 percent of its Florida mortgages in arrears.
Best Loan Rates - Search Best Loans and Mortgages
A poor credit score can cost you money, knowing what to do to improve your score can help you save money!
Mortgages, Loans and Florida Real Estate Information. Do the Home Work and be a wiser buyer or seller. Find links for Home Inspectors, Home
Appraisers, Schools, Maps, Online Mortgages, Loans, Attorneys and more. We specialize in Pinellas County, Pasco County and Hillsborough County
This web site is a research platform to assist consumers in their search. Consumers interested in obtaining information regarding mortgage,
refinancing, fixed rate mortgages, adjustable rate mortgages, no money down loans, reverse mortgages, purchase or debt consolidation loans and other related information should do their
own comparison shopping and seek advice from licensed professionals