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Archive for June, 2009

Investment Mortgage Rates Higher?

Investment mortgage rates can be the same as your primary residence mortgage rates. But that is not what you are told out there. An investment or non owner occupied mortgage is a mortgage on a property you do not live in. It is for rental properties. Investment Mortgage Rates Revealed A non owner occupied mortgage [...]

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Underwriting Fee – Glossary Term

A mortgage underwriting fee is charged by the lender who underwrites your mortgage. It can be one of the largest fees on your Good Faith Estimate and HUD1 closing statement besides the origination fee. Some lenders charge an underwriting fee and other fees like doc prep or wire fee. Doc prep is printing off the [...]

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Most people do not know VA mortgage rates are priced differently than the FHA mortgage rates. It is hard to know that since they are both found under the government mortgage products. Mortgage lender rates do not give you a rate for both VA and FHA. They post what they call government rates which include [...]

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Lender paid mortgage insurance is paid upfront by the lender so no monthly amount is needed. However, as with many things in the mortgage business, that is not the whole truth. You may have been told some loans do not have mortgage insurance as long as you pay a higher rate. That is only part [...]

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Investment Mortgage Requirements

An investment mortgage has different requirements for down payment and reserves than a mortgage for a home you live in. An investment mortgage is referred to as a non owner occupied and the home you live in is owner occupied. We will focus on a Fannie Mae mortgage. According to Fannie Mae’s underwriting guidelines, the [...]

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Mortgage rates in the last week in May 2009 saw a dramatic and baffling increase. Mortgage rates rose from about 4.75% for a 30 year fixed mortgage to about 5.25% in a matter of days. We were getting lender rate adjustments via email sometimes three or four times a day. Needless to say, everyone wants [...]

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Mortgage Ratios Calculation

Mortgage ratios are a very important part of the approval process. However, most people make mistakes in calculating them. There is a difference between the ratio you use to get approved and your own budget. Back in the old days, there were ratio limits you could not exceed. If you went past them, your mortgage [...]

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