FHA Changes are HERE!!

The dreaded FHA changes to the annual MIP rate is here!  Effective April 18th, the new FHA annual MIP rate is 1.15%, which brings a $20 per month increase vs the old premium.  I think FHA and the consumer would have been better served by increasing the upfront premium and leaving the annual (which actually […] Read more »

Benefits of a VA Home Loan in Charlotte NC

What are the advantages of a VA home loan? There are several key advantages to VA home loans that people tend to overlook because there is a little extra paperwork involved.   The first thing I want to make clear is that VA mortgages are NOT hard to obtain, and if you are a veteran you […] Read more »

FHA Increases Annual Mortgage Insurance Premiums

FHA has decided to increase the Annual Mortgage Insurance Premium 25 basis points starting April 18th, 2011.  The annual MIP is collected in the borrower’s monthly payment.  Right now the annual fee is 90 basis points, which would be $900 on every $100,000 borrowed or $75 per month.  A borrower’s monthly payment would increase $20.83 […] Read more »

The Truth about Mortgage Rates, Part 2

OK let’s talk about shopping rates! This is every customers headache and every loan officer’s nightmare… WHY you ask?  Because of the misinformation in the marketplace and the deceptive practices of “some”. Home buyers typically dread shopping rates because it feels similar to shopping for a new car. Once engaged, the evil sales guy is […] Read more »

The Truth About Mortgage Rates, Part 1

I am often asked the question, “What is your rate today?”  Sometimes the question is asked differently but the intent is the same… people want to know what the LOWEST rate available is typically on the 30 year fixed mortgage.  I think it is vitally important that people understand the TRUTH about mortgage rates before […] Read more »