All Posts Tagged With: "insurance"
How The VA Funding Fee Really Works
VA loans are built to minimize the financial impact on military members who qualify for the program. Credit and income requirements are generally more lenient than conventional loans and sellers are allowed to pay a sizable portion of closing costs and concessions. On top of that, the Veterans Administrations caps what veterans can pay in [...]
29Jun2010 | Chris Birk | 0 comments | Continued
Foreclosure Taxes
We usually think of foreclosures as the end product of not paying a mortgage. But in a somewhat weird way it’s also possible to be foreclosed for other reasons.
For instance, in many communities the water company is actually a governmental agency. Don’t pay your water bill and there can be a lien against the property, [...]
FHA Mortgage Basics
It all started in the 1930s when the government began insuring home mortgages. This was a big deal because it meant that homes could be purchased with little down and with loans that lasted more than five years — the norm at the time.
Since the program began in 1934 the government has insured more than [...]
9Dec2009 | Peter G. Miller | 0 comments | Continued
How To Read The HUD-1
Starting January 1st, 2010, all real estate transactions will be settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction.
The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — or, [...]
Can You Avoid Foreclosure With A “Second Look”?
We usually think of foreclosures as battles between lenders and borrowers, but in many cases there is actually a third party in the process, mortgage insurance companies.
Mortgage insurance companies have a big stake in bad times because when insured borrowers fail it’s the MI companies that can face big claims. The good news is that [...]
How Do We Get Rid of the FHA Mortgage Insurance Premium?
Question: I bought a home with FHA financing. We have a monthly insurance premium (MIP) with each payment. How do we get rid of this cost?
Answer: When you bought your home you purchased with little money up front, perhaps 3.5 percent down. This means a lender put up as much as 96.5 percent of the [...]
Are Reverse Mortgage Premiums Justified?
While most of the mortgage marketplace is in a funk, reverse mortgages are a significant bright spot. HUD says it originated more than 107,000 reverse mortgages in fiscal 2007 — a figure up more than 40 percent from a year earlier.
The HUD numbers are important because the FHA is generally said to insure about 90 [...]
19Sep2008 | Peter G. Miller | 0 comments | Continued
Is Your Home Insurance Up To Par?
The end of the year is upon us and with it a series of benchmarks and yardsticks that are easy to measure. As one example, we are soon to make New Year’s resolutions — and not long after we are fairly certain to break them.
But the turn of the calendar is also a good [...]
California Law Ends Insurance Abuse
Imagine that you call your nearby, friendly insurance provider to ask about coverage — do you have enough? Should you get more? Are you covered in case of this event or that one? And what about pricing?
In addition to answering your questions, some insurance companies interpret such inquiries as a “claim” to be reported [...]
“Canine Redlining” And Other Issues Impacting Homeowners Insurance
A few years ago, when two of the nation’s most powerful groups — dog owners and insurance companies — collided in the state of Washington, it was the insurance industry which won that round, defeating legislation that would have prevented it from establishing higher rates for homeowners with big dogs and dangerous breeds.
Welcome to [...]
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