FHA is increasing their mortgage insurance premiums on 4/18/11
April 14, 2011 by Eddie Knoell · Leave a Comment
RE:Important FHA update for national and Arizona mortgages Currently FHA Annual Mortgage Insurance premium is at .90 annually (when the loan to value is >95%). Effective on 4/18/11 the new premium will be increased to1.15. Example of old VS new preimum: A borrower with a $100,000 FHA loan currently has a $75/month mortgage insurance payment. Under [...]
Arizona Private Mortgage Insurance
March 31, 2011 by Eddie Knoell · Leave a Comment
Private mortgage insurance (PMI) is required on conventional mortgages when you make a down payment less than 20%. PMI is required because loans with lower down payments are considered to be higher risk. A typical PMI payment is around .64% percent of your interest rate. So that averages out to be about $106.00 per month [...]
Why Do I Need Mortgage Insurance for Arizona mortgages?
March 28, 2010 by Eddie Knoell · 1 Comment
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. In many cases Arizona mortgages have higher mortgage insurance standards than other states. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for [...]
Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?
March 28, 2010 by Eddie Knoell · Leave a Comment
While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a Arizona mortgage approval. Since loan programs, individual lenders and Arizona mortgage insurance guidelines all have their own credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow. [...]
