Money Saving Minute #030 – Mortgage Insurance Options

Mortgage Insurance Options.  FHA is changing their mortgage insurance requirements.  Now is the time to have your mortgage reviewed to see if you are in the best position.  Click play for more information.

 

 

 

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Money Saving Minute #030 – Mortgage Insurance Options.  Last week we talked about the changes that FHA will be making to their annual mortgage insurance premiums.  It was mentioned at the end of the video that there are other options available.  Mortgage insurance is available for conventional loans for borrowers with less than 20% equity.  The difference is private mortgage insurance carriers have competition so the rates are often better than FHA.  Private mortgage insurance is also prorated to the amount of equity that you do have in a home.  Finally, private mortgage insurance will have payment options such as monthly, onetime payment or split premiums.  If you are currently paying mortgage insurance or have been in an FHA loan for several years now is a good time to have your mortgage reviewed.  Take a look at all of your options and make sure that you are in the best loan product before rates and programs change.

 

FHA Mortgage Insurance Changes

Money Saving Minute #029 - FHA Mortgage Insurance Changes
No joke, folks. It's coming and it's 28k big. There are other lending options and we should explore them all for you. For now, however, be aware of the deadline for the FHA annual premium changes.

 

 

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Money Saving Minute #029 – FHA Mortgage Insurance Changes

 

There are two changes on the horizon for FHA borrowers. The first went into effect on April 1^st. The annual mortgage insurance premiums on all FHA mortgages went up one tenth of one percent. This equates to about $8.34 per month per $100,000 borrowed.

 

The second change will go into effect on June third of two thousand thirteen. This change is a much more significant so listen closely. For case numbers requested after June third the mortgage insurance on all FHA loans with less than 10% equity will continue for the life of the loan. In plain English, if you are planning on buying a home with the minimum 3.5% down payment on a thirty year term you will be paying over $26,000 per $100,000 borrowed more in mortgage insurance over the life of the loan. 

 

The moral of the story my friends is if you are holding off on buying that new home in hopes that the price will come down stop thinking and put in an offer. Waiting until after June third is going to be extremely costly.



The Slow Cooked Truth

Money Saving Minute #025: The Slow Cooked Truth. The average American eats out five times a week. After a long day it's just too easy to stop and pick up dinner vs standing in the kitchen for an hour cooking for the family. But there is an alternative. Check out this weeks video and see how you could save your family money (and calories) but not spend all that time in the kitchen at the end of the day. By the way, I read a report this week that said that home prices have bottomed out. If you know anyone that is thinking about buying but is waiting for the "right time", have them call me. I would be more than happy to share this information with them. And remember, home buying starts with the loan. Call me today to get preapproved.

 

 

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Money Saving Minute #025 - The Slow Cooked Truth

 

If you have been waiting for home prices to bottom out before you pull the trigger, now is the time to act. The B H V I Home Affordability Index is reporting that home prices have bottomed out and are beginning to rise. Buying a home starts with the loan. Call today to get preapproved.

 

Raise your hand if you are the person that comes home after a long day and enjoys spending the next sixty plus minutes cooking dinner.

 

That must be why average American eats out five plus times each week. For a family of four this can really add up both the cash and the calories.

 

A money and calorie saving alternative is to dust off the slow cooker and start searching the net for recipes. With a quick search I found recipes for lasagna, ribs, sweet and sour pork, white chicken chili and a whole lot more. Most of these have prep times of only five to fifteen minutes and cost per serving as little as a couple of dollars.

 

If your slow cooker is not equipped with a timer consider using a programmable light timer. This will ensure that your dinner is ready when you walk in the door but not over cooked.

 

This has been Money Saving Minute number zero two five, it’s your money and watching the Money Saving Minute each week will help you keep more of it. Subscribe to the right, share below and as always your comments are welcomed.