I would like to pass on to you about the 2009 conforming loan limit increases for the following counties. For all counties not listed the 2009 conforming loan limit of $417,000 will remain in place.
Salt Lake County
$600,300- 1-Unit
$768,500 - 2-Unit
$928,950 - 3-Unit
$1,154,450 4-Unit
Summit County
$600,300
$768,500
$928,950
$1,154,450
Tooele County
$600,300
$768,500
$928,950
$1,154,450
Davis County
$389,850
$499,050
$603,250
$749,700
Morgan County
36260
UT
$389,850
$499,050
$603,250
$749,700
Weber County
36260
UT
$389,850
$499,050
$603,250
$749,700
Wasatch County
25720
UT
$325,450
$416,600
$503,600
$625,850
Washington County
41100
UT
$278,300
$356,250
$430,650
$535,200
801-649-5883
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Marina Vialtsina
Showing posts with label conforming loan. Show all posts
Showing posts with label conforming loan. Show all posts
Thursday, November 20, 2008
Friday, October 10, 2008
Bank of America Will Modify Troubled Loans
Bank of America on Monday said it is launching a "home retention program" on Dec. 1 to modify troubled mortgages for nearly 400,000 customers of Countrywide Financial Corp.
Bank of America acquired Countrywide on July 1.
The program, which can reduce up to $8.4 billion in interest payments and principal, was developed in partnership with state Attorneys General to help borrowers that financed their homes with subprime loans or adjustable rate mortgages.
The goal is to "help as many Countrywide customers as possible stay in their homes," says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services.
The centerpiece of the program is a proactive loan modification process to provide relief to borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of rate resets or payment recasts.
Bank of America acquired Countrywide on July 1.
The program, which can reduce up to $8.4 billion in interest payments and principal, was developed in partnership with state Attorneys General to help borrowers that financed their homes with subprime loans or adjustable rate mortgages.
The goal is to "help as many Countrywide customers as possible stay in their homes," says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services.
The centerpiece of the program is a proactive loan modification process to provide relief to borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of rate resets or payment recasts.
Tuesday, February 19, 2008
What is a Bond?
We are better familiar with James Bond 007 as a fictional British agent[1] created in 1952 by writer Ian Fleming, featured in twelve novels, two anthologies, and a film series than financial bond which by the way affects mortage rates....
so, what is bond?
TECHNICALLY SPEAKING, a bond is a loan and you are the lender. Who's the borrower? Usually, it's either the U.S. government, a state, a local municipality or a big company like General Motors. All of these entities need money to operate -- to fund the federal deficit, for instance, or to build roads and finance factories -- so they borrow capital from the public by issuing bonds.
Now for a little bond-speak. When a bond is issued, the price you pay is known as its "face value." Once you buy it, the issuer promises to pay you back on a particular day -- the "maturity date" -- at a predetermined rate of interest -- the "coupon." Say, for instance, you buy a bond with a $1,000 face value, a 5% coupon and a 10-year maturity. You would collect interest payments totaling $50 in each of those 10 years. When the decade was up, you'd get back your $1,000 and walk away.
A key difference between stocks and bonds is that stocks make no promises about dividends or returns. General Electric's dividend may be as regular as a heartbeat, but the company is under no obligation to pay it. And while GE stock spends most of its time moving upward, it has been known to spend months -- even years -- going the other way.
When GE issues a bond, however, the company guarantees to pay back your principal (the face value) plus interest. If you buy the bond and hold it to maturity, you know exactly how much you're going to get back (in most cases, anyway. I will discuss some exceptions later). That's why bonds are also known as "fixed-income" investments -- they assure you a steady payout or yearly income. And although they can carry plenty of risk (I will discuss why in our How Bonds Behave lecture), this regular income is what makes them inherently less volatile than stocks.
so, what is bond?
TECHNICALLY SPEAKING, a bond is a loan and you are the lender. Who's the borrower? Usually, it's either the U.S. government, a state, a local municipality or a big company like General Motors. All of these entities need money to operate -- to fund the federal deficit, for instance, or to build roads and finance factories -- so they borrow capital from the public by issuing bonds.
Now for a little bond-speak. When a bond is issued, the price you pay is known as its "face value." Once you buy it, the issuer promises to pay you back on a particular day -- the "maturity date" -- at a predetermined rate of interest -- the "coupon." Say, for instance, you buy a bond with a $1,000 face value, a 5% coupon and a 10-year maturity. You would collect interest payments totaling $50 in each of those 10 years. When the decade was up, you'd get back your $1,000 and walk away.
A key difference between stocks and bonds is that stocks make no promises about dividends or returns. General Electric's dividend may be as regular as a heartbeat, but the company is under no obligation to pay it. And while GE stock spends most of its time moving upward, it has been known to spend months -- even years -- going the other way.
When GE issues a bond, however, the company guarantees to pay back your principal (the face value) plus interest. If you buy the bond and hold it to maturity, you know exactly how much you're going to get back (in most cases, anyway. I will discuss some exceptions later). That's why bonds are also known as "fixed-income" investments -- they assure you a steady payout or yearly income. And although they can carry plenty of risk (I will discuss why in our How Bonds Behave lecture), this regular income is what makes them inherently less volatile than stocks.
Friday, January 18, 2008
Why Mortgage Insurance is not such a bad idea?
1. What is Mortgage Insurance (MI)?
Normaly, if you do not have at least 20% down of your funds in the house (in other words, you are financing more than 80% of the house value), the lender charges you Mortgage Insurance monthly. For loan amount $315,000, MI might be between $130-145/month
2. Reasons why MI is not a bad idea?
a. Only recently, MI became tax deductible (with conditions until 2010)
b. You can also cancel without refinancing when you have 20% down. In other words, all you would need to do is to call your lender and ask him to cancel MI if you either reached 20% of house value by paying it or by reevaluating the house value.
c. You can have eliminate MI from the begining if you have 2 mortgages. They call them 80/20 meaning one mortgage cover 80% house value, but not to pay MI, person took 2nd mortgage of 20% house value. However, if you have only one mortgage with MI, you may have easier access to equity because you only have one mortgage, but not 100% financing as 80/20 might be.
d. 2nd mortgage of house value almost always has variable rates; therefore, variable payments. With only one mortgage with MI, you will have predictable payments and no variable rate.
3. Is there 100% financing with no MI?
Yes, No MI loans are available up to 100% on conforming and 90% on Jumbo.
When you shop for loan make sure you understand all fees. Interest rate is not the only important number. For instance, you may have the lowest rate available out there, but your monthly payments would be higher than your friend' with highest interest out there. why?
I will try to explain to you tomorrow....
Marina
801-649-5883
Normaly, if you do not have at least 20% down of your funds in the house (in other words, you are financing more than 80% of the house value), the lender charges you Mortgage Insurance monthly. For loan amount $315,000, MI might be between $130-145/month
2. Reasons why MI is not a bad idea?
a. Only recently, MI became tax deductible (with conditions until 2010)
b. You can also cancel without refinancing when you have 20% down. In other words, all you would need to do is to call your lender and ask him to cancel MI if you either reached 20% of house value by paying it or by reevaluating the house value.
c. You can have eliminate MI from the begining if you have 2 mortgages. They call them 80/20 meaning one mortgage cover 80% house value, but not to pay MI, person took 2nd mortgage of 20% house value. However, if you have only one mortgage with MI, you may have easier access to equity because you only have one mortgage, but not 100% financing as 80/20 might be.
d. 2nd mortgage of house value almost always has variable rates; therefore, variable payments. With only one mortgage with MI, you will have predictable payments and no variable rate.
3. Is there 100% financing with no MI?
Yes, No MI loans are available up to 100% on conforming and 90% on Jumbo.
When you shop for loan make sure you understand all fees. Interest rate is not the only important number. For instance, you may have the lowest rate available out there, but your monthly payments would be higher than your friend' with highest interest out there. why?
I will try to explain to you tomorrow....
Marina
801-649-5883
Tuesday, January 15, 2008
What Mortgage Programs are available now? (Part I)
1. There are still lender out there who lend their own money
2. 100% Financing is still available-with one loan and $500 contribution
3. 80/10/10 still available for Jumbo and Conventional
4. States Income/Stated Assest still available-10% down payment
5. Low FICO Lending still available (patience is required)
6. FHA/Utah Housing (currently 5.5%, in more details tomorrow)
7. Why Mortgage Insurance (MI) is good (in more details tomorrow)
8. no MI loans available up to 100% on conforming and 90% on Jumbo-I will try to show you that not only interest rate is important when you get estimates from broker
9. new Rehab loan for buyers
10. Interest Abatement
2. 100% Financing is still available-with one loan and $500 contribution
3. 80/10/10 still available for Jumbo and Conventional
4. States Income/Stated Assest still available-10% down payment
5. Low FICO Lending still available (patience is required)
6. FHA/Utah Housing (currently 5.5%, in more details tomorrow)
7. Why Mortgage Insurance (MI) is good (in more details tomorrow)
8. no MI loans available up to 100% on conforming and 90% on Jumbo-I will try to show you that not only interest rate is important when you get estimates from broker
9. new Rehab loan for buyers
10. Interest Abatement
Tuesday, November 27, 2007
CONFORMING LOAN LIMITS FOR 2008
There will be no change in the conforming loan limits for 2008
$417,000 will remain the maximum loan amount for the third year in a row. Anything above this is considered a Jumbo.
$417,000 will remain the maximum loan amount for the third year in a row. Anything above this is considered a Jumbo.
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