North Carolina Mortgages http://raleighhomeloans.org Your FHA and Jumbo mortgage pros Mon, 07 May 2012 23:49:25 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 My Garman Home Experience http://raleighhomeloans.org/2012/05/07/my-garman-home-experience/ http://raleighhomeloans.org/2012/05/07/my-garman-home-experience/#comments Mon, 07 May 2012 23:49:25 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1741 I have purchased a total of four new construction homes.  I have had good experiences and bad.  See how Garman homes sizes up by watching this short video.  If you are looking to buy new construction in North Carolina make sure to watch this video to help you narrow down your search on which builders to avoid or consider for your next purchase.

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]]> http://raleighhomeloans.org/2012/05/07/my-garman-home-experience/feed/ 0 Homepath financing- 3% down-no mortgage insurance- no appraisal. Yes it is true! http://raleighhomeloans.org/2012/04/11/homepath-financing-3-down-no-mortgage-insurance-no-appraisal-yes-it-is-true/ http://raleighhomeloans.org/2012/04/11/homepath-financing-3-down-no-mortgage-insurance-no-appraisal-yes-it-is-true/#comments Wed, 11 Apr 2012 21:31:44 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1729 First Priority Financial, a Raleigh mortgage lender is a direct lender for Homepath Loans.  Watch this short video explaining the benefits of a Homepath loan such as a small down payment, no mortgage insurance among other benefits.  Please forward the link to this video to anyone who could benefit from this info about Homepath loans and mortgages or subscribe to our YouTube Channel.  Feel free to contact us with any questions.

 

 

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]]> http://raleighhomeloans.org/2012/04/11/homepath-financing-3-down-no-mortgage-insurance-no-appraisal-yes-it-is-true/feed/ 0 Raleigh mortgage brokers share tips to avoid a home loan denial http://raleighhomeloans.org/2012/04/07/raleigh-mortgage-brokers-share-tips-to-avoid-a-home-loan-denial/ http://raleighhomeloans.org/2012/04/07/raleigh-mortgage-brokers-share-tips-to-avoid-a-home-loan-denial/#comments Sat, 07 Apr 2012 16:30:28 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1724 If you have ever suffered through the embarrassment and frustration of having your home loan denied you are not alone. Having excellent credit and a good job aren’t enough anymore. Watch this short informative video about how to avoid some of the most common pitfalls we experience as North Carolina mortgage pros every day. If you know anyone who would benefit from this video please be sure to forward them a link to the video. Thank you!
 

Raleigh mortgage broker – Raleigh home loans – Home loan denied

]]> http://raleighhomeloans.org/2012/04/07/raleigh-mortgage-brokers-share-tips-to-avoid-a-home-loan-denial/feed/ 0 How to calculate FHA mortgage insurance http://raleighhomeloans.org/2012/03/28/how-to-calculate-fha-mortgage-insurance/ http://raleighhomeloans.org/2012/03/28/how-to-calculate-fha-mortgage-insurance/#comments Wed, 28 Mar 2012 20:20:00 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1707 How we calculate mortgage insurance (MI) on FHA loans to figure out a monthly MI payment. 

View video for more info.

 



 

What you will need:

A standard calculator

A piece of paper/pen

A little patience

An understanding of MI factor 

An understanding of UFMIP

 

Here is the formula - 

Loan amount multiplied by to monthly MI factor divided by 12 equals your monthly MI payment.

MI factor is the number used to calculate the sum.  FHA rules change frequently (FHA mortgage insurance increases April 9 2012) but as of March 2012 these are the guidelines.

If you have a down payment less than 5% then your monthly MI factor is 1.15 (This will increase April 9th).  If you have 5% or greater down payment your monthly MI factor is 1.10

UFMIP is a one time payment to FHA. It stands for Up Front Mortgage Insurance Premium.  Easy way to think of it is similar to buying or leasing a car.  You put a down payment and then have monthly payments. Currently UFMIP is equal to 1% of the loan amount.  April 9th it will increase to 1.75%.

Hypothetical scenario:

Purchase price $300,000 – 3.5% down payment ($10,500) = $289,500 loan amount

Base loan amount – $289,500 X 1.15 = 3,329.25.  Divide by 12 = $277.44

The monthly FHA MI payment in this scenario would be $277.44 per month.

If the down payment is 5% or greater then use 1.10 instead of 1.15 (April 9th this will increase by .10 for both scenarios).

Your loan amount wil be different.  This is because in addition to the monthly MI payment FHA also charges a one time Up Front Mortgage Insurance Premium of 1%. (Increases to 1.75% on April 9th 2012)

Apply UFMIP – Loan amount $289,500 X 1% (2,895) = $292,395.  This is your new total loan amount.

 

Feel free to contact us with any mortgage related questions.


This is not a guarantee to lend. Rates are subject to change.

]]> http://raleighhomeloans.org/2012/03/28/how-to-calculate-fha-mortgage-insurance/feed/ 0 Why your home isn’t worth as much as you think it is http://raleighhomeloans.org/2012/03/27/why-your-home-isnt-worth-as-much-as-you-think-it-is/ http://raleighhomeloans.org/2012/03/27/why-your-home-isnt-worth-as-much-as-you-think-it-is/#comments Tue, 27 Mar 2012 16:14:27 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1698 If you have found yourself upside down on your home don’t despair.  We might have a solution for you.  Understand how and why your property value may not be what you think it is in this quick informative video.  Contact us for more information.  Please subscribe or forward this on to anyone you know who might benefit from this type of information.  Thanks!

Raleigh mortgages – Raleigh home loans- No equity home loans

How to Shop Mortgage Rates

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]]> http://raleighhomeloans.org/2012/03/27/why-your-home-isnt-worth-as-much-as-you-think-it-is/feed/ 0 How long do I have to wait if I had a short sale or bankruptcy before I can get another home loan? Raleigh mortgage brokers answer this question! http://raleighhomeloans.org/2012/03/15/how-long-do-i-have-to-wait-if-i-had-a-short-sale-or-bankruptcy-before-i-can-get-another-home-loan-raleigh-mortgage-brokers-answer-this-question/ http://raleighhomeloans.org/2012/03/15/how-long-do-i-have-to-wait-if-i-had-a-short-sale-or-bankruptcy-before-i-can-get-another-home-loan-raleigh-mortgage-brokers-answer-this-question/#comments Thu, 15 Mar 2012 04:24:01 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1655 How long do I have to wait if I had a short sale or bankruptcy before I can get another home loan?  We get this question all of the time.  For many who have had to go through a bankruptcy, foreclosure or short sale this is one of the first questions they ask.  The answer depends on the type of loan one is pursuing.  Watch more in this short video.  If you like the information provided please subscribe or share the link to this blog with someone you know who could benefit from it. 

 

 


Raleigh mortgage broker – Raleigh home loans

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]]> http://raleighhomeloans.org/2012/03/15/how-long-do-i-have-to-wait-if-i-had-a-short-sale-or-bankruptcy-before-i-can-get-another-home-loan-raleigh-mortgage-brokers-answer-this-question/feed/ 0 Renting your home and plan on buying a new one? Don’t do this! http://raleighhomeloans.org/2012/03/08/renting-your-home-and-plan-on-buying-a-new-one-dont-do-this/ http://raleighhomeloans.org/2012/03/08/renting-your-home-and-plan-on-buying-a-new-one-dont-do-this/#comments Thu, 08 Mar 2012 05:06:35 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1653 Renting your home and plan on buying a new one? Expecting to use the rent received to qualify for your new home loan? Don’t so this…

]]> http://raleighhomeloans.org/2012/03/08/renting-your-home-and-plan-on-buying-a-new-one-dont-do-this/feed/ 0 No income no asset loans for Veterans?! http://raleighhomeloans.org/2012/02/29/no-income-no-asset-loans-for-veterans/ http://raleighhomeloans.org/2012/02/29/no-income-no-asset-loans-for-veterans/#comments Wed, 29 Feb 2012 04:00:20 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1637 Believe it!  There is a no income and no asset  loan program for Veterans.  Watch the video to learn more.

 

Raleigh home loans – Raleigh mortgage broker

]]> http://raleighhomeloans.org/2012/02/29/no-income-no-asset-loans-for-veterans/feed/ 0 Buying or refinancing at tax time? Your loan may not close on time! http://raleighhomeloans.org/2012/02/27/buying-or-refinancing-at-tax-time-your-loan-may-not-close-on-time/ http://raleighhomeloans.org/2012/02/27/buying-or-refinancing-at-tax-time-your-loan-may-not-close-on-time/#comments Mon, 27 Feb 2012 02:07:57 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1629 If you are refinancing or buying a home during tax season, your loan may not close on time.  Watch the video below for more information.  Feel free to contact me with any questions.

 

Raleigh Home Loans  – We are a Direct Lender and Raleigh Mortgage Broker

]]> http://raleighhomeloans.org/2012/02/27/buying-or-refinancing-at-tax-time-your-loan-may-not-close-on-time/feed/ 0 How is life after a bankruptcy? http://raleighhomeloans.org/2012/02/24/how-is-life-after-a-bankruptcy/ http://raleighhomeloans.org/2012/02/24/how-is-life-after-a-bankruptcy/#comments Fri, 24 Feb 2012 19:08:30 +0000 Nevin Williams http://nevinwilliams.lenderama.com/?p=1627 For those who may be considering bankruptcy or have filed bankruptcy must wonder what life will be like after bankruptcy.  Bankruptcy attorney Dennis Sargent shares answers to some of the common questions. Some loans only require two years out of a bankruptcy in order to qualify.

Contact us for more information.

 

 

Raleigh mortgages – Raleigh mortgage broker

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