FHA 30 yr fixed rate: 4.25%
VA 30 yr fixed rate: 4.25%
Fannie Mae 30 yr fixed rate: 4.25%
contact me for a personalized quote:
Matthew Garnes 702.526.3133 or mjgarnes@gmail.com
If you are looking for an easy way to pay off your mortgage early and save a ton in interest over the life of the loan then bi-monthly mortgage payments may be for you. It’s very simple; you make 1/2 a mortgage payment twice per month which equals 24 payments over a 12 month period which equates to one extra full mortgage payment per year. Your lender must apply each payment to the balance as soon as it is received. This simple plan will knock off approximately 7-9 years off a mortgage amortized for 30 years dependent upon the loan amount. Talk to your lender about getting set up on this program or contact me directly if you need assistance or have more questions regarding bi-monthly payments.
Matt Garnes 702.526.3133 mjgarnes@gmail.com Yahoo chat: thefinancemaster AOL: mattgarnes
The Federal Housing Administration (FHA) will seek to put more pressure on mortgage lenders to monitor and police mortgage brokers originating FHA backed mortgage loans. The FHA does not directly lend money to borrowers, but instead, backs direct lenders who underwrite FHA mortgages. The lender must comply with strict FHA underwriting guidelines. During the housing boom when sub-prime loans were rampant the FHA did not back off of it’s underwriting guidelines. As a result, the number of brokers originating FHA backed mortgages grew from 5,579 at the end of 2007 to 9,043 by the end of 2009. The FHA does not have the resources to monitor the growing number of mortgage brokers originating FHA backed mortgages and sees this as the best possible solution to ensure they are ensuring good mortgages. The FHA will also increase the net-worth requirements for lenders from $250,000 to $1 million.
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