Yale Roth M.A., M.Ed

Archive for the ‘Fha Mortgage’ Category

If you haven’t considered refinancing your mortgage, or if you haven’t refinanced your mortgage in the last 2 years, you really ought to consider refinancing now.

The top mortgage loan types to refinance into in 2012 are as follows:

1. 10 Year Fixed Mortgage

This mortgage rate is fixed for 10 years, after which time the mortgage loan will be paid off.  The mortgage rates for the 10 year fixed are remarkably low.

This mortgage type, although having a bigger principal and interest payment because of the short mortgage term, is the cheapest mortgage loan type available.

The net effective mortgage rate is exceedingly low, you’ll save money in total mortgage interest paid, and the mortgage loan will be paid off sooner, saving you thousands of dollars in mortgage payments that you WON’T be making!

It’s definitely worth looking into refinancing into the 10 year fixed mortgage.

2. 15 Year Fixed Mortgage

If the mortgage payment for the 10 year fixed mortgage is too high or exceeds your budget, consider the 15 year fixed mortgage.

Like the 10 year fixed mortgage, the 15 year fixed mortgage is an equity builder.

Beginning with your first mortgage payment, 50% of that principal and interest payment goes to lowering the principal balance of the mortgage loan.

The mortgage rate and mortgage payment are fixed for 15 years and the mortgage loan will be paid off in 15 years!  If you can swing the mortgage payment, you want to look at refinancing into the 15 year fixed mortgage.

Oh, by the way, the mortgage rates for the 15 year fixed, like the 10 year fixed are at historic lows!

3. 30 Year Fixed Mortgage

The 30 year fixed mortgage is the old stand by.

If you plan on keeping your home for the long term and if the mortgage payment for the 15 year fixed and 10 year fixed are outside your budget, then consider refinancing into a 30 year fixed mortgage.

The mortgage rate and mortgage payment are fixed for 30 years and the mortgage rates are also at historic lows!

You can prepay against the 30 year mortgage if you want to speed up equity buildup as well, so there is mortgage payment flexibility.

4.  7/1 Adjustable Rate Mortgage ARM

The 7/1 ARM is best if you plan on keeping your home for a period less than 7 years.

If that’s the case, and you don’t want to make a higher mortgage payment with a 15 year fixed mortgage or 10 year fixed mortgage, then the 7/1 ARM is a strong refinance contender.

The mortgage rates for the 7/1 ARM are very, very low and the mortgage rate and mortgage payment are fixed for 7 years.  The mortgage loan is amortized over a 30 year period so the mortgage payment will be low. 

You won’t build up a lot of home equity, but the mortgage payment and mortgage rate will be lower than the 30 year fixed mortgage.

Depending on your goals, these 4 mortgage loan types are the mortgage loans you want to consider if you haven’t refinanced your mortgage in the last 2 years.

Related Posts:

• My Top 3 Mortgage Loan Types
• Does It Make Sense To Prepay The Mortgage at 5.25% Or Refinance To 2.875% On A 15 Year Mortgage Note?
• Why A 7/1 ARM Can Be A Smarter Mortgage Choice Than A 5/1 ARM
• Does It Make Sense To PrePay Your Mortgage?
• Can You Get A Mortgage Loan After You’ve Had A Bankruptcy?

Five years ago there were so many different mortgage loan types, from the conventional fixed rate mortgages, to interest only mortgages, stated income loans, loans for people with poor credit, as well as negatively amortized loans, also called Option ARMs.

We all know what happened beginning in 2007.  The mortgage industry imploded and the housing crisis was full on!

Although the housing crisis isn’t completely over, the dust is beginning to settle now.

I wanted to review the types of mortgage loans that are still available in the market place in 2012.

Let me begin by saying what mortgage or home loan types are not available to you.

I am unaware of any stated income or no income verification loans available in the mortgage marketplace.  (If you’re a mortgage broker out there and are aware of a stated income or no doc loan program, let me know.)

Also, the sub prime mortgage market has been wiped out.  If your credit scores are below 620, I’m unaware where you can get a mortgage, even through FHA.

Now the mortgage loan types that are available.

All fully documented loans.  This means you have to verify your income and assets.

There are the 30 year, 25 year, 20, 15 year and 10 year fixed mortgages.  I’m unaware of any conventional mortgage types that have a shorter amortization period than 10 years.

There are the traditional adjustable rate mortgage, also called ARMs.

There are the 10/1, 7/1, 5/1, and 3/1 ARMS.

Someone the other day told me about a 5/5 ARM.

With this mortgage, the start rate is fixed for 5 years, then adjusts according to the index and margin, then is fixed for another 5 years, unlike a traditional 5/1 ARM, where the rate can adjust once a year after the initial 5 years is up.

I’m not aware of any 6 month or 1 month LIBOR ARMs available.

There are interest only mortgages still available; however, your credit has to be very good and you need 24 months principal, interest, taxes and insurance PITI saved as reserves.

Finally, FHA, USDA, and VA still offer fixed rate and adjustable rate mortgages.

So, in conclusion, the mortgage loan types that are available have scaled back considerably over the past 5 years.

However, as long as you can verify your income and your credit is good, you do have access to the full range of fixed rate and adjustable rate mortgages in the mortgage marketplace.

Related Posts:

• Mortgage Questions – Should You Take Out An Adjustable Rate Mortgage?
• Mortgage Questions – Are You Better Off With A Fixed Rate Or Adjustable Rate Mortgage?
• Why A 7/1 ARM Can Be A Smarter Mortgage Choice Than A 5/1 ARM
• Why Adding A Co-Signer With Good Credit Won’t Help Get A Mortgage Loan
• Can You Get A Mortgage Loan After You’ve Had A Bankruptcy?

Is Your Mortgage Rate Higher If You Do A Cash Out Refinance?

This mortgage question I get a lot from homeowners who are considering taking cash out of their home while refinancing – also known as a cash out refinance.

They want to know if the mortgage rate is higher for a cash out refinance.

The answer is “it depends.”

Like many answers about the mortgage process and mortgages in general, the answer isn’t always black or white, which is frustrating to a lot of homeowners.

The mortgage rate isn’t necessarily higher for a cash out refinance; however, the cost to get the mortgage rate may increase.

The reason why there is a qualifier in the answer is because the mortgage answer also depends on the loan to value LTV ratio.

If you’re doing a cash out refinance and if the loan to value ratio LTV is below 60%, there will be no difference in mortgage rate and mortgage lender fees.

If the loan to value LTV ratio is higher than 60%, then the cost to get the mortgage rate may increase, although the mortgage rate will still be the same.  (I’m trying not to be confusing!)

If the loan to value ratio is above 80%, then you’ll see the mortgage rate increase.

The reason is because taking cash out is seen as a greater risk to the mortgage investor, and as a result, there is a premium that the borrower may have to pay to take the cash out.

Now, if the homeowner is consolidating a first mortgage and a home equity line of credit that was put on at the time of home purchase, the refinance transaction will be priced as a rate and term or no cash out refinance.

This applies if the homeowner hasn’t drawn more than $2000 from the line of credit within the past 12 months.

If the homeowner is consolidating a home equity line of credit, also known as a HELOC, and a first mortgage, and the home equity line of credit was put on after the home was purchased, the transaction becomes a cash out refinance and the mortgage rate or cost to get the mortgage rate may be different.

In conclusion, is the mortgage rate higher if you’re doing a cash out refinance?

Not always, it just depends on the loan to value ratio.

The cost to get the mortgage rate may be more expensive if you’re doing a cash out refinance, however.

Related Posts:

• Are Mortgage Rates Higher If You Finance Your Home Loan Costs?
• Can You Subordinate A Second Mortgage That Has A Prepayment Penalty?
• 2 Ways You Can Take Cash Out Of Your Home
• Why A Homeowner Should Not Pay PMI When The Loan To Value Ratio Is 82%
• 5 Mortgage Loan Types That May Help You Get What You Want

Is A 7/1 ARM Better Than A 5/1 ARM?

When you’ve decided that an adjustable rate mortgage ARM makes sense for you, the next question is what type of adjustable rate mortgage ARM is best.

Naturally, you’re going to first consider how long you plan on keeping the home and then decide how tolerant you are of risk.

If you’re thinking that 5 to 7 years is your hold time for the mortgage, you then want to look at the mortgage rates for the 5/1 ARM and 7/1 ARM.

Assuming the lender fees for both mortgage types are the same, you want to look at and compare the mortgage rates.

You’ll notice that the mortgage rates and mortgage payments for the 5/1 ARM are going to be slightly lower than the mortgage rates and mortgage payments for the 7/1 ARM.

Don’t be lured by the siren of the low rate.

Strongly consider your mortgage hold time.  If it’s possible you can keep the mortgage beyond 5 years, it would make sense to pay the higher premium and take a slightly higher mortgage rate.

See the difference in monthly mortgage payment.

If there is a .25% or .375% difference in mortgage rate, the mortgage payment difference isn’t going to be dramatic, unless the loan amount is very large.

In my opinion, if you’re uncertain whether your mortgage hold time is 5 or 7 years, it makes more sense to take the slightly higher mortgage rate and mortgage payment with the 7/1 adjustable rate mortgage and be protected for the additional 2 years.

The ARM cap structure for the 5/1 and 7/1 ARMs is most commonly a 5/2/5 cap structure, which means that your mortgage rate can increase 5% after the first adjustment.

So after the 60th month on a 5/1 ARM, your mortgage rate can increase 5% over the mortgage rate you had for the first 5 years.

Given this, it would make more sense to secure the mortgage rate and mortgage payment for the additional 2 years and go with the 7/1 ARM.

In conclusion, if you’re unclear about your mortgage hold time and it can be around 5 to 7 years and as long as the mortgage rate and mortgage payment difference isn’t significant, it makes more sense to secure the 7 year fixed ARM and be safe.

Related Posts:

• 4 Mortgage Loan Types To Refinance Into In 2012
• Why A 5/1 ARM May Be A Smarter Mortgage Loan Choice Than A 10 Year Fixed Mortgage
• Mortgage Questions – How Does An Adjustable Rate Mortgage Work?
• Mortgage Questions – Should You Take Out An Adjustable Rate Mortgage?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?

Daily Trading Of A Mortgage Bond

Today I was asked a mortgage rate question by a homeowner whether the trading of the 30 yr Treasury bond was what caused mortgage rates to change.

The answer tho that mortgage rate question is, “no.”

Mortgage rates are primarily effected by the trading of mortgage backed securities also known as mortgage bonds.

Mortgage backed securities trade every business day, just like stocks trade every business day.

It may be hard to watch in real time the trading of mortgage backed securities, like the Fannie Mae bond; however, as a homeowner or first time home buyer, you can watch follow the yield on the 10 year Treasury note.

See the image above.  It shows the daily trading of a mortgage bond, specifically the Fannie Mae 30 year 4.0% bond.  The individual red and green vertical bars represent the daily price change of the bond.

The yield on the 10 year Treasury note does track mortgage backed security prices, so that can be a good indicator which direction mortgage rates are moving. 

You can see the price and yield of the 10 year Treasury note on any financial web page.

If you see the yield of the 10 year Treasury note going up, mortgage rates or the costs to get a specific mortgage rate will go up.

Conversely, when you see the yield of the 10 year Treasury note go down, mortgage rates and/or the costs to get the mortgage rate will go down.

So, in conclusion, “what makes mortgage rates change?”

It’s the trading and price of mortgage backed securities that effect the direction of mortgage rates.

Related Posts:

• Mortgage Rate Questions – 3 Tips On When To Lock Your Mortgage Rate
• Mortgage Rate Questions – When Do Mortgage Rates Change?
• Mortgage Rate Forecast for March 29, 2010
• Mortgage Rate Questions – “Are The Mortgage Rates The Same For A Cash Out Refinance?”
• Mortgage Rate Questions – “What Happens If My Mortgage Rate Lock Expires?”

If you are in the process of refinancing your mortgage, you want to know about the mortgage rescission period.

What this means is that when you’re refinancing your mortgage, after you close the on the mortgage, the mortgage won’t fund until 3 days after you close or sign the mortgage paperwork.

The 3 days after you sign is called the mortgage rescission period, or cancellation period.

This allows the borrower to cancel the mortgage refinance transaction if they wish.

It’ sort of like a “cooling off” period that allows the borrower to reflect and make certain they want to continue with thet mortgage refinance transaction.

The mortgage rescission period only applies to primary residences.

If the borrower is refinancing an investment property, the mortgage will fund on the same day the borrower closes the mortgage.

In addition, the mortgage rescission only applies to mortgage refinancing, not to a new home purchase.  For example, when a homwowner or first time home buyer closes on a new home purchase, the mortgage will fund on the close date.

Homeowners also want to know that your mortgage rate lock period is included in the mortgage refinance rescission period.

So, if the borrower’s mortgage rate is locked for 30 days, the borrower wants to close on the mortgage by the 27th day.  This will allow for the 3 day right to rescind.

When a homeowner closes on the mortgage refinance, the title officer or closing attorney will show the homeowner a document called the right to rescind.

It outlines the date when the mortgage refinance will fund and provides a signature line and fax number to where the rescission letter should be sent in the event the homeowner wants to rescind.

The mortgage company also has to acknowledge receipt of the rescission letter, so you want to call them and make sure they received it.   A phone call to the mortgage company saying you want to rescind won’t work – you need to fax the rescission letter.

If the third day falls on a Saturday or Sunday or Federal holiday, the final rescission day moves to the following Monday or day after the holiday.

To conclude, can a homeowner rescind a mortgage after they’ve closed on a mortgage refinance transaction?

The answer is “yes”; but only if the property is a primary residence and a signed rescission letter must be received by the mortgage company within 3 days of the sign or mortgage close date.

Related Posts:

• 6 Tips On How To Refinance Your Mortgage If Your Home Is “Underwater.”
• Mortgage Questions – “Can You Finance Your Mortgage Closing Costs?”
• Mortgage Refinance Questions – HARP? Is It For You?
• Mortgage Refinance Questions – “What’s Your Mortgage Rate With No Points?” Is This The Right Mortgage Question?
• Mortgage Refinance Questions – Do You Need To Drop Your Mortgage Rate By 1% To Justify Refinancing?

Sometimes homeowners and first time home buyers will ask me what is a discount mortgage broker.

A discount mortgage broker is someone who provides a mortgage service at a discounted price.

That means that the mortgage rate that is quoted is either lower than what can be found in the market place or, more commonly, it can be secured at a lower price or cost to the homeowner or first time home buyer.

What the discount mortgage broker is doing is providing a mortgage rate at a discounted price.  This means that the commission or revenue to the discount mortgage broker is less.

So instead of working on a 1% commission, the discount mortgage broker may be working on .75% commission. The 1% or the .75% commission the discount mortgage broker works on is calculated by multiplying that 1% – for example – by the mortgage amount.

For instance, if the mortgage amount is $200,000, the discount mortgage broker is making $2000 in revenue.  That means the discount mortgage broker is working off of a 1% margin.

A discount mortgage broker will drop their margin to close more mortgage loans.  In effect, the discount mortgage broker is working on volume, as opposed to the 1 or 2 big mortgage deals which would produce big revenue.

Be careful of a mortgage broker who may call themselves a discount mortgage broker.  Shop the mortgage correctly.

Not only do you want a mortgage rate quote, but you want to know how much the discount mortgage broker is going to charge you to get it.

Compare that with two other “discount mortgage brokers” and see who is being the most competitive and who you feel you can trust.

Related Posts:

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• 3 Ways To Lower Your Mortgage Rate

A lot of first time home buyers have little idea on what’s involved in getting a mortgage to buy a new home.

I’m going to outline in step by step fashion, how to apply for a mortgage and what to expect once you’ve applied.

So, the first thing you want to do, first time home buyers, is apply for a mortgage.

You need to do this prior to making an offer on a new home or even looking for a new home.  It’s kind of like going to the super market to buy food and not bringing your wallet.  You need to apply for the mortgage first.

Step 1.  Talk to a mortgage broker or loan officer and figure out what loan type is right for you.  Learn the differences between a 30 year fixed mortgage and a 15 year fixed mortgage and an adjustable rate mortgage.

It’s not rocket science.  If you’re working with a good loan officer or mortgage broker, they should be able to define the pros and cons of the different mortgage types.

Once you’ve determined which mortgage type is best for you and what your proposed mortgage principal, interest, taxes and insurance payment will be, you’ll submit a mortgage application.

You’ll either complete the mortgage application over the phone, online or in person with thte loan officer or mortgage broker.

Step 2.  After you complete the mortgage application, you give the loan officer or mortgage broker copies of your last 30 days paystubs, copies of your last two years W2s and copies of your last two months bank statements.  If you’re self employed, you’ll also submit copies of your last two years tax returns, all pages and all schedules.

Step 3. Wait for your mortgage underwriting decision,  This usually takes between 24 and 48 hours.

Step 4.  Once you’ve received you’re mortgage pre approval, you’ll get a mortgage pre approval letter or mortgage commitment letter from your  mortgage company.

Now, it’s time to go home shopping!  (This is usually a conditional mortgage approval.  The mortgage underwriter will in all likelihood request additional paperwork from you before clearing the mortgage to close.)

Step 5.  You’ve found a home and you make an offer to buy.  Your realtor will help you determine a good offer price and also help you write up an offer to purchase the home.  Your realtor submits the offer with your mortgage pre approval letter to the seller’s realtor.

Step 6. It usually takes the seller about 24 to 48 hours for the seller to review your offer.  They will either accept it, counter it, or reject it.

Step 7. Your offer has been accepted!  Now what?

Step 8. Your lender will order a home appraisal.  You will have to pay for the upfront.  This upfront fee generally ranges from $350- $400, depending on your market and the size of the new home.

Step 9. You will need to get a dwelling insurance policy on the home.  So, this means you have to contact an insurance company and get a quote for a dwelling or hazard policy.  You will have to pay the insurance premium for 1 full year upfront.  This is your second out of pocket upfront expense.  The first was for the home appraisal.

Step 10. You are notified by the title company how much money you’ll need to bring to the closing table.  You will get this information a couple of days prior to your settlement date.  You’ll need a cashier’s check made out to the title company or closing attorney as they will be disbursing the funds.

Step 11. You go to closing.  The closing will take place either at a title company office, attorney office or even the realtor’s office.

Here’s who will be at the closing.  It’ll be you, your realtor, the title agent or closing attorney, the home seller, and their realtor.

The closing usually takes about 45 minutes to 1 hour to complete, depending on whether everything goes smoothly.  Be ready, first time home buyer, because you’re going to have to sign a lot of papers!

In addition, the closing usually place within 30 days of the time your offer to buy the home is agreed upon.

Not a big deal.

Some closings are more stressful than others.  Ideally, you want to be able to review the closing costs a couple of days prior to youre closing date.

Sometimes this does’t always happen.  It just depends on the mortgage company and how quickly the mortgage is cleared to close by underwriting.

Expect some “bumps” along the mortgage process.  Like I wrote previously, the mortgage underwriter may request additional documentation from you.  Some first time home buyers become frustrated by this.

Remember, there are a number of parties that are involved in completing the home buying and mortgage closing transaction, including yourself as a first time home buyer.

If all the parties communicate effectively together, then the mortgage and closing process will go smoothly.

Related Posts:

• Is Your Mortgage Company Stealing Your Money At Your Refinance Closing?
• First Time Home Buyer? – “Can You Afford Your Mortgage Closing Costs?”
• What Happens At A Mortgage Refinance Closing?
• 4 Important Things To Consider Before Taking Out Home Mortgage Loan
• 2 Reasons Why You Don’t Have To Drop Your Mortgage Rate by 2% To Justify A Mortgage Refinance

I get this mortgage question from time to time – especially from first time home buyers: “Can I roll my closing costs into the mortgage amount?”

Well the answer is, “It depends.”

If the mortgage transaction is a purchase, you are not able to include your closing costs into your mortgage amount.  You can, however, negotiate a seller credit whereby the seller of the home can pay your closing costs.

This would be called a “seller credit” to be applied to the home buyer’s closing costs.  The credit ranges between 3% and 6% of the purchase price, depending on the size of your down payment.

You can also negotiate a lender credit.

Your mortgage company, who is considered an “interested third party,” can give you a credit to be applied towards your closing costs.

If the transaction is a refinance, you can roll your closing costs into your mortgage amount, as long as the loan to value ratio doesn’t exceed the lender’s guidelines.

In addition, if you’re refinancing and you choose to include your closing costs in your mortgage balance, the transaction type is still called a rate and term refinance, not a cash out refinance.

After you roll your closing costs into your mortgage amount and you’re still getting more than 1% or $2000, which ever is less, back to you, then the transaction type changes to a cash out refinance.

The mortgage transaction type matters only if it effects the pricing of the mortgage.  By “pricing” I mean the lender fees you’re paying to get the mortgage rate you want.

The pricing or cost of the mortgage rate is only effected if the loan to value ratio is above 60%.

The reason why mortgage people get a bad rap sometimes is because the mortgage rates and costs to get the rates are so nuanced and depend on the mortgage parameters.  What I mean by mortgage parameters are the credit scores and the loan to value ratio.

So if the mortgage parameters change, the pricing can change and sometimes the mortgage rate can change.  This can happen when the appraisal comes back lower than what’s expected and as a result the loan to value will increase.

Often times, homeowners think there is a “bait and switch” going on when there isn’t.

In conclusion to the mortgage refinance question, “Can I roll my closing costs into the mortgage amount?‘, you can if the mortgage transaction is a refinance and the loan to value ratio doesn’t significantly change after the mortgage amount increases.

If the mortgage transaction is a purchase, you cannot; however, you can negotiate with the seller  a “seller concession or seller credit” which can cover your closing costs or you can lock a slightly higher mortgage rate and have the mortgage lender pay your closing costs.

Related Posts:

• Mortgage Questions – How Do I Calculate My Closing Costs For My Mortgage Refinance?
• Are Mortgage Rates Higher If You Finance Your Home Loan Costs?
• Is Your Mortgage Rate Higher If You Do A Cash Out Refinance?
• Mortgage Refinance Questions – HARP? Is It For You?
• Mortgage Rate Questions – “Are The Mortgage Rates The Same For A Cash Out Refinance?”

Does It Make Sense To Pay Discount Points On An Adjustable Rate Mortgage?

Paying discount points to get a lower mortgage rate is a question I get from time to time.  Most homeowners and first time home buyers treat discount points or “points” like the plague.

Most homeowners and first time home buyers don’t realize what points are and how they can benefit the borrower.

However, the mortgage question is “Does it make sense to pay discount points to get a lower mortgage rate for an adjustable rate mortgage?”

Before I answer the mortgage question, I want to define what discount points are and why some homeowners or first time home buyers will pay them.

Discount points represent 1% of the loan amount and are used to buy the mortgage rate down.

Discount points – not origination points – are prepaid mortgage interest that  the homeowner or first time home buyer is paying upfront at closing to get a lower mortgage rate knowing that over time the homeowner or first time home buyer will save movey with the  lower mortgage rate.

Paying discount points can be useful and can save the homeowner or first time home buyer money over time.  Time is the critical factor here because the homeowner or first time home buyer has to keep the mortgage long enough to recover the upfront costs (or points.)

That’s why it DOESN’T make sense to pay discount points to get a lower mortgage rate if you’re in a an adjustable rate mortgage, also known as a ARM.

The reason is because the mortgage rate in the adjustable rate mortgage is fixed for a certain amount of time, then adjusts.

So the problem is that the mortgage rate can change or adjust before the homeowner or first time homebuyer recovers their upfront points.

In conclusion, homewoners and first time home buyers – it doesn’t make sense to pay discount points to get a lower mortgage ratre if you’re applying for an adjustable rate mortgage.

You have to do the math to calculate the recovery period, but in all liklihood – you will not have enough time to recover your upfront discount points  before the mortgage rate adajusts.

The way to calculate this is to compare the mortgage payment for two different mortgage rates.

Take the difference in mortgage payment and divide it into the difference in lender fees – with discount points and without discount points.  This will tell the homeowner or first time home buyer how long it’ll take to recoup the upfront discount points.

Related Posts:

• First Time Home Buyer? – Do You Want To Buy A Home In Short Sale?
• First Time Home Buyer? – Here’s 3 Tips On Shopping For A Mortgage
• Mortgage Questions – “Are Adjustable Rate Mortgages That Bad”?
• Mortgage Refinance Questions – “What’s Your Mortgage Rate With No Points?” Is This The Right Mortgage Question?
• First Time Home Buyers – What’s The Best Way To Get A Mortgage?