All articles in Money Savings Tips

How much will the new FHA MIP Rules change save me?

Surprisingly, one of the brightest spots of the president’s State of the Union Address last night which might have received a standing ovation from both sides of the aisle barely received a passing mention!

The bright shining spot in his speech was the president’s recent directive to HUD regarding the FHA Annual Mortgage Insurance Premium. Effective January 26, 2015 the FHA is decreasing the annual mortgage insurance premium [MIP] from 1.35% to 0.85% benefiting most FHA loans issued since May 31, 2009 Continue reading How much will the new FHA MIP Rules change save me?

Seven Questions to Ask any Loan Officer

Questions you really should be asking

Contents7 Questions Every Borrower SHOULD ask a Loan Officer#1 How long have you been a mortgage lender?  7 Questions Every … More Seven Questions to Ask any Loan Officer

What is a CLUE Report and how could it impact my mortgage?

What Is A CLUE Report?

Most of us are familiar with CarFax.  We see the commercials all the time with the Fox puppet following the prospective car buyer around warning the buyer not to purchase the car before purchasing a detailed report on the vehicle.  Believe it or not, there is a similar system that insurance carriers use for buildings, homes and the people that insure them.

Continue reading What is a CLUE Report and how could it impact my mortgage?

Suntrust Mortgage Property Loss Draft Processing Instructions

Loss up to $10,000 can be processed at your local SunTrust branch. Losses in excess of $10,000 require special handling.