Mortgage Blog

Click here to read a great article on tips to having a smooth loan going into Underwriting.
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on March 13th, 2018 7:40 AM

Spring is around the corner. And with that comes the perfect time to put your home on the market. Please click here learns some great tips to get your home in tip top shape

Posted in:General and tagged: Selling homegreat tips
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on January 25th, 2018 4:20 PM
Want to improve your credit? Check out these four ways to do so here
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on January 19th, 2018 8:26 AM
I was searching some great tips for 2018 and came across a USA Today story on 13 questions to ask when getting a mortgage and the answers you want to hear.

These are some great points to ask. Click here to reach more about it.
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on January 1st, 2018 4:01 PM
2017 is close to coming to an end. Every years seems like it goes quicker and quicker. I read this great article on 5 things to do for taxes before 2017 ends at Motley Fool. Hope you can benefit from these. Check out the article here.
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on December 27th, 2017 12:58 PM
What will the tax plan mean for the average Arizona homeowner?

We are fielding many calls about what the tax plan means for Arizonians? Personally for homeowners in AZ it won't change much with mortgages.

Two important factors that many homeowners are asking are:
  1. Can I still deduct my interest on my home?
  2. Can I deduct my tax bill on my home?
We are not giving out any tax advice, but for the most part majority of Arizona families will still be able to do these two important factors.

You can read more about this with a recent CNN news article. Click here for more info.
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on December 17th, 2017 11:38 AM
Feds just raised the prime rate. What does that mean for mortgage rates?

Whenever the Feds raise the prime rate like they did the other day, I get many calls if mortgage rates also increased. There is no direct correlation between the two. However, when the Feds raise the rates it is an indication that the economy is doing better, which in turn will have an eventually impact on mortgage rates.

Check out this great article from USA Today on the impact of mortgage rates and other items that will increase. Click here
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on December 15th, 2017 5:52 AM
Exciting News for 2018 on Mortgage Loan Limits!!

Just Announced!

Conforming Loan Limits going from $424,100 to $453,100

VA Loan Limits going from $424,100 to $453,100

FHA Loan Limits going from $279,450 to $294,515

Read more here
Posted in:New for 2018 and tagged: mortgage loan limits
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on December 15th, 2017 5:41 AM
Housing Industry Wins Higher Mortgage Limits

By Phil Mattingly - Nov 17, 2011 10:01 PM MT .

The final compromise to secure higher limits for mortgages backed by the Federal Housing Administration by lawmakers, which dropped a similar increase to loans backed by mortgage firms Fannie Mae and Freddie Mac, represents a mixed victory for the housing industry. Photo: Joshua Roberts/Bloomberg
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The U.S. housing industry has scored a victory with House and Senate votes to raise the size of mortgages backed by the Federal Housing Administration to $729,750.

The measure split Republicans, many of whom supported retaining the lower limit of $625,500. As a result, efforts to restore the higher limit fell short until the Senate attached an increase to a package of spending bills that were passed yesterday by both the House and Senate.

The higher FHA limit is expected to become law after the president signs the spending measures, which he must do by the end of today to avoid a government shutdown.

“Restoring the higher loan limits for the FHA will provide homeowners and homebuyers with safe and affordable financing, while providing a much-needed boost to housing markets all around the country,” James W. Tobin, chief lobbyist for the National Association of Home Builders, wrote in a Nov. 16 letter to Speaker John Boehner, an Ohio Republican.

Lawmakers who backed higher limits said withdrawing federal support could further undermine a housing market still struggling to recover from the 2008 credit crisis.

The final compromise, which dropped a similar increase to loans backed by mortgage firms Fannie Mae and Freddie Mac, represents a mixed victory for the housing industry.

While the increase to $729,750 is expected to spur some additional homebuying, it’s not clear by how much. FHA loans make up a smaller share of the market than those purchased by Fannie Mae and Freddie Mac.

5.3 Million Homes

Still, the measure was fully embraced by trade groups for homebuilders and realtors. The National Association of Homebuilders has estimated that 5.3 million homes lost their eligibility for conforming loans when the higher limits expired on Oct. 1. Nearly 670 counties saw their loan limits decline, according to the National Association of Realtors.

On the other side were a number of interest groups that push for free-market policies and against government support to the housing market. Those groups, which include the Club for Growth and Heritage Action for America, play a large role in the House Republican conference and can influence campaign funding for the next election.

Republicans backed by the groups thought efforts to increase the loan limits had been defeated earlier this year, particularly when the White House announced support for allowing them to go back down to pre-crisis levels.

‘Completely Bizarre’

“This is completely bizarre that the Congress would be to the left of this president on housing finance,” Representative Patrick McHenry, a North Carolina Republican on the House Financial Services Committee, said in an interview.

House Republicans who opposed the provision seized on the FHA’s annual actuarial report released earlier this week, which said the agency has a 50 percent chance of needing to seek taxpayer aid to bolster its insurance fund.

The FHA, which provides liquidity by protecting lenders against borrower defaults, has increased its share of the mortgage market in the wake of the credit crisis. The agency, created in 1934 during the Great Depression, now guarantees a third of U.S. mortgages, according to the report.

The House-passed legislation, approved in a 298-121 vote, was opposed by 101 members of the House’s Republican majority, some of whom said they opposed the measure primarily because of the loan-limit increase.

Representative John Campbell, a California Republican who pushed for the increase, called the compromise on the provision “just a bad deal.” Campbell said he would have preferred that lawmakers boost the limit for Fannie Mae and Freddie Mac over raising the FHA limit.

‘Short-Term Fix’

“I’m glad something got done, but because they got it backwards, this will be a much more short-term fix than I would have hoped,” Campbell said in an interview.

The Senate followed the House’s lead a few hours later, voting 70-30 to clear the measure for Obama’s signature. The provision was once again cited by several Republicans as a reason for their opposition.

“Raising the loan limits at FHA only, an unprecedented move, will simply drive more business into Ginnie Mae securities and put the FHA at even greater risk of losses to taxpayers,” Senator Bob Corker, a Tennessee Republican, said yesterday. “If we cannot even take this simple step, we risk crowding out the private sector for years to come.”

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net

 


 


 

Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on November 18th, 2011 9:33 AM
Posted in:General
Posted by Jeremy Schachter - Mortgage Advisor MLO 148435 on November 17th, 2011 6:54 PM

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