Blog

MORTGAGE INSURANCE EXPLAINED

Mortgage insurance is required on all FHA loans and on Conventional loans where there is less than 20% equity. This covers the Lender's risks. FHA charges the client with two forms of mortgage insurance. There is a 1.750% upfront mortgage insurance fee that is added to the loan and financed in, and a monthly mortgage insurance fee (recently lowered by the White House by 50 basis points despite the MI carriers rebuttal). So for example, what was a 135 basis points on a 90% + loan, is now 85 basis points (on a $100000 loan this reduces the monthly fee from $112.50/ mo. to $70....

January 24th, 2015 MORTGAGE INSURANCE EXPLAINED

CREDIT SCORES AND POTENTIAL BUYERS

Credit scores can make or break a deal, BUT perhaps not as much as you have been led to believe.Yes, most lenders want a 640 score or better for their Conventioanl,FHA,USDA,or VA approvals,BUT there are lenders that will approve the buyer with less attractive scores. How about FHA,USDA,and VA approvals to 580 scores? How about FHA approvals considered to 530 scores? Yes, there are programs with slightly higher % rates to accomodate these buyers.We have these programs. Perhaps you do not know what to advise a client in order to help increase their scores, so that a purchase can occur in a ...

January 17th, 2015 CREDIT SCORES AND POTENTIAL BUYERS

VERY IMPORTANT MORTGAGE ANNOUNCEMENTS

THERE ARE 3 IMPORTANT ANNOUNCEMENTS THAT WILL EFFECT YOU: 1) THE WHITE HOUSE IS PREPARING TO DO AN EXECUTIVE ORDER TO CUT FHA PREMIUMS BY 50 BASIS POINTS (this will allow less fees for a FHA loan and allow more buyers), 2) USDA IS CHANGING THEIR ELIGIBILITY AREAS EFFECTIVE 2/1 (this has been along time coming so make sure you know that your property is in an eligible area first-check the USDA site-http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. 3) FANNIE MAE NOW OFFERS 3% DOWN PAYMENT FINANCING: purchase tranactions require that at least 1 borrower be a First-time homebuyer, ...

January 9th, 2015 VERY IMPORTANT MORTGAGE ANNOUNCEMENTS

WANT MORE DEALS CLOSED-PLEASE READ

Are you tired of losing deals that never close? Make 2015 different! You need a CENTRAL VIRGINIA Mortgage Broker with 26 years experience--that offers MORE= GIVE US A TRY. What is different you ask? 1) Straight talk w/o false promises and hype, 2) Constant communication as to updates on loan approval thruout the process, 3) FAST closings- 3-4 weeks, 4) Availability via phone 24/7, 5) The lowest rates with the lowest Broker compensation around- we shop from many lenders, 6) CONV., FHA, USDA, VA, JUMBO, CONSTRUCTION, and SUBPRIME loans,7) MULTITUDE of NICHE products to get the deal done: VA...

January 2nd, 2015 WANT MORE DEALS CLOSED-PLEASE READ

The "REAL" Reason For The Season

As we get ready for the 2014 Christmas hoopla, lets give thought for all we have, all we love, and the "REAL" meaning of CHRISTmas!!!! I hope all of you have the best CHRISTmas ever and a Happy New Year ! Diversified Mortgage Brokers,Tel: 434-237-3143, Email: dbi4009@aol.com Web: www.diversifiedmortbrokers.com

December 19th, 2014 The "REAL" Reason For The Season

2015 Mortgage Rate Forecast

2015 Mortgage Rate Forecast: Many of the portfolio managers expect rates to move higher next year but not too dramatically. Keeping rates in check are: the uneven growth in the economy,declining inflation expectations, and uncertainties in the labor market. Also, there is  an increase in the purchase of treasuries and corporate bonds by pension funds, banks, and foreign investors seeking higher U.S. bond yields. There is also rising demand in safe-haven assets and geopolitical unrest in several hot spots around the world. With that being said, now is still an excellent time to refinance o...

December 6th, 2014 2015 Mortgage Rate Forecast

Diversified Mortgage Brokers

100 Copley Place, Suite D, Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: dbi4009@aol.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)
http://www.diversifiedmortbrokers.com/

Diversified Brokers BBB Business Review