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First Home Mortgage Corp

RRSP as Downpayment, first home mortgage using RRSP

www.notapennydown.com RRSP as a downpayment. Vancouver mortgage broker Mark Fidgett explains the ins and outs of withdrawing money from your RRSP ...

PMI and PURIM

Miracles, emancipation, avoidance of tragedy, coming together as one people is what I think of when Purim arrives. Esther and Mordechai took action, working together with the divine blessings of God and saved the Jewish people while avoiding a catastrophe. Now what the heck does that have to do with Private Mortgage Insurance (PMI)? Well, first of all, the letters PMI are within the spelling of Purim. (This ain’t no gematria, but I’m trying). Can we read anything into this? If you shteig (learn hard), and think and look deep into what the possible connection means, you’ll find that it has absolutely no meaning unless you’re a mortgage banker/broker trying to be creative in writing an article. All joking aside, the tie in theme is really of freedom and taking action. Taking action to eliminate your PMI, if you have it, and the additional freedom of a reduced monthly payment along with the eventual emancipation of debt when you do. If you have mortgage insurance, I’ll assume you kind of know what it is. If you don’t know what mortgage insurance is, I’ll explain. What is mortgage insurance or PMI? When you put less than 20 percent down payment or borrow more than 80 percent of the appraised value of your home, mortgage insurance is required in some form or another. There are many types of private mortgage insurance. Borrower paid and lender paid are the usual two options. Lender paid insurance is built into the rate and therefore the rate is higher than monthly mortgage insurance options, but the overall payment is lower. There is no cancellation and you cannot remove lender paid mortgage insurance. The advantage is that you have a lower rate, and more tax deductibility. Monthly mortgage insurance can be terminated. It’s important to understand how it terminates so that you can make sure your payment drops and the monthly mortgage insurance is removed (even though it is supposed to be automatic at a certain point).

FHA eases home warranty requirement for low down payment loans

"Making sure that borrower has that warranty is just going to be easier," said Rich Tucker, senior vice president of loan operations at Waterstone Mortgage Corp.

The change, which becomes effective starting with case numbers assigned March 14, could add to an upward drift in the share of new-home purchase applications submitted for FHA loans, and help first-time homebuyers who may lack the resources to make higher down payments.

Almost 18% of the new-construction purchase apps submitted by borrowers in February were for FHA loans, according to a Mortgage Bankers Association's index tracking that activity. In February 2018, the share of new-home purchase apps submitted for FHA loans was less than 16%.

The mortgage industry has been trying to get the Department of Housing and Urban Development to remove the FHA's 10-year protection-plan requirement for more than a decade.

Opposition by the home warranty industry blocked an earlier version of the proposal HUD tried to implement in the 1990s.

Is Home Pointe Financial Corp the real deal in fixing credit and getting you a mortgage?

I am just about ready to give my first payment to this complany to fix my credit and give me a mortgage. Has anyone dealt with them before? I can't afford to give money to a fraudulent company.


Contact your local Better Business Association to see if any complaints against the company have been logged.