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Showing posts from September, 2016

Can You Eliminate FHA Mortgage Insurance? Mining for Gold!

Can You Eliminate FHA Mortgage Insurance?  Mining for Gold!

 A comment often heard regarding today's mortgage process is that it's "difficult" or tedious.  There are too many questions, requests for information, or details to navigate ...

     And while it is true that there can be much to gather, to do, to talk over, to digest for Borrowers ... as their Mortgage Originator, I see real positives in that. 


     Within all that info and detail gathered from mortgage applicants, lies opportunity.

The more info and detail I have at my disposal as your Originator, the better the possible outcome.  All revelations help me find the best options and mortgage program to fit your needs.

     The method of gaining the info and detail may seem many a bit slow and tedious, but as with miners panning for gold ... the end results can be very worth the effort.

     It's hard to find a better example of this being true than when talking about Mortgage Insurance.  And that'…

What is FHA Mortgage Insurance? How Does it Work?

What is FHA Mortgage Insurance?  How Does it Work?

Mortgage Insurance remains a hot topic for potential Borrowers, current Borrowers, and professionals alike.  And of great interest, no matter which type of mortgage program it's utilized in ... Conventional or FHA (Federal Housing Administration).

     While I've written in the past about Mortgage Insurance as it relates to Conventional financing, I now want to focus on its counterpart within FHA Loans ... which is mandatory, guaranteed, and government issued (not Privately backed by Corporations).  (See past posts, "Understanding Private Mortgage Insurance. PMI: ThePros and Cons" and "How to "Replace" Mortgage Insurance") 

     Since FHA Loans are government insured, it should come as no surprise that the Mortgage Insurance required with their use is also government-issued and regulated.  Or that its cost is directly related to the performance (repayment) of Borrowers' FHA Loans.

     As a result,…

Does Your Mortgage Originator Possess the Right Ingredients?

 Does Your Mortgage Originator  Possess the Right Ingredients?

A couple of days ago, I received a comment regarding my recent blog/post, "How to "Replace" Mortgage Insurance" from a fellow real estate industry professional. (Thank you Patricia Feager, Dallas Premier Keller Williams Realty, Flower Mound, TX) ...

Within that comment, Patricia said ...

"Gene, you have a skilled talent that explains things on the level I can understand. Thank you for sharing this outstanding and very educational information!!!"

I greatly appreciated the kind words she wrote, as my number one goal as a Mortgage Originator (and writer) most certainly is to help my clients successfully close their loan. But just as important is ... that they fully understand their options, the mortgage products they'll utilize, and the mortgage process they will navigate.  

Modern mortgages being what they are, that can prove challenging at times.  Learning I had been successful at doing that for …

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.


How to "Replace" Mortgage Insurance

How to "Replace" Mortgage Insurance

     The many questions and comments I received regarding my recent post about Private Mortgage Insurance prove that PMI remains a topic of real interest and concern for Borrowers and real estate professionals alike ...
After reading my post, many readers raised the question, "Is there any way to avoid paying monthly Mortgage Insurance"?  The short answer to that question is "yes", there is.  
But as typical with most things in financing these days, there are asterisks attached to that answer and stipulations must be met in order to do so.  
The following3 options are the most commonly applied methods of monthly Mortgage Insurance avoidance.  I recommend that any Chicagoland Borrower considering their use have a long, detailed conversation with me  (elsewhere your own Lender) to determine the pros and cons of each application and use.  
1. Piggyback/Second Mortgages: These loans are often used in high-end housing markets whe…