Wednesday, July 29, 2015

Reverse Mortgage To Buy New Homes For Seniors

Seniors are also entitled the right to decent housing, and as such the reverse mortgages scheme has been proved useful in ensuring the security for a longer home stay for this age group. discussed in a report following what's next on reverse mortgages. The advent of the reverse mortgages industry not only mobilized seniors into deciding whether to continue living in their current homes but has also offered seniors a better chance in purchasing a new home. The U.S. Department of Housing and the Urban Development FHA Reverse Mortgage To Purchase Program will allow them to experience the benefits of the traditional reverse mortgage scheme, for seniors who still have equity for their homes with the ability to supplement on their current income. Among the benefits that seniors can enjoy out of this kind of mortgage includes paying property taxes, home maintenance, as well as zero credit requirements. How this incentive works can be further read here.

Prior to doing a reverse mortgage loan, take note of using the services of an FHA (Federal Housing Administration) approved lender. A article provides meaningful information as a guide to learning the ins and outs for this affordable home financing option, especially for borrowers with poor credit, on low income, even below minimum down payment funds. Health care centers, homes with single or multi-family dwellings and senior citizens can be insured through an FHA loan.

Another article on the benefits of reverse mortgages was also featured in An inviting reason to choose it as a safe financial tool is: the borrower has no personal liability, thus safeguarding the borrower from owing more than what the house costs if sold. Read more about them here

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Friday, July 24, 2015

Refinancing? 3 Mortgages That Require Less Documentation

Looking to avoid all the paperwork associated with getting a mortgage? Here are three loan programs with no laundry list. See if you’re eligible…

Most mortgage loan products require you to provide two years of tax returns and W-2s, 30 days of pay stubs and at least two months of bank statements to provide a basis demonstrating your ability to repay the note. If you’re buying a home, there’s no back step, you will be subject to the scrutiny of the bank’s underwriter.

If you are looking to reduce your fixed housing costs here’s three programs that could meet you in the middle of the road. After all, who wants to go through a financial analysis every time you want to save a few hundred dollars per month?

Harp 2 -

If your loan is owned by Fannie Mae or Freddie Mac, and it was taken out no later than May 31, 2009 you’re gold. The role of the Making Homes Affordable Programwas to aid homeowners in refinancing due to loan-to-value restrictions, do so without limitation. The program still has the same flexible appraisal threshold. Each mortgage company offering the program must perform an automated underwriting analysis on your loan application. Automated underwriting is the nationwide algorithm lenders use in originating loans sold to Fannie Mae and Freddie Mac. The automated underwriting results determine a loan that is eligible for sale delivery to either entity. If the automated underwriting results reveal your loan does not require an appraisal, you need not obtain one. Additionally, even if you have a debt to income ratio as high as 60%, this may also fly with your mortgage company.

Mortgage tip: some mortgage companies have debt related adjustors built into their origination guidelines, meaning that even though the program does not have a debt to income ratio requirement, you might still be limited to 45% and it may mean having to request an exception for approval.

Additionally, if automated underwriting only requires pay stubs and for example one year of federal income tax returns, you need only that information in conjunction with your mortgage loan application. This may be acceptable with the mortgage company who we were working with to provide documentation specifically consistent with the automated underwriting results.

The same credit characteristics might apply as identified above, your mortgage company may still require full documentation. For the loan to be considered eligible for delivery to Fannie Mae and Freddie Mac, the only documentation that is required is specifically identified on the automated underwriting result your loan officer has access to. If your mortgage company is still asking you for more financial documentation, ask them to provide a copy of the Desktop Underwriter (Du) Fannie Mae’s algorithm or Loan Prospector (LP) Freddie Mac’s algorithm results on your application.

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Monday, July 20, 2015

Former coach of Andy Murray visits Broadstairs tennis club

While Andy Murray was helping Britain to their first Davis Cup semi-final in 34 years, a former coach of his was putting the next generation of tennis stars through their paces in Broadstairs.

Jason Barnett, who worked with the 2013 Wimbledon champion when he was just nine, travelled from Aberdeen to Broadstairs & St Peter's Lawn Tennis Club for the weekend.

He held sessions with the club's senior and junior players across the weekend, and believes the future of tennis is bright on the Isle.

"It's lovely," he said. "It's good to come down and play some tennis in an area where there's actually some good weather.

"I've been coaching up in the Highlands and the conditions are tough. It's nice to come down into a lovely, vibrant club, and see familiar faces, get them on court and improving their tennis."

"The enthusiasm in this club is brilliant and what we need to do is capitalise on that.

"Tennis is a sport where I feel it's not embraced enough when we have the biggest tournament on the planet in Wimbledon."

Barnett, now 40 and a former world number one in the over-35 game, believes Murray's achievements can be the catalyst for a spike in tennis participation.

And he still remembers the driven youngster he worked with at Stirling University almost 20 years ago.

"He was feisty as he still is and he wasn't short of telling me his opinions about tennis, even at nine," Barnett said. "You need that forceful attitude and I'm so impressed with his work ethic, how hard he trains and the role model he has become for tennis.

"Hopefully we can get more people playing tennis. Andy winning Wimbledon could hopefully be like a Bjorn Borg effect in this country, where all the boys will be inspired and catch on to that dream and maybe think they can achieve it.

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Thursday, July 16, 2015

Bank of America says it’s No. 2 for mortgage customer satisfaction. So does Chase.

In the competitive U.S. mortgage market, bank giants are battling to be runner-up in customer satisfaction for home loans.

On Wednesday, Bank of America BAC, +0.83%  boasted of earning the No. 2 spot in J.D. Power’s customer-satisfaction study for mortgage originations. On Tuesday J.P.Morgan Chase JPM, +0.51%  proclaimed it was No. 2 in J.D. Power’s customer-satisfaction study for mortgage servicing.

Both claims are true, with a caveat: USAA out-scored Bank of America in the origination study, but it wasn’t included in the ranking because its mortgages are only available to those who have been or are in the military, plus their families.

So, who is No. 1 for mortgage-customer satisfaction? That’s Quicken Loans, an online lender based in Detroit. Quicken nabbed top spots last year in customer satisfaction for both originations and servicing.

For the origination survey, Quicken has ranked No. 1 for five consecutive years, with good marks for loan offerings, the application and approval process, and problem resolution, among other categories. For the servicing study, 2014 was the first year that J.D. Power included Quicken, which promptly beat its competition. Quicken performed well in categories such as billing and payment process and escrow-account administration.


Monday, July 13, 2015

Millions could be saving $200 a month on mortgages

About 6.5 million mortgage borrowers could qualify for and benefit from refinancing their home loans, according to the "Mortgage Monitor Report" from Black Knight Financial Services, which could translate into massive savings for those consumers.

The report, based on May 2015 data, puts the total potential annual savings at $20 billion, with as many as 3 million borrowers saving at least $200 a month inmortgage payments.

The vast majority of homeowners could realize these savings through traditional refinancing, the analysis showed, while roughly 450,000 homeowners would be eligible for lower interest rates on their home loans through HARP, the Home Affordable Refinance Program. HARP is geared toward borrowers whose homes have declined in value, therefore preventing them from securing traditional refinancing.

Black Knight arrived at these figures by analyzing borrower and mortgage data, specifically the 30-year fixed-rate loan. In a news release about the analysis, Black Knight noted that rate fluctuations could change borrowers' ability to save.

"It's important to remember how rate-sensitive this population is, too," said Ben Graboske, senior vice president of Data & Analytics at Black Knight, according to the news release. "[I]f rates go up just half a percentage point, 2.6 million people fall out of that refinanceable population."

Rates haven't shifted much since May, but they have edged upward, suggesting that 6.5 million-borrower figure has already shrunk.

Borrowers considering a refinance also need to be sure that what you'll pay in upfront costs versus what you will save in monthly payments makes the move worthwhile for you. You'll have to consider closing costs and also the amount of time you want to stay in the home. For example, if you're planning to sell in the next couple of years, be sure to crunch the numbers and make sure the savings are worthwhile in the long-run.

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Wednesday, July 8, 2015

Landlords fear budget tax squeeze

The National Landlords Association has sent a letter to Chancellor George Osborne warning against altering the current system, which allows rental income to be offset against mortgage interest payments.

Richard Lambert, the NLA's chief executive, wrote: "It has been suggested that private landlords receive too many perks or reliefs which give them an unfair advantage compared to owner-occupiers, but this ignores the fact that letting residential property for profit is a business.

"Removing their ability to deduct legitimate costs before declaring their taxable profit would essentially force them to suck up one of the most significant expenses they face in being able to provide homes for others.

"I hope you will give an unequivocal reassurance that the government will continue to regard Buy-to-Let mortgage interest payments as a legitimate business cost and give landlords the confidence and certainty to invest for the future."

John Heron, the managing director of buy-to-let lender Paragon Mortgages, agreed that it would have a negative impact on the UK economy should the government meddle with the current system.

He said: "It's an entirely reasonable way for landlords to be treated and it works in the same way as any other business would operate.

"I haven't seen any official source that suggests there might be any changes, but you never know with budgets."

Previously the NLA has warned that if mortgage interest payments were classed as non-deductible landlords would have to raise rents to compensate.

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Monday, July 6, 2015

Nonprofit: Seniors can learn about reverse annuity mortgages

Find out what happens to older adults when their trust is undermined by con artists, unscrupulous sales people, risky investments or unfair financing plans.

Missoula Aging Services and Montana Senior Medicare Patrol are presenting a free documentary film screening Wednesday, July 15, from 1 to 2:30 p.m. at the Missoula Senior Center, 705 S. Higgins Ave. The film “Fleeced” shows examples from around the country of how seniors are protecting themselves from financial fraud and fighting back. It will be followed by a panel discussion with local experts from Adult Protective Services, Missoula Police Department and financial services.

The event is free and open to the public.


The 2015 Power of Pink Variety Show invites singers, dancers, actors and other performing artists to volunteer their talents to help end breast cancer in Ravalli County. Every act is asked to prepare a piece based on the theme of hope and strength, rehearse it, and come to one dress rehearsal Sunday, Sept. 27. The show will be performed at the Mary Stuart Rogers Theater in Victor on Friday, Oct. 2.

If you would like to participate, auditions will be held Thursday, July 30, from 4 to 6 p.m. at Marcus Daly Memorial Hospital in Conference Room C. Call Sherry at 375-4675 to reserve an audition slot.

The Power of Pink is supported by community members, Mary Stuart Rogers Performing Arts Center, Victor schools, Ravalli County dance and theater companies, Bitterroot Valley Chamber of Commerce and Marcus Daly Memorial Hospital.

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