Effective October 4th, 2010, FHA will lower the upfront mortgage insurance premium (MIP) and raise the annual mortgage premium. Upfront MIP will decrease from 2.25% of the loan amount to 1 percent.

The most dreaded part of applying for a mortgage is all the paperwork. Mortgage documentation requirements are more stringent than ever and every “T” must be crossed and every “I” dotted.

I have often talked about the battle between buyers and sellers in today’s real estate market and I don’t want to badger the point any further, but I think that the problem has now spread to the realtors.

Two things stop more people buying from purchasing a home more than anything else…down payment and credit score.

Elizabeth Duke, a governor on the Federal Reserve board, reported last month that credit for both consumers and businesses continues to tighten. Banks tighten credit by raising credit score requirements, reducing credit limits, and/or increasing requirements for “skin in the game”.

A cash-in refinance is when the new mortgage is smaller than the existing mortgage and the homeowner brings cash to the closing table. In contrast, a cash out refinance is where the old mortgage is less than the amount of the new mortgage and the borrower receives cash back.

So, you’ve exercised your rights as dictated by the FCRA and disputed some inaccurate information on your credit report. Statistics show that 80% of credit reports contain inaccurate information. Disputing these inaccuracies is your legal right and is encouraged by the Federal Trade Commission and consumer groups.

Been making your credit card payments on time, careful not to exceed your limit, and been shocked when the credit card company cuts your limit or closes the card without warning?

Recently, my business partner called and told me that he was being interviewed by a magazine and one of the questions was, “Why move to Denver?”

We usually think of a reverse mortgage as a way to help people over 62 use the equity in their homes to upgrade their quality of life. But what if they want to buy a new home?