Posted by: thepinetree on 04/16/2013 01:12 PM
Updated by: thepinetree on 04/16/2013 01:15 PM
Expires: 01/01/2018 12:00 AM
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Important Items In the Mortgage Market To Be Aware of as We Enter Q2 2013 ~By Mark Hughes
Murphys, CA...Though we’re not quite out of the woods yet, I’m seeing a lot of good news in terms of a housing recovery (see below). That being said, the clock is ticking on a couple of pending changes that you, your friends and your family ought to know about: Many Newly Originated FHA-Insured Loans Will Become More Expensive Beginning June 3, 2013....
 
One of the attractive features of FHA mortgages is the low down payment option. In fact, many FHA loan programs require as little as 3.5% down.
Today, mortgage insurance on FHA loans remains in place for a finite period of time. However, on most new FHA loans originated on or after June 3rd, the MI premium will remain for the life of the loan.
My recommendation: If you (or someone you care about) have considered refinancing your home (or purchasing a new one), please contact me immediately to ensure this new FHA policy doesn’t increase the lifetime cost of the transaction. Beating the June 3rd clock could potentially save thousands over the life of the loan.
I Have Potentially Great News for Clients Who Were Unable to Refinance in 2010, 2011 and 2012.
We continue to see encouraging news on the housing front, and I’m guardedly optimistic this trend will continue. As a result, many clients who were unable to refinance into historically low interest rates due to property value issues are beginning to have success.
My recommendation: If you (or someone you care about) have unsuccessfully tried refinancing in the past, it may be worth taking another look at your scenario. Please take a moment to either reply to this email or call me anytime.
Remember, mortgage rates have remained extremely low for an extended period of time due to intervention by the Federal Reserve. As we continue to witness signs of recovery, I expect the Fed to curtail its stimulus, and we could see mortgage rates increase in the short-to-medium term. Please do not delay in contacting me if you have any questions or if I can be of any service.
Sincerely,
Mark Hughes
Mortgage Originator
NMLS: 268235 DRE 01178888
Main Street Mortgage
402 Main Street, Ste. G
Murphys, CA 95247
(209) 728-9898
Mark.Hughes@FPFMail.com
www.MarkOHughes.com
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