In the wake of the recent catastrophic hurricanes and wildfires that have ravaged parts of our country, the President declared several Major Disaster Areas. This designation brings with it a commitment of federal aid to assist in recovery. A list of these areas can be found at www.fema.gov/disasters. What does this mean for people who are paying a mortgage on a property or running a business in a Major Disaster area? What about people employed in one of these areas? Depending upon what type of mortgage you have and which government-sponsored enterprise (GSE) owns or guarantees your mortgage, you may be eligible for various types of relief to help ease the financial burdens of disaster recovery. Read More “Disaster Relief Options for Mortgages”
Private Mortgage Insurance (PMI) is often thought of as a “necessary evil.” It protects the lender and helps you purchase your home, but, it’s an added monthly expense that you will likely be anxious to get rid of as soon as possible. So, how do you eliminate monthly mortgage insurance? Below are some options to consider.
From location, to budgeting, to the right floor plan, there is a lot to consider when searching for the perfect home. In addition to choosing the home features that matter most, you are also faced with decisions about home financing.
“Should I work with a bank or a broker?” This is a question often asked by home buyers as they evaluate options for a mortgage service provider who will best suit their needs. Recent news has only done more to shine a bright light on how the lines between mortgage services, traditional banking (such as checking and savings accounts), and higher level investments are blurred. Consumers today have choices that come with greater complexity and consequence than in years past.
The U.S. Department of Housing and Urban Development (HUD) recently announced they will make significant changes to the FHA’s Distressed Asset Stabilization Program (DASP). DASP helps to sell mortgages in danger of foreclosure to qualified bidders and encourages loan servicers to work with borrowers to bring the loan out of default.
At RPM, we are committed to providing the best information and services to our clients. The government shutdown that began at midnight on October 1 has caused several government agencies that impact the loan process to come to a halt. As a result, some of our services have undergone temporary adjustments.