Mortgage Insurance With Mortgage Mark

MI Factors

The costs of Mortgage Insurance (MI) varies from program to program and the government-backed programs (like FHA, USDA, etc.) have predetermined MI factors that only vary based on the Loan to Value (LTV) and the loan term (i.e. 30 year vs. 15 year fixed). Conversely, the costs of MI for conventional loans (i.e. loans that aren’t […]

Student Loan Payments

Student Loan Payment – Conventional Financing Student Loans For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must use the greater of the following to determine the monthly payment to be used as the borrower’s recurring monthly debt obligation: 1% of the outstanding balance (which is down from 2% […]

Conversion of Homestead to Rental Property Best Mortgage Broker in Dallas Mark Pfeiffer 200 x 200

Convert A Homestead To A Rental Property

Convert A Homestead To A Rental Property When someone who owns a home is going to purchase a new homestead using conventional financing AND they want to turn their existing home into a rental property and use the rental income from that to qualify, there are certain guidelines that need to be met to use that […]

Mortgage Insurance Overview

Mortgage Insurance, PMI, MIP, MI – it’s all the same (sort of). PMI is mortgage insurance for conventional loans, MIP is for government loans (like FHA and USDA), and Mortgage Insurance, aka “MI” is the generic term for all types of mortgage insurance. Bottom line: Mortgage Insurance protects the lender against losses if a borrower […]

Maximum LTV For Conforming Loans

Maximum Loan To Value The maximum Loan To Value for Conforming Home Loans varies whether the home is a Primary Residence, a Second Home, or an Investment Property. • Primary Residence = 5% down. • Second Home = 10% down. • Investment Property = 15% down. It is worth mentioning that the VAST majority of […]

Seller Concessions for Best Listing Realtor in Dallas

Seller Concessions

Seller Concessions Seller Concessions are essentially a way to “roll-in” Closing Costs on a purchase home loan (see also How To Pay For Closing Costs). Seller Concessions are negotiated between the buyer and seller during the contract negotiations and are recorded in Section 12 of the purchase contract.  (Note: Seller Concessions can be included in a contract amendment […]