Everyone has heard the advertisements for home mortgages with no closing costs. Likewise the Federal Trade Commission has heard those ads and, like you, they know when something sounds too good to be true it usually is. While Home Equity Lines of Credit (HELOCs) often come with no closing costs it is virtually impossible for originating lenders to offer first mortgages without any closing costs. Eliminating closing costs all together on a first mortgage is difficult even in the best of situations because of the number of moving parts there are in the closing process. Minimally there are six ...

Long, but very helpful… Increases in FHA UFMIP, monthly MI factor, and reductions in seller paid closing costs I’m sure you’ve heard through the grapevine all the recent changes that are going to be implemented with FHA loans. Basically now, regardless of consumers’ credit score and down payment, people will start seeing an increase in the amount that they are going to finance (UFMIP). About a year ago, the higher the score, the less UFMIP they would have to pay (risk-based adjustments), but not now. Another thing that may sway less “qualified buyers” in ...