The Real Estate Settlement Procedures Act (RESPA) is focused on empowering the Home buyer. The Consumer Financial Protection Bureau (CFPB) will be administering and enforcing the RESPA rules. The good news is, the CFPB is doing a wonderful job enforcing the rules. The missing piece and not the responsibility of the CFPB is properly educating the…
There are many types of insurances. Car, Life, Health, Home, and Mortgage Insurance. But the Mortgage insurance is for the Lender, NOT the borrower. If you own a property with a mortgage loan that has more than 80% of the value of the home, you are required to pay monthly mortgage insurance. The monthly mortgage…
Clients call about a new home purchase, and the question is always the same: – This is how much I make, this is my current debt, How much can I qualify for to buy a new home? Based on the Qualified Mortgage (QM) rules, I can answer for how much you, as a borrower, can get approved…