New Requirements Drive Need for Surety Bonds in Texas and Arkansas Insurance Journal
At least four new surety bonds have hit the market in Texas and Arkansas in the last six months, part of a wave of new bonding requirements nationwide.
Brokers in both states are working to stay on top of the new mandates. They might need overtime in the coming months, given a growing demand for consumer protection in all corners of industry.
“This past year has seemed to be especially active statutorily and even with regulation in terms of requiring or introducing new bond requirements,” said Rob Duke, director of underwriting and assistant counsel for the Surety & Fidelity Association of America. “In this environment, there may be a call for greater oversight and greater consumer protections, and a bond can play a role in that.”
This spring, Utah and Arkansas became the first states to fully regulate appraisal management companies through their state’s real estate appraiser boards. Four more states enacted similar legislation by the fall, and industry experts anticipate as many as 20 more states to consider AMC legislation in 2010.
The High Cost of Waiting for Lower Mortgage Rates
A good perspective on what is happening in the market right now.
Via Robert D. Ashby, CMPS - Solid Rock Mortgage Corporation:
Many of you reading this have been waiting for those government promised mortgage rates of 4.5%, or even lower. Do you realize those rates may never come in actuality? Can you comprehend how much money you are wasting by not refinancing or outright purchasing a property right now?
First, let's look at those of you waiting to refinance. Since rates are currently around 5% and it usually doesn't make sense to refinance with less than a 1% drop in rate, let's put together a scenario. You have a $200,000 loan at 6%, with monthly mortgage payments (not including taxes and insurance) of $1,199. You are now faced with the dilemma of refinancing since rates dropped lower, down into the 4's, but you didn't take advantage of them and they have now risen to 5%. You hear the media talk about lower mortgage rates, namely 4.5%, throughout the headlines and this causes you to wait longer in anticipation. As we near the passage of a new stimulus package, along with headlines from the federal Reserve stating they will keep buying mortgage backed securities, you think to yourself that mortgage rates must be heading lower, so I will wait.
But how much money are you wasting while you wait. Let's say that it takes 6 months to get rates that low (personally I don't think it will happen) and we will leave the tax benefits aside. If you refinanced that $200,000 right now, your monthly payment would drop to $1,074, giving you an extra $125 in cash flow. That $125 can go a long way to paying off high interest debt, or we can simply save it. That means that 6 months down the road, you would have saved $750, right? Actually it is more since when you have a lower interest rate, more money each month goes to the principal, so your savings actually are $1,000, even more if you invested the savings instead, which I highly recommend. It would take you over 15 months to recover those losses if you refinanced into a 4.5% mortgage at 6 months. And what if rates continue to go up? How much more will that cost you in the long run?
...Refinance Help. Fill this form and get help!
What company has the best Texas Mortgage Broker bond for principals with bad credit?
I need a licensing bond for my mortgage broker license, but my credit is destroyed due to divorce. Can anyone help me? All answers appreciated! I have 10-years of experience in the industry, and have been licensed in FL since 2000. Am currently a licensed loan officer, so I have experience, just lousy credit and no assets.
Honey, if you've got bad credit, it's not about which company has the best, it's about which company is willing to write it at any cost . . .and you're going to have a REALLY hard time finding anyone to write it. You'll probably have to sign on with someone else for a few years until you get your credit back in shape.
Where can I find a Reverse Mortgage lender in Texas?
I have a home in San Antonio, TX on which I have quiet a bit of equity. I would like to get a HECM Reverse Mortgage and need a lender that specializes in Reverse Mortgages in Texas.
Hi, you can go to www.texasreverse.net and visit that website to find a Reverse Mortgage lender in San Antonio or Texas.
I would like to introduce myself. My name is Brandon Burns and I am with Griffin Financial Mortgage. Our company specializes in reverse mortgages and Houston and San Antonio is my area. I would love to help you if I can. I was recently interviewed by the San Antonio Express Newspaper.
Here is a link to the article.
http://www.mysanantonio.com/business/stories/MYSA032306.1E.hendricks.cb0ff38.html
Our company has been specializing in reverse mortgages since their creation in Texas and we are the largest originator of reverse mortgages in the South West for the past 3 years. The biggest difference between us and our competitors is that we do not ask for any money up front. Most of my clients are from referrals from other clients which I take pride in.
If you would like for me to send you some more information please feel free to contact me at bburns@griffinloans.com and I will give you a toll free phone number to get in touch with me.
Thank you and I look forward to helping you in the future,
Brandon
How long is the redemption period for a house in Texas after a mortgage foreclosure?
How long is the redemption period for a house in Texas after a foreclosure?
My brother rented a house and It went on foreclosure, now he is in the redemption period. Can someone tell me how long is the redemption period in Texas. Thanks
16 hours ago - 3 days left to answer.
Additional Details
16 hours ago
It is a mortgage foreclosure, the house did not sell the auction day, so it went back to the bank and now is in the REO department.
How long do the tenants have untill they are evicted?
Thanks for all your help.
Victor
Here's a list of banks in Texas that can help. http://www.banksintheusa.com/Texas-Banks.html
What sources does one use to find jobs and mortgage lenders in Houston, Texas area?
I am trying to find out what is the best newspapers or websites used to find jobs in Texas, especially the houston area and what is the most common sources used for mortgage lenders. Do people usually use the banks or mortgage companies? I want know a good mortgage lender with good principles and low interest. Please, only people who are really familiar with these subjects and with serious answers. I would really appreciate your help. Thanks to all those who are willing to assist. Bless you.
the houston chronicle, yahoo hotjobs, alot of jobs are posted online.
you just gotta search for them.
http://www.building-your-green-home.com/cheap-home-loans.html
http://www.building-your-green-home.com/best-home-loans.html
Hope this helps.
For mortgages, check out Quicken Loans at quickenloans.com. Quicken Loans offers home loans in all 50 states and lower interest rates due to some recent changes in the market.
Check out Epinions for client reviews:
Epinions -
http://www.epinions.com/finc-Financial_Services-Online-Mortgage-Quicken_Mortgage
If you have any questions, you can ask me directly! I'm happy to help.
Good luck!
How much is the monthly payment on a 140K mortgage in Texas?
I plan on getting a 30 year fixed rate. Probably get a rate around 6.25%. Need to include taxes and insurance.
857.53
the bigger issue is that if you can't figure this one out...please be careful on what hte total costs of homeownership are
How do I get rid of PMI on my mortgage in Texas?
I just bought my first home in Frisco, Texas. I have to pay PMI every month. I only have 1 loan with a rate of 7.25% on a 30 year fixed.
How do I get rid of the PMI - it is very expensive and I need to get it off so I just pay the principal and interest. Should I re-finance? I have only had the loan since Jan 2007
I know the norm is 20% must be in equity. I bought it with zero down. The thing is I bought it for #310K and it was listed in the tax records at $393K. I got a great deal since they had to leave. Shouldnt I re-finance and get it appraised and show I have more than 20% in the house in equity - that way eliminating the PMI?
Usually you have to have more then 20% equity in the hosue.
Best bet, contact your lender.
http://www.texasrealestate.com/web/3/35/stories/PMI.cfm
Hope it helps - oh yeah, if you are a veteran and use the VA benefits for your mortgage, you don't have to pay PMI.
You have to look at the cost of the re-fi. Also if you can not get a first without PMI and go with a first and piggy back. The second will most likely have a higher rate and require a 15 or 20 year term, which would raise your payment.
You might also have a prepayment penalty and fee recapture for such an early prepayment. Read your contract and see.
You ask an excellent question. Definitely a re-fi is an option, but it may not save you any money in the long run.
How you determine if its a cost effective decision is to estimate how long you plan to own your property. If ownership is going to more than 5 years from today it may be a good decision. I would recommend you consult a lender to specific run the #'s for you.
The last remaining option is to owe 80% of the appraised value or loan amount. If your property has appreciated during your ownership, hire an appraiser to prove to your lender your value has increased and providing the loan to current value is 80% or less loan amount the lender will remove PMI. You'll want to coordinate all these details with the bank prior to hiring an appraiser, because the bank is very selective which appraiser appraises your property.
Regardless of how you remove the PMI know it is a time consuming task most often. It is not common to call monthly for several months instructing the bank to remove PMI. It gets done. Note: Some banks customers service is better than others. Hopefully your bank has great customer service.
I did find a great website...you can play with to calculate option of refinancing (re-fi) or not. I think you'll enjoy it.
If you current loan has a pre-payment penalty you'll need to check with your lender what the pre-payment cost if you re-fi. If you were to re-fi with the same lender would your lender cancel your pre-payment penalty. Make sure to calculate any pre-payment penalties into your re-fi expense to know exactly how much expense it will cost you. Once you know the total expense (regardless penalties and cost for new loan) you or a lender can calculate how many years it would take to break even.
Example: If it takes seven years to break even, but you only plan on owning the property for two years you definitely do not want to re-fi.
Maybe the website can help, but definitely call your lender so they can help you determine your best option.
Good Luck!
Where in Texas can you apply for a reverse mortgage?
Checking on local area in Houston County Texas where someone can apply and obtain a reverse mortgage on their home.
Jorie,
You are in luck. Reverse mortgages are my specialty. My office is located in Fort Worth but one of the regions I cover is Houston. I am in the area every couple of weeks. I would be glad to help you. This is all I deal in and our company has done more reverse mortgages in the Southwest than any other company. If you would like I can send you some more information or get you started in the process. Please feel free to contact me.
Thanks,
Brandon Burns
Toll Free 888-264-8916
bburns@griffinloans.com
Griffin Financial Mortgage, LLC
1701 River Run Suite #308
Fort Worth, TX 76107
What Texas Mortgage Co. do I have the best shot of getting Approved with 2 years after bankruptcy/foreclosure?
the bankruptcy was over 2 years ago, and was a chapter 7. our house was included in the bankruptcy. we are ready to buy again now but were turned down by ''Quicken Loans" for 2 reasons: both of our scores were under 600 and the bankruptcy has not been discharged long enough. (4 years)
Any mortgage broker that does subprime lending (which most of them do) can help you. One option: call Top Flite Financial's corporate headquarters (517-655-2140) and ask them for contact info for their Texas office. Another option: call Delta Funding (800-225-5335) and ask to be put in touch with one of their brokers in Texas.
How does a wrap-around mortgage work in Texas, avoiding a "due on sale" clause?
I have a nice 4/2 house in College Station, and while trying to rent it we have found many more people who want us to finance the purchase...How can we do this without triggering the due on sale clause, and how do we transfer title, taxes & insurance?
dude, it doesnt
Does a mortgage foreclosure in texas affect my income tax refund?
one has nothing to do with the other
texas mortgage - News
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TEXT-Fitch rates Entergy Texas mortgage bonds 'BBB' Jan 28 - Fitch Ratings assigns a 'BBB' rating to the $500 million of 7.125% mortgage bonds issued by Entergy Texas, Inc. (ETI). The bonds mature on Feb. Fitch Ratings Affirms CSFB 2001-CK1; Assigns Stable Outlooks |
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It's Time to Treat America's Homeowners as Well as We've Been ... - Huffington Post It's Time to Treat America's Homeowners as Well as We've Been People like Debra from Pennsylvania who, due to health care costs, is facing foreclosure on her home of 33 years or Penny from Texas who has been pushed to |
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The Truth About Mortgage Refinancing Revealed By Texas Mortgage ... - SBWire (press release) The Truth About Mortgage Refinancing Revealed By Texas Mortgage Garland, Texas based Mortgage Broker Ryan Morgan reveals mortgage refinancing secrets at a new web site that is full of free reports, a home buying guide |
