Financing Updates & the "Real Finance: A Consumer Advocate
Approach to Real Estate & Mortgages" Seminar
HUD announced the upfront Mortgage Insurance Premium (MIP) will go to 100 basis points (1%) and the annual MIP, also known as monthly mortgage insurance premium or MMIP, will go to 85 basis points on LTV's <= 95% and 90 basis points on LTV's > 95%.
Check with lenders on your team to see how this may affect your borrower's qualifying.
Closing costs are also up in many areas so it is a good idea to have the lender on your team give you an updated general Good Faith Estimate of Closing Costs for the average price range in your market.
The initial buyer interview is more important than ever. The more educated the Buyer is on what it will take to purchase their dream home the smoother the transaction will go after you find that perfect home.
It is also important to educate your Sellers in your Listing Presentation on financing options that can help them sell their home and how they can offer finance incentives to open up the market to more buyers.
The "Real Finance: A Consumer Advocate Approach to Real Estate & Mortgages" Seminar will give you the knowledge and tools you need to educate Buyers, Sellers, For Sale By Owners and Expired Listings and help you add value to your services.
The next live seminar is in West Virginia in October.
Location: Holiday Inn, Martinsburg
301 Foxcroft Avenue Martinsburg, WV 25401
Dates & Times: October 4, 2010 from 9:00 - 5:00 and October 5, 2010 from 9:00 - 12:00.
In today's market it is more important than ever for real estate professionals to understand what takes place behind the scenes with mortgages and how they can protect their clients from predatory lending practices.
For more information about the Seminar or to schedule a Real Finance Seminar in your area email Boyd@realfinancesolutions.com.
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