There is good news for mortgage shoppers. The new FHA loan limits were released in December 2017 by The Department Housing and Urban Development (HUD) showing that in 2018 they have raised limits in many metro areas across the nation. (more…)
Today’s mortgage rates at some of the nation’s top lenders are on the rise from yesterday’s report. The current national average for the 30 year fixed mortgage is 3.99% and the 15-year mortgage is 3.44%. (more…)
PHH Mortgage Corp. settled with 49 state attorneys general and the District of Columbia today for $45 million over claims that the mortgage servicer did not properly apply borrowers’ payments and other loan servicing abuses during a four-year period. (more…)
The Mortgage Bankers Association (MBA) said today that mortgage applications decreased over the past two weeks. Applications were down by 2.8% for the week ending December 29, 2017, which include adjustments for the Christmas holiday. (more…)
On December 20, 2017, Congress passed the Tax Reform Act (formerly known as the Tax Cuts and Jobs Act or the “Act”). With new reform comes new changes to the way we do business in real estate and how we are taxed on mortgages. In this article, I would like to list these changes in the most simple way possible so that you do not need to be a certified accountant to understand them.
The new bill reduces the limit on deductible mortgage debt to $750,000 for new mortgages taken out after December 14, 2017, on primary and second homes. Current jumbo loans up to $1 million are grandfathered in and are not subject to the new $750,000 cap. (more…)