Tag Archives: Mortgage Insurance

No Mortgage Insurance Options

  Most people still follow the 20% down rule so you do not have to pay mortgage insurance.  First time buyers are rarely in a position to put down 20% so they have few options.  No one wants to pay mortgage insurance.  So what are your options?  You can do Lender Paid Mortgage Insurance but this usually comes with a higher interest rate so the mortgage insurance cost is hidden.  I am happy to say I have spoken with Founder of MN Capital Home Mortgage, Michael TenEyck, and I way happen to hear there are so true no mortgage insurance options available.

TenEyck says MN Capital originates no mortgage insurance home mortgages with loan amounts to $1.25 million with 5% down for purchase transactions.  TenEyck went on to say this program is also available to rate & term and cash-out refinances as well.  This program utilizes a first and second combo mortgage.  There are some limitations to the refinance options but they are not as limited as you would think.  Contact MN Capital directly for the refinance details. MN Capital Home mortgage is based in Orange County California company and can be reached at http://www.mn-capital.com or 800-961-6123.

This no mortgage insurance options along with the revised automated underwriting changes as of July 29th should make home mortgages easier to obtain for home buyers.  Fannie Mae rolled out the DU 10 upgrade on July 29th.


Stay Tuned…


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Barney Frank vs the Banking Consumer

Barney Frank  Today, Barney Frank is attacking people that speak up against him even comparing one woman to a dining room table.  Well in regards to the banking industry Mr. Frank is only answering questions with questions.  So Mr. Frank, it is time to start answering questions with answers.  Let’s run down some facts here and Mr. Frank I would be happy to have a one on one discussion with you. 

  Mr. Frank is one our elected officials’ and one of many that speak to us as though we are children.  The arrogance to stand at a podium and state that you are in favor death panels for non banking institutions.  So what he is saying is that he wants to remove every outlet for the consumer other than a actual bank as he sees it.  So again the big four get bigger and Mr. Frank is helping them create a monopoly.  If this goes through then Brokers and Mortgage bankers will be gone and you will be stuck with whatever the big four want to offer you.  Here is Mr. Frank in his own words   http://www.youtube.com/watch?v=Eqdpy9z276w

  Mr. Frank is not protecting the consumer.  Again let’s look at some facts.  Mr. Frank is protecting his own position by continuing the blame game that the banks & Wall Street started.  Mr. Frank please listen clearly,  if Moody’s would have never given the sub-prime mortgage bonds a triple A rating then Hedge Fund managers would have never have invested in them. 

  Where was Mr. Frank when Fannie Mae & Freddie Mac where allowing A paper loans with 100% financing.  The list to blame is long and Mr. Frank’s name with many others should be on every level of blame.  It is time to work to fix things and not do more damage.  Mr. Frank and Mr. Cuomo pushed through the HVCC appraisal process with total disregard for the negative affects to the consumer.  I have a petition with over 100,000 signatures supporting the reversal of the HVCC to back up this statement.  Mr. Frank is doing everything possible to fight off the reversal and is even unwilling to a 18 month study of the HVCC so a better process can be developed.  You can view the HVCC signatures here http://www.hvccpetition.com/ViewSignatures.aspx.

  Mr Frank made incorrect statements about Fannie Mae & Freddie Mac stating that their long term health was solid.  Congress has enacted several new loan programs such as DU Refi Plus which helps almost no one that needs it.  Mr. Frank, please answer some of our questions with answers and not questions as if you are from some planet.

  Why is it that the only people that can qualify for the DU Refi Plus program are people without existing mortgage Insurance?  It seems clear to me that if you can refinance a home and make the payment less, then people would be relieved of some financial strain.  Isn’t that the whole idea of the DU Refi Plus program?  The Mortgage Insurance Companies should like this idea and simply transfer to the new loan as the borrower will have more disposable income and therefore make them less of a risk to abandon the home.  Simple math, if the home is just too far upside down or cost too much then it becomes a business decision to just give it back to the bank.  Please do not tell me that you do not understand this. 

  The whole point here is this.  If there was never a for sale sign put of sub-prime mortgage bonds aka junk bonds with a appraisal company such as moody’s claiming that these bonds are as good as it gets then we would not be in this mess.  If you think different then you are simply kidding yourself.  Get your red sparkly shoes out and click them together three times.  It is time to demand that our elected officials do their jobs!  It is the American people that they work for and not their self preservation or their own net worth.  2010 will be the most important vote in my lifetime.  It does not matter what party you support please vote with your head and facts.  I myself will be jumping back and forth across party lines and the best person for the job will get my vote.

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