FHA Mortage Premium Changing 04-18-11

If you haven't heard, FHA announced on 02-14-11 that is is raising its annual mortgage insurance premium. This "Monthly Mortgage Insurance" change is for primary (owner-occupied), 1 - 4 unit residential properties. "Monthly Mortgage Insurance" or, MMI, is included in your TOTAL house payment.

The Mortgage Insurance Rate for a 30-year fixed rate loan is currently (until 04-17-11) 0.90%for loans greater than 95% of the sales price and will be (as of 04-18-11) 1.15%. Loans at 95% of sales price or less will change from .85% to 1.10%.

This means for every $100,000 that is borrowed, an additional $22.50 per month will be paid. That's an additonal $270 per year.

Do you want to know more? Please contact your loan officer at Equity Loans, LLC or visit us at www.equityloansoregon.com to contact us.

Interest Rates as of 02/17/2011

Conventional, 30-yr Fixed: 5.125%/APR 5.219%
FHA or Federal VA, 30-yr Fixed: 4.875%/APR 5.522%
USDA, 30-yr Fixed: 5.00%/APR 5.318%

Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit qualifying, and therefore, your interest rate may differ.

Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.

Experian Including Rent Data in Credit File

For the first time, mortgage lenders and other creditors will have access to a consumer's rental payment history, thanks to Experian. Experian acquired RentBureau last year and is now able to take the data from that bureau and put it into consumers' credit files.

RentBureau has created technolgy that interfaces with property management software and allows this data to be extracted.

Currently, one-third of the American population are renters, a number that is growing. Many of these people are not being scored fully because of their thin credit files.