Fannie Mae (http://www.fanniemae.com) issued its private mortgage insurance cancellation guidelines on Wednesday to conform its policies to the PMI cancellation law passed by Congress last year.For mortgages originated on or after July 29, PMI policies will be automatically canceled once the homeowner's equity reaches 22% of the loan amount. In addition, Fannie Mae is adopting automatic cancellation for all existing mortgages when the loan reaches its half -life - in the 15th year of a 30-year mortgage. The new PMI law does not apply to existing mortgages, but Fannie Mae says it does not believe homeowners should "pay for private mortgage insurance that is not necessary...." Freddie Mac issued similar guidance in early May.
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The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
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While the 30-year rate landed near its level of a week ago, it ended up there only after political developments led to up-and-down swings in Treasurys.
April 24 -
It is quite likely March's drop in the Purchase Application Payment Index will be transitory as mortgage rates have increased since the start of April.
April 24 -
Small-business owners will be given the option to tap into anywhere from $50,000 to $500,000 in financing.
April 24 -
Whether current conditions favor buyers or sellers is up for debate, as economic uncertainty begins to influence consumer behavior, The Real Brokerage said.
April 24 -
Two industry organizations are giving Congress and FHFA reasons to make Fannie Mae and Freddie Mac's pricing more advantageous rather than less attractive.
April 24