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Dec 04

How To Maintain Adequate Homeowners Insurance Coverage

December 4, 2012 By Leave a Comment
homeowners-insurance

In the aftermath of Hurricane Sandy, stories have emerged of homeowners whose hazard insurance coverage was too low to cover the damage to their respective properties. Unfortunately, this scenario is common among U.S. homeowners, and is not just limited to damage from natural disasters. Homeowners in DC and nationwide are often woefully under-insured against catastrophe in its many forms. Whether you're buying a home, or own one already, revisit your hazard insurance policy choices and … [Read more...]

Filed Under: Neighborhood News Tagged With: , , , , , , , , , ,
Apr 03

FHA Mortgage Insurance Premiums Increasing April 9, 2012

April 3, 2012 By 1 Comment

Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today. Beginning next week, the Federal Housing Administration (FHA) is changing the way it charges mortgage insurance to U.S. homeowners. For the fourth time since 2010, FHA mortgage insurance premiums are rising for all FHA-backed homeowners. For FHA Case Numbers assigned on, or after, Monday, April 9, 2012, there are two planned changes. First, FHA Upfront Mortgage … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , , , ,
Mar 12

FHA Drops Upfront Mortgage Insurance Premium To 0.01% For Qualified Borrowers

March 12, 2012 By 1 Comment

The FHA is making more changes to its flagship FHA Streamline Refinance program. Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group's new, costly mortgage insurance premium schedule. Earlier this week, the FHA rolled out its new MIP schedule. Beginning April 9, 2012, new FHA mortgages are subject to a 1.75% upfront mortgage insurance premium (UFMIP) and an … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Mar 02

FHA To Raise Mortgage Insurance Premiums April 1, 2012

March 2, 2012 By 3 Comments

Beginning April 1, 2012, the FHA is once again raising mortgage insurance premiums (MIP) on its newly-insured borrowers throughout DC and the country. It's the FHA's fourth such increase in the last two years. Beginning April 1, 2012, upfront mortgage insurance premiums will be higher by 75 basis points, or 0.75%; and annual mortgage insurance premiums will be higher by 10 basis points per year, or 0.10%. For borrowers with a loan size of $200,000, the new MIP will add $1,500 in … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Dec 08

Simple Real Estate Definitions : Tax And Insurance Escrow

December 8, 2011 By 3 Comments

As a homeowner in District of Columbia , your fiscal responsibility extends beyond just making mortgage payments. You must also pay your home's real estate taxes as they come due, as well as your homeowners insurance policy premiums. Failure to pay real estate taxes can result in foreclosure. Failure to insure your home is a breach of your mortgage loan terms. There are two methods by which you can pay your real estate tax and homeowners insurance bills. The first method is to pay your … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Aug 15

If You’re A Landlord, You Need A Landlord Insurance Policy

August 15, 2011 By 3 Comments

The ranks of the landlords are growing. Along with an increasing number of "accidental landlords", real estate investors now account for close to 20 percent of all home resales, according to the National Association of REALTORS®. If you plan to buy a rental property in District of Columbia , or to convert your current residence for long-term rental, make sure your home is properly insured, and make sure you have a property license! A traditional homeowners insurance policy may be … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: , , , , , ,
Jul 26

Is An FHA Mortgage Better Than A Conforming One?

July 26, 2011 By 3 Comments

The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. "Going FHA" is more common than ever before -- but is it better? The answer -- like most things in mortgage -- depends on your circumstance. Like its conforming counterpart, an FHA-insured mortgage is available as a fixed-rate loan and as an adjustable-rate one. Payments are made monthly and come … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
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