mortgage insurance factor chart

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One Question – One Answer (by Yahoo)

12-25 Never Forget asked Was a massive increase in the money supply George W. Bush's final ****-you to the American People?

"About eight months ago, starting in early September 2008, the Bernanke Fed did an abrupt about-face and radically increased the monetary base...by a little less than $1 trillion... The percentage increase in the monetary base is the largest increase in the past 50 years by a factor of 10 (see chart nearby). It is so far outside the realm of our prior experiential base that historical comparisons are rendered difficult if not meaningless. The currency-in-circulation component of the monetary base -- which prior to the expansion had comprised 95% of the monetary base -- has risen by a little less than 10%, while bank reserves have increased almost 20-fold. Now the currency-in-circulation component of the monetary base is a smidgen less than 50% of the monetary base. Yikes!" http://online.wsj.com/article/SB124458888993599879.html

And got the following answer:

Not only did the democrats take control of Congress in 2006 but it was Barney Frank who didn't want regulations on Fannie and Freddie. Of course I am sure his pockets got lined but not as well as Obama's. Obama was working for ACORN when they were sueing banks because they wouldn't give low income people mortgages. Yes Clinton wanted to see more people buying homes but there were still standards that should have been met. The banks were forced to give mortgages even though they knew these low income people couldn't afford them. The banks sell their loans to bigger banks and then on to Wall Street. A few unpaid mortgages won't break the bank but it becomes a problem when more and more people can't pay. Not to mention that people were also able to do 100% financing using a first and second mortgage so you didn't have to have mortgage insurance. So do we put all the blame on Bush when he questioned regulations on Fannie and Freddie and was told repeatedly that they were ok.

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Things You Should Know Before You Buy

The endless components of searching for and purchasing a home can be enough to drive anyone a little crazy. It's very important that you learn all the ins and outs of successful home buying.

Make sure you pay attention what other kinds of homes are in that neighborhood! It's not always the best plan to pick the most showy house. This is because smaller homes actually lower the value of other homes in the neighborhood.

When you are looking for a new home, don't be swayed by great decor. You need to buy a home for its shape and how it is built. When basing a purchase on the decor of the house, you might overlook serious defects which can be expensive to fix after the purchase.

If you have your eye on expensive piece of commercial property, get a reputable partner in on the investment. With a partner, loan qualification will be easier. You may need a co-signer to get a down payment, and credit to buy some commercial real estate.

Put extra money aside before buying a house in case there are any closing costs you didn't consider when making the deal. The closing costs can usually be calculated by adding the real estate taxes, points and down payment together. However, most of the time, extra things are included in closing costs, such as improvement bonds, school taxes, and other specific items related to the area.

When you are in negotiations to buy a property, make a list of requirements that are deal breakers, and a list of issues you are willing to continue negotiating with. Know which issues are the most important and which are the least important to you in getting the deal closed. Concentrate your energy on getting those issues that are most important to you. Remember, during the negotiation process you need to be a little bit flexible and you should expect to make some compromises.

Request a checklist from your Realtor. Several Realtors have checklists that cover the purchase of a home, including budget. Your Realtor's list will get everything done before you go to closing.

When you are looking into real estate, understand that this could be your home for a long time. You might not have children right now, but if you are going to stay in this house for a long time and you will one day want kids, you should check out the schools that are in the area and make sure you would want your future kids to go there.

If you want to buy a new home, measure it wisely. Ascertain by checking public records that the owner has correctly listed the square footage of the home. They don't have to be exact, but they should be within a hundred square feet. If this is not the case, you may want to think twice about the purchase and/or ask some questions to find out the reason for the discrepancy.

If you want to buy a home that has a nice view, you do not have to pay more for the view. The view might not be something that is worth it for the next buyer. This will cause you to lose a ton of money. Pay for the home and view you love, but don't pay too much.

When looking to buy an investment property, be willing to consider homes that need repair, rehab, or remodeling. You'll see an immediate increase in the value of your home. In some cases, the increase in property value is greater than the amount of money that you invested into the work.

If you are buying a home, hire your support team yourself. While the seller is usually happy to provide the name of an appraiser or inspector, make sure you decline the offer. Of course, it will cost you money, but it could save you thousands in the end. Nevertheless, you can benefit greatly from hiring your own professionals who are trustworthy and will be working for your best interests. Knowing that you're not being given false information is priceless and will pay for itself eventually.

Follow the tips you read to help you successfully buy your first home. Implement these tips and avoid the pitfalls that many new home buyers fall prey to. Have the best of luck in your hunt, and appreciate your new residence once you have it.

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National Events about mortgage insurance factor chart

The following events have been provided by Eventful, to our knowledge the world’s largest collection of events. The results below are filtered by subject matter and the region of your current location. This data is refreshed daily.

Frequently Asked Questions

lizz c asked Mortgage insurance rate going up, from $70 to $113?!?

We had to have an updated credit report, and apparently one of scores dropped almost 50 points, just from the old inquiries, our debt is actually lower, there's nothing else on y it dropped!... We were told that since only my 1 score dropped that much, our mortgage insurance is going to go from $70 a month to $113 a month?!! My husbands scores stayed the same, so since they pull 3 credit reports from each bureau, that it would increase $40 a month! That's ridiculous!!! Please tell me it's ridiculous? It's a conventional loan NOT FHA! Why would 1 of my 3 reports that dropped, drop so much?! They can't see why it did, just from the old inquiries! I did get a copy of the credit reports, it just says too many inquiries, from the past, before the older credit report was pulled! I read through it all, it makes no sense y my score would drop that much!

And got the following answer:

With conventional financing, the rate for your Private Mortgage Insurance (PMI) is determined by the lowest median score of the borrowers. A link to a rate chart is posted below. If your score dropped by 50 points, not only will you pay more for PMI but your loan rate could increase too. Even if your rate was locked, if your status changes the rate does too. With FHA loans the Mortgage Insurance is not influenced by credit score, and the interest rate is not affected nearly as much. 50 points is a huge hit to your score for just inquiries. Your score is affected by many factors in addition to inquiries, including average age of your accounts, utilization of revolving credit and payment history. I can only guess since I can't review your report, but if you closed any charge accounts or transferred a balance from an old to a new account with a lower rate you may be improving your financial position but both actions could reduce your score without increasing debt. This isn't the answer you wanted to hear, but talk to your loan officer about your options. Review your credit report for errors and/or restructuring debt to improve your score. If you have inquiries you did not authorize they can be deleted and your report re-scored. Depending on your circumstances, FHA may be an option to consider. http://www.mgic.com/pdfs/71-61210_bpmi_monthly.pdf

chacalaka asked Did the housing slump or oil prices play a greater role in causing the recession?

How does the rise in unemployment and the state of other economies in the world contribute?

And got the following answer:

Depends on what sense of "cause" you are using. There are many, and it is a subtle issue. http://en.wikipedia.org/wiki/Causality 1. It is clear that the sub-prime mortgage crisis triggered the recession. 2. It is also clear that while rising oil prices were not involved in triggering the recession, they made the recession worse and might have created a milder recession on their own at a somewhat later time. http://network.nationalpost.com/np/blogs/francis/archive/2009/09/16/oil-prices-mean-perpetual-recession.aspx This writer disagrees: http://www.theoildrum.com/node/4727 but even his own charts don't seem to agree with what he says. This view is more nuanced and I see it as agreeing with my view: http://www.arabnews.com/?page=7§ion=0&article=115547&d=18&m=10&y=2008 3. It is also the case that as the previous answer noted, it was the deliberate choice of Congress not to regulate the derivatives trading of the financial industry that was the primary cause of the recession. Had derivatives trading been regulated, the bursting sub-prime bubble would have been a relatively minor setback in the global economy - slowing it down for a while but not creating a recession. 4. One question is whether the lack of regulation would have caused a major problem had the sub-prime mortgage bubble not burst. The answer is probably yes, but probably later on. Does that mean that the sub-prime crisis "caused" the recession or was just incidental to it? Your choice, based on the your choice of the meaning for "caused" 5. The rising oil prices contributed to rising inflation (along with other commodity prices: food, coal, scrap steel, etc.). To some extent, that was a factor in the Federal Reserve raising interest rates which is what triggered the burst of the sub-prime mortgage bubble. But it is clear that the Fed would have had to raise interest rates anyway. (In fact, people were saying that the Fed should raise interest rates years before it did, and the fact that the Fed did so so very late also made the bursting of the bubble much worse.) http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932009 In the end, what is it that counts? If you want to prevent this mess from happening again: 1. Regulate the financial industry properly. This includes derivatives trading; the securitization of assets (mortgages, life insurance policies, etc.); the securtities rating industry; etc. 2. Don't let bubbles get big - bust them early. (The Fed could have and deliberately chose not to) 3. Don't privatize profit and socialize loss - the whole idea of "too big to fail" is worse than nonsense, it is destructive to the economy and to the ethics of industry. http://en.wikipedia.org/wiki/Moral_hazard If the government ever really believes a bank is too big to fail, then the bank should not be in private hands. Either keep the banks small enough to fail or nationalize them. 4. Energy is the lifeblood of a developed economy. Monoculture is always a bad idea when it comes to an essential resource. Putting all our eggs in the petroleum basket is asking for trouble. We need other ways to power our cars and trucks, or we need a way to survive without cars and trucks. Right now, we're stuck in the middle - without them we starve to death and without petroleum, they won't run. Money is not everything. It is important - even necessary - to the survival of a society. But saving money and making yourself more vulnerable in the process is a classic recipe for disaster. (The page cited above notes "In every case, when oil consumption in the US reached 4% percent of GDP, the U.S. went into recession.")

J G asked How do I manage money?

I'm 33 and my wife is 32, we have 3 kids in school. I have a 6 figure income and my wife is in school. We don't have a car payment or credit cards, but still live pay check to pay check. Funny enough my wife is in school for finance while I'm at work most of my time. She pays the bills and we usually don't have extra money to do much when I'm off. Obviously we have a problem..... How do I manage our money??? Take in mind I'm usually at work??

And got the following answer:

There are a number of sources that can give you detailed budgeting advice – if you think it will help, look them up, check out books on family finances from your library, track your expenses for several months, and so on. But from here, it looks as though you have a communication disconnect. A six-figure income (gross) shrinks a lot after you take out federal and state taxes, and necessary expenses for the mortgage or rent, utility payments, and groceries. Then there are recurring occasional bills such as life insurance, car insurance, local taxes, Christmas, etc. and some of them can be whoppers. Accept the fact that while your wife is going to school, there'll be extra transportation costs, more meals out, and even some services that have to be farmed out rather than done at home. This will continue after she begins work, too. You'll have to get involved. To get a handle on the situation, get out the checkbook register, and create a chart to reconstruct when the major budget amounts were paid over the past year. There'll be a large amount of "cash" too, which may have gone for groceries, restaurant meals, movies, clothes and shoes for the kids – don't fuss about it, just factor it in. Try not to let the finances become a bone of contention. Sometimes it helps to "pay yourselves first" – that is, sock away a certain amount in a separate savings account, right off the top. Also try allocating some money to a "welfare and recreation" fund, so it'll be there when you want to take the kids for a weekend trip, get a swimming pool membership, or have a nice Christmas. That way the rest of the month's money can be spent in whatever way your wife finds comfortable, because the savings and fun accounts have been funded. It sounds as though your wife has been doing a reasonable job of managing the day-to-day finances. There's no need to nit-pick about what little expenses have gotten out of hand. Taking the automatically-reduced cash available into consideration, she'll be able to make those decisions herself. And if you can do some economizing on your lunches and other expenses at work, it'll show her you're sincerely on board with her efforts.

12-25 Never Forget asked Was a massive increase in the money supply George W. Bush's final ****-you to the American People?

"About eight months ago, starting in early September 2008, the Bernanke Fed did an abrupt about-face and radically increased the monetary base...by a little less than $1 trillion... The percentage increase in the monetary base is the largest increase in the past 50 years by a factor of 10 (see chart nearby). It is so far outside the realm of our prior experiential base that historical comparisons are rendered difficult if not meaningless. The currency-in-circulation component of the monetary base -- which prior to the expansion had comprised 95% of the monetary base -- has risen by a little less than 10%, while bank reserves have increased almost 20-fold. Now the currency-in-circulation component of the monetary base is a smidgen less than 50% of the monetary base. Yikes!" http://online.wsj.com/article/SB124458888993599879.html

And got the following answer:

Not only did the democrats take control of Congress in 2006 but it was Barney Frank who didn't want regulations on Fannie and Freddie. Of course I am sure his pockets got lined but not as well as Obama's. Obama was working for ACORN when they were sueing banks because they wouldn't give low income people mortgages. Yes Clinton wanted to see more people buying homes but there were still standards that should have been met. The banks were forced to give mortgages even though they knew these low income people couldn't afford them. The banks sell their loans to bigger banks and then on to Wall Street. A few unpaid mortgages won't break the bank but it becomes a problem when more and more people can't pay. Not to mention that people were also able to do 100% financing using a first and second mortgage so you didn't have to have mortgage insurance. So do we put all the blame on Bush when he questioned regulations on Fannie and Freddie and was told repeatedly that they were ok.

Jeffrey asked My income compared to age group?

I am just curious about how my income stacks up compared to others of the same age. I have tried researching the topic, but get really vague charts and most of them throw me into the "under 25" group. Im looking for a little more precision. I am 22 (as of January) and I just left a job making 22,000/yr. I just started a new job where I make 35,000/yr. I know this is a pretty good salary, but I have no idea where it ranks on average or national, etc. Can anyone shed some light on this for me? I am really curious. Some other facts: High School grad, in college now with about 2 semesters completed...( I took time off). The new job also offers bonuses of $450/mo. Answers appreciated! Thanks for the response! Based on it, I should add that I live in the Kansas City Metro area.

And got the following answer:

What you make and where you live are really you defining factors. Its all about your purchasing power. If you lived in NY City, your $35,000/yr would leave you living in a cardboard box. But in Middletown, Iowa, you'd be living the high life. I would say the best way to judge your wealth, is by determining if the month mortgage on the "average" home in your area only makes up 28% of your income. If yes, you are doing good. So on $35,000, 28% is $9800 / 12 = $816.67. So if you can find a home where the mortgage payment (minus the insurance, taxes, PMI, etc) is below $816.67/month, then I'd say you are doing great.

(Questions and answers originally from Yahoo Answers)

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