So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
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i thought mortgage insurance was associated with FHA (being that you put down less than 20% of purchase price).
That chart is wrong for mortgage insurance(pmi) on the conventional side.
Until you add the PMI. PMI on an fha is ridiculously high compared to the PMI on a conventional loan.
Plus on FHA you have to pay 1.75 of the home purchase up front at closing plus a set amount added to your monthly payment and if you didn't put at least 10 percent down your stuck with pmi unless you refinance.
The pmi on a conventional loan comes off once you you hit 20% equity.
My PMI is only 58 a month, if I would have done fha that shit woulf be around 200.
That chart is wrong. FHA irs called MIP and conventional is called PMI which is insurance incase a buyer defaults. Conventional pmi rates are much cheaper than fha and come off once you hit 20% equity.
You have mortgage insurance with Conventional loans as well until your loan to value falls below 80%. In the example he gave, the borrower put the minimum down (3%).
I just checked the numbers, they are very close to what sites are telling me based on the criteria he laid out in his follow up tweet.
If you're going to say the numbers are wrong, I'd like to see what the right numbers would be because they look correct.
The going rate for MIP is 0.55% which is lower than the 1.54% for PMI.
You would have to put down an extra 0.5% for FHA which would be an extra $1750.
Most people roll the upfront mortgage insurance into the loan which will only add about $40/month in this example.
Yes, MIP is for the life of the loan if you put down less than 10% whereas PMI falls off, however in this example it'd take about 12 years for the PMI to fall off. Most people move after 13 years, so most people would only save from the lack of PMI for 1 year.
This man and his wife are both morons
Here it comes. This is what caused the last crash!
Buy This Tiny House For Only $12,995
They selling these at Home Depot.
Take a guess on who is buying them and who ain’t buying them…
They selling these at Home Depot.
Take a guess on who is buying them and who ain’t buying them…
I have seen billboards in Utah, Wyoming, Idaho and Montana informing folks they can get a home loan with a 500 FICO score.
And these are predominantly White areas…..
That’s crazy. Sounds like a scam
I personally know someone that works at HUD and it would not surprise me if these organizations are on their hit list
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B.C. seniors advocate urges those eligible to defer 2023 property taxes - Surrey Now-Leader
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Here's How Much 10 BC Cities Are Raising Property Taxes In 2023
Depending on where you live in BC, you may have it better than others when it comes to property taxes in 2023. Or worse.
storeys.com
That would be true if you saw them in predominantly Black/Low Income areas.
But when you see them in White areas….that’s called “White Privilege”.
They getting the Hook Up.
I am not sure if it's a hook up or it's predatory lending to folks who have money. It's just like a police officer told me once when I got my car broken in when I was at a chick's house in northern va (very expensive area in the DC metro area; condos go for over 1 million). He said this is the perfect place to break into cars because people over here got money and high end stuff...Niggas in the hood ain't going to have nothing...
All lenders have to follow federal regulations set by Congress and the President.
I am sure the fine print says something like, "we will work with you to get your score up to the 620 or 650 to get approved" which you have to pay a fee to work with them....
Florida Homeowners Brace For 40% Increase In Insurance Rates
MAGA!!!!
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State Farm will no longer offer home insurance to new customers in California amid growing wildfire concerns
"Historic increases in construction costs" and "rapidly growing catastrophe exposure" were among the reasons behind the policy changes, the company said.
By Minyvonne Burke
May 27, 2023, 3:19 PM EDT
State Farm will no longer offer home insurance to new customers in California amid growing wildfire concerns
"Historic increases in construction costs" and "rapidly growing catastrophe exposure" were among the reasons behind the policy changes, the company said.www.nbcnews.com
State Farm will no longer offer home insurance to new customers in California, citing "historic" construction cost increases and "rapidly growing catastrophe exposure."
Beginning Saturday, State Farm General Insurance Company will stop accepting new applications including all business and personal lines property and casualty insurance, the company said in a news release.
The changes do not affect personal auto insurance.
The company said "historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market" were the reasons behind the policy change.
Their announcement comes after a bout of wildfires in the state last year. There were 7,490 fires sparked in the state in 2022, a drop of 256 from the five-year average of 7,746, according to a Dec. 1, 2022 article by CalMatters.
State Farm said in its statement that it recognizes government officials and the California Department of Insurance (CDI) for their wildfire loss mitigation efforts.
"We take seriously our responsibility to manage risk," the company said. "We pledge to work constructively with the CDI and policymakers to help build market capacity in California. However, it’s necessary to take these actions now to improve the company’s financial strength."
"We will continue to evaluate our approach based on changing market conditions," State Farm said.
Allstate Joins State Farm In Halting Home Insurance Policies In California Due To Wildfire Risk
Allstate stops accepting new property insurance applications in California
California homeowners will no longer be in the “good hands” of Allstate. Almost a week after State Farm, California’s largest property insurer, announced that the company would stop accepting insur…
ktla.com
California homeowners will no longer be in the “good hands” of Allstate.
Almost a week after State Farm, California’s largest property insurer, announced that the company would stop accepting insurance applications for all business and personal property in California, another company is making headlines for a similar decision.
Allstate told California’s Department of Insurance that it would stop selling new homeowner insurance to those in the Golden State last year, though the news didn’t seem to make waves until recently, the San Francisco Chronicle reported.
Allstate was the state’s fourth-largest property and casualty insurance provider in 2021, and a company representative confirmed to KTLA that the decision to stop accepting new homeowner insurance claims is to “protect current customers.”
“We paused new homeowners, condo and commercial insurance policies in California last year so we can continue to protect current customers,” a company representative told KTLA. “The cost to insure new home customers in California is far higher than the price they would pay for policies due to wildfires, higher costs for repairing homes, and higher reinsurance premiums.”
California Insurance Commissioner Ricardo Lara announced new insurance protections in effect for the summer wildfire season that increases payouts and evacuation benefits for wildfire survivors in 2021. The new protections would mean “larger payouts for some claims and less red tape from insurance companies,” according to Lara.
Last year, the commissioner enforced the new insurance pricing regulation under the Safer from Wildfires framework, requiring insurance companies to provide discounts to consumers who follow safety measures such as upgraded roofs and windows to prevent wildfire risks.
The new regulation aims to reduce insurance costs and create consumer risk rating transparency.
A representative from Allstate said that the change does not affect current customers or their ability to renew policies.
The state doesn’t require potential homeowners to have insurance; however, many mortgage lenders may require some proof of insurance as a loan condition.
Been trying to get wife to move to Wyoming. She ain’t hearing that shit,
500??? The interest rates will probably be insane. No matter how predatory these will be, they won't be as bad as the negatively amortized loans targeted at black folks before the great financial crisis.
Florida is bubble. No way that's sustainable.
Saving for a downpayment ...
vancouver.citynews.ca
Metro Vancouver housing affordability improves slightly | CityNews Vancouver
The National Bank of Canada says housing affordability for the Greater Vancouver region improved slightly in the first few months of 2023.
vancouver.citynews.ca