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NEW FHA RULES ALTER PAST ASSUMPTIONS

by Frank Taglienti

NEW FHA RULES ALTER PAST ASSUMPTIONS

 

Topic Summary: New mortgage rules going into effect aim to protect he mortgage giant yet end a common assumption on mortgage insurance premiums paid by homeowners.


Home Facts: What is the FHA?  The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved. FHA insures mortgages on single family and multifamily homes.  It is the largest insurer of mortgages in the world, insuring over 34 million properties. (For any questions please ask your Newsletter sponsor by clicking EMAIL on the left)

HomeFacts Two: What is Mortgage Insurance? Mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. There are other providers of Mortgage Insurance based on the mortgage origination.


The FHA said new rules in effect in April will raise annual insurance premiums for most new mortgages by one-tenth of a percentage point. Also, most borrowers will be required to pay mortgage-insurance premiums throughout the life of the loan. Historically homeowners could cancel, and stop paying for mortgage insurance when the outstanding loan balance reached 78% of the original principal balance.

FHA is a major player in the housing finance sector. FHA's share of single-family-home-purchase loans is about 26%. About 78 percent of those loans were made to fist time home-owners. The FHA is different from the role that Fannie Mae and Freddie Mac play. The FHA doesn't "buy mortgages" from banks like Fannie and Freddie but the FHA insures approved mortgages.

CONSUMER WATCH TAX-TIME SCAMS ARE IN FULL SWING

by Frank Taglienti

CONSUMER WATCH TAX-TIME SCAMS ARE IN FULL SWING


Topic Summary: This time of year brings out many tax--scam artists who prey on  low-income consumers and unknowing seniors. Here are few tips that can hopefully keep you aware of the scams.

  • The "IRS" sends you an email. The IRS doesn't send unsolicited email to taxpayers. 
  • The IRS calls you and offers filing help over the phone... "if you will just get your social security number we can start now". The IRS would never call in a situation where you do not have ongoing communications with them.
  • You get a text message or note on your social networking site from the "IRS." They will never contact you this way.
  • You see an offer from an unfamiliar for-profit tax service selling refund and credit schemes.
  • You get internet offers for tax help directing you to call toll-free numbers... and they ask for your Social Security number.
  • There is an offer of free money from the "IRS" (or Social Security) with no documentation required.
  • You see a promise of refunds for "Low Income - No Documents Tax Returns."
  • You're offered a way to make a claim for the expired Economic Recovery Credit Program or for economic stimulus payments.
  • You get an offer for free tax preparation for a split of the refund.
  • You get offers for help on your taxes from firms outside your immediate area.

 

Like most scams, sometimes the caller says your bank account information is needed to send you a direct deposit for the expected tax refund. Instead of sending you a cash refund, they will drain your account.

Another version: An e-mail states you have a tax refund owed to you and they'll deposit it directly to your Visa or MasterCard. All you have to do is fill out an attached form. Don't do that either.

 Common Sense:  Why would a website, e-mailer or phone caller whom you never heard of, want to help you!

 

 

Practical Programs To Save Money On Utilities

by Frank Taglienti

 

Topic Summary: We are kicking off a 3 part series on discussing some of the biggest costs in managing our homes- Utilities. From heat, electricity on to water and telecommunications a large chunk of income goes to these necessary services.

 

Water Water Everywhere

The average family of four can use 400 gallons of water every day. The bathroom is the largest consumer of indoor water. The toilet alone can use 27 percent of household water. Almost every activity or daily routine that happens in the home uses a large quantity of water. So as a daily requirement, are there products and routines that can be looked at to help us reduce our water footprint? Yes!

One aspect of water usage that many homeowners forget is that he amount of water usage is directly tied to your sewer bill. In many parts of the country your charge for sewer services is correlated to how much water comes into the house, because it has to come out of the house!  Lower water usage means lower sewer bills.

For the latest on tips, trends and issues in water management we turn to our friends at House Logic.com. Houselogic has some of the best resources on home-management topics.

So let's get started by clicking on each resource!

 

   Low Flow Shower Head Features and Savings
   How To Choose Low Flow Toilets
   Saving Water With A High-Efficiency Toilet
   When buying products look for this label... What Does It Represent?
   7 Ways To Save In The Laundry
   
 Mark Your Calendars!  And We Are Not Making This Up! March 18-24th is National Fix A Leak Week- with resources to educated kids on water usage.

Get the ideas HERE

 

Displaying blog entries 1-3 of 3

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Contact Information

Photo of Frank Taglienti Real Estate
Frank Taglienti
Berkshire Hathaway PenFed REALTORS®
565 Benfield Road, Suite 100
Severna Park MD 21146
410-440-0824

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