Sunday, December 9, 2012

How To Become A Real Estate Agent in 2013

                             Martin&Fellows
                         Real Estate School
                             
                Next Class Starts Jan. 7, 2013.

        For More Information and Registration Click                                                        NOW

Our Monday and Wednesday EVENING sixty-hour sales 
pre-license course is designed to fully comply with the Alabama Real Estate Commission's requirements yet allows working adults the opportunity to expand their horizons. The information and materials available will provide all the tools needed to prepare to take the Alabama Real Estate Licensing Exam. Plus- our course provides valuable insight into how to be a successful and productive real estate agent.
After meeting the Real Estate Commission's course attendance requirement, and accumulating a total course score of at least 70 points sales license applicants will be ready to schedule a time to sit for the Alabama real estate sales licensing exam.
We believe our approach to learning -smaller group, seminar style- is different, providing many opportunities for interaction and sharing of experiences. Plus, it's always lots of fun. It is surprising how quickly the time passes. Encourage your friend to bring a friend, enjoy the course and enjoy studying together. 

Friday, December 7, 2012

FHA to Cost Borrowers More

FHA has announced a major change to its loan program which allows borrowers to cancel the mortgage insurance premium (MIP) when their unpaid balance reaches 78% of the original purchase price. While no specific date has been set for the change, sometime in 2013, new FHA loans will require the mortgage insurance for the life of the loan.

At existing rates, the monthly MIP on a $168,875 mortgage is $178.99 per month. Under the current rule with normal amortization, the MIP would no longer be required in 9 years and 9 months. However, under the new rule, it would last for the entire 30 year term.

They also announced that the annual MIP will also be increased from 1.25% to 1.35% at some point in the near future. HUD, the parent agency for FHA, is making the changes to restore the capital reserves of the program that are needed to fund failed loans.

People that can close a FHA loan before the change takes place will fall under the old rules for canceling MIP and the lower rates. Since no date was announced, it is not known exactly when the changes will take effect.

While this information will probably not make the evening news, it will have a big impact on borrowers planning to use an FHA loan. Please pass it on to anyone you know who might be considering purchasing or refinancing with a FHA loan.