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On today’s episode we take a bit of a left turn into politics to discuss the conversations and effects surrounding the recent mortgage insurance rate cut suspension by the Trump administration. But don’t let the word “politics” scare you away! I’ve invited Drew Boland, Senior VP of Mortgage Funding at Guarantee Great to discuss with me, in an unbiased way, the facts surrounding this suspension, and what it means.
With the recent suspension of this rate cut, many questions arose online amongst brokers and buyers – Will it be harder to buy a house now? Was this a deliberate attempt by Trump to hurt the housing market? In order to dispel any rumors on this topic, Drew and I break down the various loans a buyer might use based on their financial status and credit rating. Listen in for Mortgage Loans and Premiums 101 as we break down what a mortgage insurance premium is, and the differences between an FHA loan and a conventional loan. Drew helps me understand how the suspension of this rate cut will affect those who currently have an FHA loan. While Drew and I may differ politically, we come to terms with this rate cut suspension and how it should be interpreted in the real estate community.
Above all else, FHA loans are expensive! Drew and I offer some advice to homebuyers when it comes time to get a mortgage on a house. It is time to stop the fearmongering on this topic within the media as well as the real estate community and lay down the truth! Listen in as Drew and I get to the bottom of this rate cut suspension.
- What is a mortgage insurance premium?
- What is the difference between a PMI on an FHA loan vs. a conventional loan?
- What the rate cut would have been
- Why would Trump cut this plan?
- Advice for homebuyers when it comes to taking out a loan
Connect With Drew Boland:
Learn More About Drew Boland
YouTube Chicago Who’s Who Success Series – Drew Boland
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