Category Archives: Charlottesville Mortgage Tips

PMI Premiums No Longer Deductible

Starting this year, homeowners can no longer write off their private mortgage insurance (PMI) premiums like they have for the past several years.  Some type of mortgage insurance is required when a home buyer uses less than a 20% down payment.  Mortgage insurance for conventional mortgage loans can be paid two different ways.  It can […]


Funding the Payroll Tax Cut with Home Loans

A change that just started in the past week is an increase in the cost for conventional financing to pay for the temporary extension of the payroll tax cut that was enacted just before Christmas.  This new fee is supposed to go into effect on April 1 but it is for loans delivered to Fannie […]


Automatic Subordinations in Virginia

With home loan rates being so low right now, almost everyone wants to refinance to take advantage of the lower interest rates.  If a home has a second loan (like a home equity loan or a second trust loan), it is  required to seek a subordination of the second  loan from the bank holding that financing.  Some banks […]


New UAD Format for Appraisals

Effective September 1, Fannie Mae and Freddie Mac are requiring all new appraisals to be subject to the new UAD format.  Government agencies certainly love using acronyms.  UAD stands for Uniform Appraisal Data which is an attempt to standardize appraisals so that the information in appraisals is more consistent across the board. Bathrooms will be […]


Credit Rating Downgrade and Its Effect on Mortgage Rates

A lot of people have expressed concern about the effect of S&P’s downgrading the credit rating of the United States would have on mortgage interest rates.  You would think a lower rating would mean interest rates would move upwards. Surprise!  Rates are already incredibly low (30 year  fixed conventional in low 4’s) and rates are […]