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COVID-19 continues roiling markets; See what's happening with mortgage rates today.

COVID-19 continues roiling markets; See what's happening with mortgage rates today.

Is this loan fee normal?

Q: My bank wants a 1% origination fee to close on a construction loan. Is this outrageous or "normal".

A: It's probably close to normal. Most construction loans are short-term (usually a year) where you pay interest only, often at the Prime Rate plus a margin. The 1% fee may be credited toward closing costs on any permanent mortgage you obtain from the bank, so ask whether it can be applied.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: Can I get forbearance for my mortgage?
MAR 18, 2020
A:

The answer is "possibly." It depends on the situation.

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Q: Is mortgage insurance tax deductible?
JAN 08, 2020
A:

Tax deductibility for PMI premiums or MI premiums for FHA loans has been an on-again, off-again kind of thing. For 2019 and 2020, it's back on.

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Q: How many times can I use my VA home loan?
OCT 31, 2019
A:

There are three ways you can restore your VA eligibility so that you can take advantage of it more than once.

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