More homeowners are opting for shorter loan terms when refinancing, according to Freddie Mac.During the second quarter, nearly 1/3 of all homeowners who originally had 30-year fixed rate mortgages refinanced with 15-year or 20-year fixed-rate loans, and why not? With rates this low, more homeowners are choosing to be more responsible with paying down their debt and saving a ton of interest in the process. Are you one of them? If not, give me a call today and let’s see if I can help you save money.

If you recall, FHA charges you two types of mortgage insurance and both figures are changing. So stick with me on this.  On a 200k loan say at 5%, the current upfront MIP at 2.25% rolled into the loan gives you a monthly P/I payment of $1098. After October 4th the upfront MI will go down to 1% lowering your P/I payment to $1083. However the monthly MI currently at .55% or in this case $94 will raise to .90% translating to $152 per month, raising your monthly obligation on this scenario from $1192 to $1235 each month or an increase of $43 each month. Now this may not seem like alot, but considering the fact that congress has authorized FHA to further down the road raise the monthly MI as high as 1.55% if they want, we could this same scenario in the future increase the monthly MI to $261, raising your payment to $1344 or an increase of a whopping $152 per month from where it is right now. Well, let me put it to you this way, it has the same effect as having your interest rate raised by 1.125% and nobody wants to see that happen to their loan.

Jose Canseco is getting evicted from his Los Angeles apartment: Jose confirmed on twitter: It is true I got evicted everything has gone incredibly wrong since I wrote the book Juiced. I am now the modern day frankenstein. Mlb has gone out of there way to destroy my life and they have succeeded and it makes me want to cry. Hey Jose, i’m not even going to question what happened to the 45 mil you made over your career, but perhaps if you didn’t rat out all your friends in baseball, you might actually have a couch to crash on for a few weeks. Jose signed a short term contract with the minor league Laredo Broncos .Maybe he’ll be able to make a few bucks boxing the Broncos’ mascot after the game.

Have a great weekend.