December 2016

Found 2 blog entries for December 2016.

Clue Report

Want to avoid an unpleasant home insurance surprise with your next house?  Get a CLUE report..  

86% of Americans are unaware that insurers use the claim history of the PREVIOUS owner of their home to factor into the premium for a new homeowner's insurance policy.

12% of buyers who say they ask for CLUE report BEFORE buying their home. 

What is a CLUE report?  Its like a credit report on a home . A home's CLUE loss history report provides insurance company names and policy numbers and any claim numbers.  The report lists dates of any claim, the loss types and amounts paid for losses, and it will tell if a claim was denied.  This report will go back for 7 years.  C.L.U.E. is  the Comprehensive Loss Underwriter Exchange used by most insurers'

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The FHFA announced that for 2017, it is increasing the conforming loan limit from $417,000 to $424,100 for single-family homes.  This is the first increase since 2006!  Great for the housing market! 

What is a CONFORMING LOAN?  A conforming home loan is one that meets, or "conforms" to certain guidelines set forth by Freddie Mac and Fannie Mae.  These are two government-sponsored enterprises (GSEs) that purchase mortgages, bundle and securitize them, and then sell them to investors through Wall Street and other Channels.  There are various criteria used to define a "conforming" mortgage product.  But the size of the loan is one of the most important criteria, from a borrower's perspective.

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