Options for Downpayment Now that Nehemiah is gone - 07/29/08 08:29 PM
While Nehemiah and Ameridream are living out their final days I thought I'd send you a positive message about how you can still get the financing you need. Here is my Weekly News Brief and Featured Property in Houston.

Link to: Cancer Center Warns on Cell Phone use

To Contact Becky McCoy - Call (832)457-1385
Link to: Walking Tour of This weeks Featured Property … (0 comments)

Overview of Credit - 07/29/08 05:03 PM
Even though an applicant can afford a mortgage today, will he or she continue to pay on it for years in the future?  In short, what is the applicant’s financial reputation?The best guide to a person’s future action is the person’s past actions.  The obvious place to start is with the applicant’s credit history.  How has he/she handled previous mortgages?  Has the applicant had trouble with credit cards?  Has he/she paid off a car in a timely fashion?  How the borrower will pay is usually discernible with established credit.One of the most important indicators of loan performance is the borrower’s credit … (0 comments)

Featured Properties in Houston TX & Bentwater in Montgomery County - 07/17/08 03:01 PM
Hello,
I have an investor/builder who is wanting to unload some properties in Houston and Bentwater. I put together a video with information on the properties. Click on this link to see the video for these properties and if you have any questions please give me a call. This is something that I'm doing for all the realtors that work with our office but everyone said I should share with the Active Rain Community. Especially Realtors. Let me know if, as a realtor you would like me to do a video for you. No Charge, YES free.
-Henry
… (0 comments)

Loan-Related Closing Costs - 07/17/08 12:39 AM
Loan Origination FeeThis covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.
Points (optional)An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 loan, 1 point would equal $1,500.
Appraisal FeeThe fee for having the house appraised may be incorporated into the closing costs or payment may be required by the lender at the time the loan application is submitted.
Credit ReportThe … (0 comments)

How to Reduce Your Mortgage - 07/17/08 12:37 AM
One Additional Mortgage Payment a Year
There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.
This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees!
Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate
 
One-time Payment
It may not be possible for you to increase your monthly mortgage payment. … (1 comments)

Government loan programs - 07/17/08 12:35 AM

FHA loans
 
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
 
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally … (0 comments)

What information will be needed for the application (and how it's kept private) - 07/17/08 12:33 AM

Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application.
Purchase sales contract or offer to purchase and all addendaFurnish … (0 comments)

What is a credit score? - 07/17/08 12:31 AM
 
… (0 comments)

What does it cost to refinance? What are the benefits? - 07/17/08 12:29 AM

Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it's never the wrong time to think about a new loan! Refinancing has a number of benefits that often make it worth the up-front expenditure many times over.
When you refinance, you might be able to lower your interest rate and monthly payment -- sometimes significantly. You might also be able to "cash out" some of the built-up equity in … (0 comments)

Should you talk to a mortgage professional before house hunting? - 07/17/08 12:25 AM
 
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to … (0 comments)

What is a VA Loan? - 07/17/08 12:24 AM

 
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
 
Other benefits of a VA loan include:
Negotiable interest rate. Closing costs comparable – and sometimes lower - than other financing types. No private mortgage insurance … (0 comments)

What are the advantages of fixed rate versus adjustable rate loans? - 07/17/08 12:22 AM
 

With a fixed-rate loan, your monthly payment of principal and interest never change for the life of your loan. Your property taxes may go up (we almost said down, too!), and so might your homeowner's insurance premium part of your monthly payment, but generally with a fixed-rate loan your payment will be very stable.
Fixed-rate loans are available in all sorts of shapes and sizes: 30-year, 20-year, 15-year, even 10-year. Some fixed-rate mortgages are called "biweekly" mortgages and shorten the life of your loan. You pay every two weeks, a total of 26 payments a year -- which adds … (0 comments)

CO-SIGNORS OR JOINT VA LOANS - 07/17/08 12:20 AM
The VA guidelines recognize legally married spouses of qualified veterans as co-signors on VA loans and can include their income. These loans can be fully guaranteed by the VA.The VA guidelines will allow for more than one eligible veteran(s) to purchase a home. If more than one eligible veteran is involved, VA divides the entitlement charge equally between them, if possible. These loans can be fully guaranteed by the VA.While the VA guidelines may allow for a non-veteran to co-sign for a mortgage loan, they will not fully guarantee the loan. The VA Guarantee is limited to that portion of the … (0 comments)

Reverse Mortgages - 07/10/08 02:27 PM
 

Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges … (0 comments)

Home equity line of credit - 07/10/08 02:24 PM
 
 

If you need to borrow money to pay off debts or make a major purchase, a home equity line of credit (HELOC) can be useful. A HELOC is a form of revolving credit secured by the equity in your home. This is an open ended loan that can be paid down or charged up for the term of the loan, much like a credit card. The interest rate fluctuates (typically monthly).

With a HELOC, your lender will approve you for a specific amount of credit - the maximum amount you may borrow at any one time under … (0 comments)

VA LOAN CLOSING COSTS - 07/10/08 02:19 PM
The veteran can pay a maximum of all reasonable and customary amounts for any and all of the "Itemized Fees and Charges" designated by VA as defined below plus a 1% flat charge by the lender plus reasonable discount points. Some special provisions apply to construction, alteration, improvement and repair loans.
HOW TO HAVE MINIMAL TO NO CLOSING COSTS Please note that often times veterans believe that closing costs are covered by a VA mortgage. While that is not technically true, the same effect can be reached through careful structuring of your real estate contract. The loan amount will be the … (1 comments)

Mortgage Servicing - 07/10/08 02:17 PM
 

Your monthly mortgage payments are handled by what is known as a mortgage servicer.The mortgage servicer is responsible for collecting your monthly payments and handling your escrow account.

Your escrow account is a special account held in your name to pay obligations such as property taxes, insurance premiums and other escrow items. The mortgage servicer uses the funds from your escrow account to insure that these expenses are paid in a timely fashion. This avoids the risk of having lapsed insurance coverage or delinquent taxes. And it gives you the peace of mind of knowing that you won’t have to make … (0 comments)

Verifying Your Down Payment, Closing Costs, Assets, Income and Debts - 07/10/08 02:14 PM
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower. 
Down Payment & Closing Costs
Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.
Take extra care to document the sources for any monies to be used for the … (0 comments)

How Escrow works - 07/10/08 02:03 PM
EscrowTo finalize the sale of the home a neutral, third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property before the purchase price is fully paid.
Mortgage Escrow Account
A Mortgage Escrow Account is established … (0 comments)

Which refinancing option is best for you? - 07/10/08 01:59 PM
 
There aren't quite as many loan programs as there are borrowers, but it seems like it sometimes! We'll work with you to qualify you for the best loan program to fit your needs. But there are some general considerations you can have in mind in advance.
Are you refinancing primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher rate, or maybe you have an ARM -- adjustable rate mortgage -- where the interest rate varies. Even if it's low now, unlike … (0 comments)

How much can you afford? - 07/10/08 01:57 PM
 
Deciding how much house you can afford is a personal decision.Many factors come into play.How much can I borrow?  How much can I put toward my down payment?  What size monthly payment can I afford? 
 
There are no black and white answers to these questions.  Its a matter of give and take.  If you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments.  If, on the other hand, you plan on a 15 year mortgage, youll probably want to … (0 comments)

Scoring your Credit - How's your FICO? - 07/08/08 08:58 PM
In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.
All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair … (1 comments)

THE LAW ON VA OCCUPANCY - 07/08/08 08:54 PM
The law requires a veteran obtaining a VA guaranteed loan to certify that he or she intends to personally occupy the property as his or her home. As of the date of certification, the veteran must either (1) personally live in the property as his or her home, or (2) intend, upon completion of the loan and acquisition of the dwelling, to personally move into the property and use it as his or her home within 60 days after the loan closing (reasonable).The above requirement applies to all types of VA guaranteed loans except Interest Rate Reduction Refinancing Loans (IRRRLs). For … (0 comments)

Holding Your Property in a Living Trust - 07/03/08 06:02 PM
Created while you are alive, a revocable living trust lets you control the distribution of your estate. Ownership of your property and assets is transferred into the trust. You can serve as trustee or you can appoint another to serve as trustee. If you serve as trustee, you must appoint a successor to serve as trustee upon your death.
Properly drafted and executed, a revocable living trust can avoid probate and delays as the trust owns the assets not the deceased.  Consult with your attorney and/or CPA before deciding if a revocable living trust is the right choice for you.
Advantages … (0 comments)

Deductible Homeowners Expenses - 07/03/08 06:00 PM
 
One of the advantages of owning your own home is that the home mortgage interest and real estate taxes paid can be deducted from your federal income tax*. To do so, youll need to comply with current tax laws and complete the appropriate federal tax forms and itemized deduction schedules.

Home Mortgage Interest
For your home mortgage interest to be deductible, it must be for a first or second mortgage, a home improvement loan or a home equity loan. Additionally
 
The mortgage loan must be secured by your main home or a second home Only interest paid for that … (0 comments)

Should you pay off your mortgage early? - 07/03/08 05:59 PM
Even with today’s low interest rates, the total amount of interest you may pay over the life of your mortgage can seem like a staggering amount. It's one of the reasons many people set a goal to pay down their mortgages early. But pre-paying a mortgage may not be for everyone. Here are some reasons to consider it:

Paying your mortgage off will make you completely debt free. You want to reduce expenses as much as possible so you can put more money into your retirement fund. You live a country, such as Canada, where you do not receive a … (0 comments)

VA Certificate of Eligibility or COE - 07/03/08 05:57 PM
As a Vet you’ve decided to purchase a home. One of the first things that you need to obtain in order to use your VA Home Loan Entilement is to obtain a VA COE. If you don’t already have one we will be glad to assist you in obtaining one. The process is quick and easy. Simply call our office and we will be happy to send out to you a VA Form 26-1880 or request for COE. Fill it out and we will get it to the VA and you should have your COE within a couple of weeks. In … (0 comments)

Five ways to make the loan process go faster - 07/02/08 10:35 PM
We should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly.
But here are five "other" ways you can speed up the process of getting a mortgage loan:
And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some … (0 comments)

Which refinancing option is best for you? - 07/02/08 10:32 PM
 
There aren't quite as many loan programs as there are borrowers, but it seems like it sometimes! We'll work with you to qualify you for the best loan program to fit your needs. But there are some general considerations you can have in mind in advance.
Are you refinancing primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher rate, or maybe you have an ARM -- adjustable rate mortgage -- where the interest rate varies. Even if it's low now, unlike … (0 comments)

VA Loan Maximum Guarantee Amount - 07/02/08 10:28 PM
New Veteran's Administration Guidelines guarantee loans up to $417,000; Super Max program offers additional funds to qualified borrowers for a maximum $1,000,000 VA Home Loan.The Veterans Benefits Act of 2004 changes the maximum guaranty amount to an amount equal to 25% of the Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act.What does this mean to you the borrower?You Can Take Advantage of New VA Loan Maximum Limits.Qualifying customers can now apply for a VA home loan up to $1,000,000 utilizing the VALoans.com Super Max program. You can apply for a home loan … (0 comments)

Is Credit Repair Worth it? - 07/02/08 05:55 PM
One of the most frequesnt questions that I get when someone is denied a loan or market conditions result in a decline at the last minute is Credit Repair Worth it?
The answer is Yes and No.  You make note if the credit repair company operating in your best interest or are they operating it as a business.  To obtain this information you need to basically interview them as a professional service.  Remember you are hiring them to work on your behalf with the credit bureaus and if they screw it up you are much worse off then you were before.  … (0 comments)

Pre-Qualification vs Pre-approval - 07/01/08 10:22 PM
In today's market there is a lot, and I mean A LOT of miscommuncation out ther as to what the difference between a pre-qualification letter vs a pre-approval letter.  Sadly the terms are used interchangably and their meaning has, as a result, lead to much confusion in the marketplace.
The first Pre-qualification is an informal agreement between a broker and lender or bank regarding a borrower. The lender gives their opinion on how much they think they will be able to lend to the borrower based on information that the borrower have provided to them in the application and was discovered … (4 comments)

Texas Veterans have Special Programs Too - 07/01/08 12:13 AM
Did you know that as a US Armed Forces Vet that you have additonal benefits by living in Texas?  Make sure you check out the Texas Veterans Land Board http://www.glo.state.tx.us/vlb/ . These benefits are in addition to your VA loan benefits.  As we come up on independence day it is important to reflect that our freedom comes from the efforts of Vets.  For more information on federal VA Loan Benefits check out the VA web site at http://www.homeloans.va.gov/
One of the best benefits you hav as a Vet is your VA Loan Entitlement.  While many loans offer 95% or 97% Financing … (0 comments)

 

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