How to Maximize Your Buying Power - 10/26/08 08:57 PM
With inventories up in numerous regions throughout the country, and interest rates near historic lows, home buyers will have many more opportunities to finally make their dream of owning a home a reality. The following tips will give you the tools you need to help you get started. Get a Credit Check-upOver the last 2 years, numerous lenders have been forced to revisit qualification standards. This means that qualifying for a loan may be a little more difficult now, especially for those who may have credit issues. And, while it is still possible to buy a home with No Money down, … (0 comments)

The Tax Deductibility of PMI or MIP - 10/26/08 08:31 PM
Although in effect for more than a year now many people who are purchasing homes are not aware of the tax deductibility of PMI (Private Mortgage Insurance) or MIP (Mortgage Insurance Premium) for FHA Loans as a result buyers may qualify for a more expensive home or obtain a lower payment for the same-priced home while potentially reducing their taxable income.   This coupled with the $7,500 tax credit for first time home buyers this year create an outstanding opportunity to purchase a home in today’s market. What is PMI? PMI is normally required for home loans that exceed 80% of either … (1 comments)

To use PMI or not to use PMI that is the question... - 10/26/08 08:05 PM
P...M...I... Three letters which become very important for anybody looking to buy or refinance a home. An acronym for private mortgage insurance, PMI is needed whenever you have less than 20% equity or cash down payment for a new first mortgage. Ask anyone you know about it, and they'll most likely advise you to avoid PMI at all costs. This is often referred to as common financial wisdom. What you're about to learn, however, is that common wisdom isn't always common, or correct. In some cases, choosing a mortgage with PMI actually makes sense.
PMI is nothing more than insurance … (1 comments)

Looking to Qualify for a Loan? It May Be Easier Than You Think - 10/26/08 02:34 PM
With foreclosures up it is an excellent time to purchase. Whether you're considering purchasing a new home, or even a vacation or investment property, now may be the perfect time to do so. Here are a few of the reasons why:
There are currently more homes available to choose from than at any other time over the past several years. Price appreciation has slowed and in some cases reversed, enabling a greater number of borrowers to qualify for mortgages. There's a broader array of mortgage products available to assist home buyers. Let's take a closer look at these factors and see … (0 comments)

Thinking About Buying a Foreclosure? Read This First - 10/26/08 02:00 PM
Buying a home in foreclosure sounds like a great idea. Who wouldn't want to purchase a house for 50, 60, or 70 cents on the dollar, as the late night infomercials claim? While there are great deals to be had, experts indicate that most foreclosures actually sell for 5% to 10% off market price. Still, that can turn out to be a significant savings. There are a few important things to keep in mind when pursuing this niche. For starters, foreclosures are the best example of of a "buyer beware" transaction. As a result, you should be prepared to assume much … (0 comments)

Texas Veterans Land Board Rates for 10/25 to 10/31/08 - 10/26/08 11:54 AM
 
 

Howdy Y'all,
The Texas Veterans Land board offers Texas Veterans the opportunity for some of the lowest rates available today.  Contrary to the name these loans can be used to purchase regular everyday single family homes in metro areas.  In addition, fees are strictly controlled and limited to protect the Veteran.  To see if you or your clients qualify for this program contact our office and we'll get you pre-approved for the program.
Texas Veterans Land Board rates for Housing Assistance and Home Improvement Programs Base Rate for Housing/Home Improvement Loans: 5.88%.  The maximum Loan amount is $325,000.
… (0 comments)

My Credit is What!?! How do I fix that!?! - 10/26/08 11:44 AM
There are many benefits to cleaning up damaged credit scores, even if you already own a home. By improving your credit score, you could save money on items such as car insurance, automobile loans, or any other type of loan. This is especially true when it comes to refinancing a home loan, because higher credit scores will always work in your favor. The goal is to secure the best interest rate available and save money. It's that simple. If you've ever had credit issues in the past but still managed to qualify for a home loan, it's likely that you took … (3 comments)

Congratulations you've found the perfect house... now what?! - 10/26/08 10:04 AM
Congratulations! You've just found the perfect house in the perfect neighborhood. Over the next 30-60 days, you'll need to get everything else in place to ensure that this purchase happens. Or perhaps you're already in your dream home, and now it's time to refinance your mortgage so that you can consolidate expenses or do some home improvements. In either case, now you just have to find the perfect mortgage. Finding a mortgage that's right for you should be easy. There are literally hundreds of options to choose from these days. From Fixed Rate Mortgages, Adjustable Rate Mortgages, and to Interest Only … (0 comments)

A Home Equity Loan: Is It Right For You? - 10/26/08 09:55 AM
Home equity loans can be great financial tools that not only facilitate home improvements but also contribute toward building wealth. Proper use is essential, however. Just as a knife is helpful when cutting open a box, it can also hurt you if it's used carelessly. Through a combination of proper planning, an evaluation of current markets, and the guidance of a mortgage professional, you should be able to determine the best use of the options available to you. Why Obtain a Home Equity Loan? There are a number of very good reasons to take out a home equity loan. A few … (0 comments)

The end of the ITIN mortgage...? - 10/26/08 09:17 AM
Earlier this week Banco Popular the #1 provider of ITIN mortgages completely exited the ITIN mortgage market with the following announcement.
"Effective October 31, 2008, the Banco Popular Mortgage division will discontinue our mortgage lending programs. Because of continuing distress in the U.S. economy, Banco Popular will exit all niche business lines that are non-deposit generating operations. The restructuring plan is a direct result of the turbulent times currently faced by financial institutions. Streamlining operations will allow our parent company, Popular, Inc. to focus on increased profitability and lower credit costs.Loan file submissions will be accepted until October 31, 2008. If … (4 comments)

Give Yourself Some Credit: - Easy Ways to Score Points with Underwriters - 10/19/08 09:46 PM
We all know the phrase "buy low, sell high." Many of you may be wondering if now is the time to "buy low" in the real estate market. Prices are down, inventories are up, and interest rates are near historic lows. In this blog  we look at how a smart investor or homeowner can become loan ready, and prepare their credit profile to take advantage of the buyers' market. Whether you are looking to invest, buy, or refinance now or in the coming months, your credit is going to play a more significant role in today's tight-fisted credit environment than it … (0 comments)

FHA Reform Takes Center Stage - 10/19/08 09:35 PM
Not long ago, FHA lending was just another government-sponsored program unworthy of political attention or media limelight. Now, with no less than three new reform initiatives, FHA is generating excitement, confusion, speculation, and even venom for political pundits and the media.We wanted to see what all the fuss is about – to put politics aside and objectively examine these reforms and the potential impact they may have on homeownership in America.Fixing Broken ARMsFHASecure is a new federally-insured (temporary) lending program announced by President Bush. Qualified homeowners seeking payment relief from their adjustable rate mortgage (ARM) may be able to use FHASecure … (0 comments)

Don't Get Strong-ARMed: - How to Read Your Mortgage Documents - 10/19/08 09:23 PM
Every day you read another horror story about the subprime collapse. Most of the stories focus on the negative impact Adjustable Rate Mortgages (ARMs) will have on subprime borrowers once their interest rates reset. But what's often unreported in these news pieces is the fact that the risk extends far beyond subprime borrowers. That's right. Anyone with any ARM that is scheduled to reset may be faced with an interest rate increase of up to 2.00%-3.00%, even A-paper borrowers.This blog is not designed to scare you or add to the flood of media hype on this topic. To the contrary, our … (0 comments)

A Question of Integrity: - What to Look for in a True Mortgage Professional - 10/19/08 09:14 PM
Many people ask how we came to have the motto of Honesty, Reliability & Integrity.  I think it best to instead say we didn't really just "come up with it" but it is basically a way of doing business and not words on a wall or in an email signature.In this particular blog we will examine the characteristics of a true mortgage specialist, someone who will work to uncover and meet all of your needs and help put you on the firmest financial ground. The purpose of this blog entry is to provide you with the questions you need to ask, … (0 comments)

The Waiting Game: Is it Time to Invest in Real Estate? - 10/19/08 02:45 PM
It's said that history repeats itself; that distinct patterns and regular cycles are apparent and even predictable to those who can correctly analyze and interpret the data. When it comes to economic markets, the same holds true. Stocks, bonds, and real estate markets each go through basic cycles of highs, corrections, lows, and recoveries of various lengths and intensities. The trick, then, is timing: when to get in, when to get out, and when to sit on the sidelines and wait.Home PricesIt has been reported that national home prices have fallen recently, a trend not seen since 1991 – and one … (0 comments)

Paying Off Your Mortgage - It's Not as Attractive as It Sounds - 10/19/08 11:51 AM
The holidays are upon us and the season of giving is now in full swing. But when you're making your holiday gift list, don't forget that you need to take care of the person writing the checks as well, namely you! Federal Reserve Chairman, Ben Bernanke, recently spoke of the need for all Americans to save more today in order to prevent significant financial consequences in future decades.Save, Save, SaveA critical component for developing future security is the practice of "paying yourself first". One popular way to accomplish this objective is to pre-pay your mortgage, reducing the total interest owed and … (0 comments)

Interest Rates Have Dropped: Is Now the Time to Buy or Refinance? - 10/19/08 11:46 AM

*Please note: Closing costs vary by state, loan amount, and by specific borrower and lender requirements. In a recent state-by-state closing costs survey conducted by BankRate.com, the closing costs for a $200,000 mortgage ranged from a low of $2,713 to a high of $3,887, with an average of $3,024. The illustrations above are for comparison purposes only and may not apply to your specific loan.
If you are considering either buying a home or restructuring your finances at this time, ask your mortgage professional to show you the benefits of having your lender pay the closing costs. If interest rates … (0 comments)

1031 Exchange - Deferring Taxes Through Real Estate - 10/19/08 11:41 AM
In this time of real estate bargains the theory of Invest your money, watch it grow, and then sell off the investment. It sounds like a great idea... until you write a big check to the IRS on the gain. Seems inevitable, right? While in most situations this may be true, it's not the case for certain types of real estate transactions.Real estate has proven itself to be not only a profitable investment but a reliable one as well. For anyone who's taken advantage of these gains over the last few years (and will be selling their investment property soon), it … (0 comments)

Real Estate Terms for the First Time Homebuyer Part 1 - 10/19/08 11:05 AM
With so many first time home buyers coming into the market I feel it would be helpful to those of you out there who are getting bombarded with new terms that are new to you.
ACCELERATION CLAUSE - A provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan. ADDENDUM - A supplement to any document that contains additional information pertinent to the subject. Appraisers use an addendum to further explain items for which there was inadequate space on the standard … (0 comments)

Texas Veterans Land Board Rates for 10/17 to 10/24/08 - 10/19/08 10:34 AM

Howdy Y'all,
The Texas Veterans Land board offers Texas Veterans the opportunity for some of the lowest rates available today.  Contrary to the name these loans can be used to purchase regular everyday single family homes in metro areas.  In addition, fees are stricltly controlled and limited to protect the Veteran.  To see if you or your clients qualify for this program contact our office and we'll get you pre-approved for the program.
Texas Veterans Land Board rates for Housing Assistance and Home Improvement Programs Base Rate for Housing/Home Improvement Loans: 6.22%.  The maximum Loan amount is $325,000.
Special Interest … (0 comments)

VA Foreign Purchases - Can I purchase outside America? - 10/12/08 01:33 PM
The VA does not allow veteran mortgages for properties outside the United States. The VA does allow purchases in "American territories and possessions". These areas include Puerto Rico, Virgin Islands, American Samoa , Guam, and the Northern Mariana Islands.
If your proposed purchase is in one of these areas, you should be able to apply in the usual ways, but check with your VA rep for any special requirements or conditions based on the laws which cover lending in those territories.
If your proposed purchase is outside of these areas we have programs that can help you purchase that dream home … (0 comments)

VA Loans - What happens if my mortgage is sold to another mortgage company? - 10/12/08 01:28 PM
In this time of financial turmoil you may find that your mortgage is sold multiple times.  Selling mortgages from lender to lender is common, and sometimes a VA mortgage payment is sent to the old loan holder because notification of the new owner of your loan and your payment became crossed in the mail.
If this happens, you may receive a notice of non-payment from the new loan holder. Don't delay in contacting the new owner of your VA mortgage to straighten up the problem. While it is technically up to the two lenders to fix the matter, your credit rating … (1 comments)

Rate Reduction for Disabled Texas Vets - 10/12/08 01:15 PM
Did you know that by using the Texas Veterans Land Board program that veterans who are 30% or more service related disability that you receive an additional 1% discount on the alredy low TVLB Interest rates?
Combine this with a VA loan and you are exempt from the VA Funding Fee Too.
This is a fantastic benefit that if you are not using when purchasing a home that bears serious consideration.  You have served your country and you deserve these benefits.
For a consultation on what  Veteran Loan Benefits are available to you please contact our office.
… (2 comments)

Who is exempt from paying the VA funding fee? - 10/12/08 12:27 PM
While there is a funding fee for a VA home loan, some people are exempt from paying.
If you are a veteran getting disability compensation for service-related medical issues, or are entitled to get compensation if you aren't drawing retirement pay, you are exempt from the VA funding fee for your VA home loan.
Also, surviving spouses of those who died in the service, or from service related disabilities are also exempt. It doesn't matter in this case whether the spouse has any of their own entitlements.
Remember that the VA has the last word on who is exempt, and some … (1 comments)

Does the VA Charge A Fee? - Are there fees associated with my VA home loan? - 10/12/08 12:25 PM
There is a "VA funding fee" required by law.
A first-time buyer will pay a little over two percent for a 'no money down' loan, and a second time buyer's fee is just above three percent. The reason for the fee includes the idea that the veteran is reducing taxpayer burden by contributing to the cost of his VA mortgage.
The higher fee for second-time borrowers presumes that there is equity in the home, or the borrower has had plenty of time to save in order to pay for the extra percentage.
There is also a fee for VA refinance loans, … (0 comments)

The VA Loan for Home Equity Refinancing - Can I refinance with the VA? - 10/12/08 12:16 PM
If you own a home and are considering refinancing, VA refinancing may be just what you need.
Under the terms of VA refinancing, your current real estate debt is paid out of the proceeds of a new VA mortgage.
The requirements? The same borrower must use the same property as before. This type of refinancing is only good for homes that are used as the owner's residence. Refinancing is available for up to 90% of the appraised value plus all closing costs in many cases.
Your home must have enough equity to cover the loan. These terms may not be available … (1 comments)

VA - I Lost My DD214 - What if I can't find my DD214 form? - 10/12/08 12:09 PM
Those who have been discharged, separated or retired should keep multiple copies of the DD214--your discharge paperwork. It's the most important military document in your records. This is proof of your military status, whether you are retired, separated, discharged. It also displays the nature of your discharge, and what your status is with the National Guard or a Reserve Unit.
The lack of a DD214 form can bring some of your VA processes to a halt, but fortunately you can get a replacement copy by writing to the National Personnel Records Center. Enclose a completed form SF-180 along with a letter … (0 comments)

Veteran's Programs that Benefit Vets, Builders, Seller's and Realtors - 10/12/08 12:04 PM
If you are a Veteran in the State of Texas and you want the lowest rates, lowest fees and someone who looks out for you who are you going to Call?
If you are a Builder, Seller or Realtor and want a program that doesn't add time to your closing process who are you going to call?
The Answer is Equity Mortgage who is an approved Lender with the Texas Veterans Land Board. 
One of the first questions i receive is why can't the Veteran Contact the Vet Land Board Directly?  The answer is all Home loans above $45,000 are not … (0 comments)

Your Military Discharge May Affect Your Chances of qualifying for a VA Loan - 10/12/08 11:17 AM
Question: I don’t have an honorable discharge. Am I automatically disqualified from VA loan eligibility?
Answer: The nature of your discharge can affect your eligibility for a VA loan. The certificate of eligibility process gets complicated for veterans separated from the military with a discharge other than honorable. In these cases the VA checks to see if the discharge was classified dishonorable. If you had an 'other than honorable' discharge, seek help from their local VA office, it's best to get some expert advice on what additional information to file, where to send the paperwork and what to do if an … (0 comments)

AIG's $85 Billion Outrage - 10/12/08 11:07 AM
Although AIG planned these parties before the bailout. Upper management fully knew that the company was losing money at an astounding rate. Common sense tells you that you need to cutback on things not continue to spend. This is one of many reasons that consumer confidence continues to fall. In addition to a being a Mortgage Broker I am also a Insurance Broker. As a result the AIG brand is virtually unsaleable. I have taken the positive action of terminating my relationship with them.
Is this just the beginning of a bunch of Mini Enrons to be bailed out by the … (2 comments)

Selling My VA Loan Property - Once I sell my property, am I released from my VA loan obligation? - 10/05/08 10:30 AM
Some people may assume that selling the property purchased with a VA loan releases them from obligation to the VA loan.
This is not automatic!
The borrower must notify either the VA or the lender and request that liability be transferred to the new owner. The borrower needs to request a 'release from liability" notice from the VA. There is an exception to this policy for those with loans closed before March 1, 1988. In these cases no notification is required, but it is a very good idea to request a release from liability from the VA anyway.
Once you have … (0 comments)

What sort of advantages or help does the VA offer in the homebuying process? - 10/05/08 10:26 AM
When applying for a VA home loan there are some advantages to having the VA on your side during the home buying process.
Did you know that VA loans offer limitations on closing costs? The VA also offers leniency to qualified VA borrowers who are having temporary financial problems. Other benefits of a VA home loan include long terms of repayment, prepayment rights (with certain guidelines) and under the right conditions, no downpayment required. You are also entitled to get an accurate assessment of the reasonable property value of your proposed purchase. The VA has a great many ways to assist … (0 comments)

Improving Credit - How can I help myself before applying for a VA home loan? - 10/05/08 10:18 AM
Because your VA loan eligibility depends on your debt ratio, it's a good idea to start thinking about fixing your credit long before actually filling out loan paperwork. The best way to help yourself out is to follow the advice of our in-house credit counselor, but you can also take steps on your own to increase your eligibility for a VA home loan.
Eliminate as much credit card debt as possible. You will be well on your way to improving your debt ratio and your credit rating. Remember that the maximum debt ratio allowed for approval is 41%, and that your … (0 comments)

Co-signers on VA Loans / Can I bring on a co-signer on my VA home loan? - 10/05/08 10:09 AM
It's true that the legally married spouse of a military member or veteran can co-sign a VA loan. There is no "penalty" for doing so, the veteran loan is still fully guaranteed by the VA. Two unmarried military members are also able to co-sign on a VA loan with the same results. When a military member or veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception. The VA guarantee is limited to the amount of the veteran's interest in the property. Some companies won't allow these types of "mixed" loans, so you may have … (0 comments)

What VA Loans Are Used For - Am I limited to buying an existing home with a VA loan? - 10/05/08 10:06 AM
A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know you a VA home loan may be used to purchase and improve a home at the same time? You may also use a VA loan to improve your existing home by increasing energy efficiency. There are many applications for a VA home loan, sometimes all you need to do is ask!
For additional information feel free to contact me directly @ (936) 228-1944
… (0 comments)

VA Loans and Your Debt Ratio - 10/05/08 10:03 AM
To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with us to see how you might … (0 comments)

What does it mean to me for the seller to contribute to my closing costs? - 10/05/08 09:59 AM
As you know in my blogs I love the short answer.  In this case the short answer is that you generally pay for your closing costs no matter what.  You may say "I don't understand I thought the seller was paying for it?"
More often than not you are paying for it by obtaining a larger mortgage.  One caveat is that with the exception of the VA or USDA your mortgage may NOT be more than the appraised value of the property.  In the case of VA it may be 103% of the value of the property.
How does this work?  … (0 comments)

I've already used my VA Entitlement to Purchase a home. May I purchase another home using my VA entitlment? - 10/05/08 09:25 AM
Yes you may use it again.  However there are some points that you should know.
A. If you currently own a property with a VA loan against it you must do one of the following with your existing loan
Pay off the existing loan completely Sell the property and provide a paid off-a "paid-in-full" letter from your bank, or a copy of the "HUD-1 settlement statement." Sell or transfer the property to another Veteran and that veteran qualifies to assumes the current mortgage with permission of the VA B. VA Funding Fee (we'll use the standard fee however for more detailed … (0 comments)

Already Have a VA Loan? - Is it possible for me to refinance? - 10/05/08 09:09 AM
In a word, Yes. Ask us about an interest-rate reduction refinancing on your existing VA loan. This is a great advantage and there's no need to re-establish VA loan eligibility. We will look at your existing interest rate and see if it make sense for you to refinance.  The VA will not allow you to refinance if the resulting loan will put you in a financial situation that is not better than the one you are currently in.  In otherwords if refinancing would rais your payment the VA will prohibit the transaction.
If you are thinking about refinancing your VA loan … (0 comments)

Do I have to take a fixed-rate VA loan in today's market? - 10/05/08 09:00 AM
In today's market there is generally nothing to gain by obtaining a Adjustable Rate VA Loan.  In fact we have a NO ARM policy that unless specifically asked for we will never recommend that any borrower, Veteran or not, obtain an Adjustable Rate Mortgage.  Here's how an ARM works: The adjustable rate loan, where interest may be adjusted one percent annually, up to five percent over the duration of the loan period. With rates only a percent or two off of the lowest rates we've seen in a generation the odds of your rate going down is small and even then … (0 comments)

 

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