mortgage: 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 … (3 comments)
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mortgage: 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 … (0 comments)
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mortgage: 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 … (0 comments)
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mortgage: 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 … (0 comments)
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mortgage: VA Farm Loan? - Can I buy a farm with a VA loan? - 09/28/08 09:18 AM
A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live. There is no 'farming requirement' for this kind of purchase, but if the veteran does intend to operate a farm business as a … (0 comments)
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mortgage: Get Pre-Approved / Should I get a pre-approved loan? - 09/28/08 09:09 AM
Obtaining pre-approval for your home loan amount is an excellent time-saving step. Once you know the exact amount you're eligible for in your home loan, you can begin searching for a home as a 'serious buyer'. You'll know in advance exactly what you can afford and what is outside your price … (0 comments)
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mortgage: VA Home Loan Entitlement - Isn’t the VA home loan automatic? It's one of my entitlements, Right? - 09/28/08 09:02 AM
Some first-time home buyers are misinformed as to the workings of a VA Loan. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran. In most cases, the VA offers a guaranty to those who meet the … (0 comments)
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mortgage: VA Foreclosed Homes - Where to find out more - 09/28/08 08:55 AM
The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA guaranteed loans. These acquired properties are marketed through a property management services contract with Ocwen Federal Bank FSB, West Palm Beach, Florida. The properties are listed by local listing agents through local Multi Listing Systems (MLS). … (0 comments)
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mortgage: Lowering Your Payments - 09/28/08 08:35 AM
There are many ways besides opting for a shorter rate lock period to get a lower payments, though.
A larger down payment will result in a lower interest rate than a smaller one, because you're starting out with more equity and the lender is taking less of a risk.
You … (0 comments)
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mortgage: What is a "rate lock period"? - 09/28/08 08:26 AM
A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of … (0 comments)
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mortgage: VA Mortgage Debt-to-income Ratio - 08/24/08 11:15 AM
According to VA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.
TOTAL FIXED PAYMENT TO EFFECTIVE INCOME
Add up the total mortgage payment (principal and … (0 comments)
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mortgage: VA Loan Benefits - 08/24/08 11:13 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 … (0 comments)
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mortgage: Truth In Lending(TIL) FAQ - 08/02/08 12:04 PM
What is a Truth-In-Lending Disclosure (TIL) and why do I receive it?This is a Disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loan programs or lenders. It is usually prepared in combination with the … (0 comments)
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mortgage: Holding Title - 08/02/08 12:02 PM
Before you reach the closing day, you will want to make a decision as to how you will "hold title" to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA).
The following information is supplied … (0 comments)
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mortgage: Tax Closing Costs - 08/02/08 12:00 PM
Property Taxes
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not … (0 comments)
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mortgage: Title Insurance = Peace of Mind - 08/02/08 11:58 AM
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mortgage: What is the difference between the interest rate and the A.P.R.? - 08/02/08 11:57 AM
You'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also … (0 comments)
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mortgage: Mortgage vs. Deed of Trust - 08/02/08 11:55 AM
Many of us incorrectly call our home loan a mortgage, but in fact, a mortgage is not what your lender gives you to buy a home. A mortgage is actually the formal document proving the legal claim or lien on a piece of property that you give to the lender … (0 comments)
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mortgage: 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
… (0 comments)
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mortgage: 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 … (0 comments)
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