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idaho mortgage information: New lender practices - Are they good for your borrower? - 12/21/07 11:06 AM
Many of you have probably seen this new lender practice but it is relatively new in our market area.
Mortgage lenders are now offering to pay the mortgage insurance for a buyer for the life of the loan.  The only condition is that the interest charged on the loan is higher.
Let's say your borrower borrows $150,000.  On a regular mortgage your borrower is charged 6% interest.  However, with mortgage insurance paid by the lender the lender raises the rate to 6½%.   Do the math on a 30 year loan and you will see the extra ½% rate costs your borrower an … (8 comments)

idaho mortgage information: Subprime Loan Fallout >> The way to fix it - 08/31/07 09:24 AM
Yahoo News yesterday ran an article that stated millions of home owners are getting notices in the mail that the interest rate on their loans is going up, in some cases to double digits.
The article goes on to say that the hardest hit will be those with less that stellar credit and cannot afford to make the higher payments. This is because there are more risks with poor credit and lenders impose higher rates and restrictions.
A quote from the article states "The prospect of significant and growing losses has already rocked Wall Street and shaken up the broader mortgage markets.  And, … (2 comments)

idaho mortgage information: Home Mortgages >> What You Are Rarely Told - 08/20/07 08:58 PM
Ever wonder what mortgage companies and other creditors want?  Of course you do, we all do. They all want the same.  They want you to:
Finance your new home purchase with themRefinance your home and take advantage of your equityBuy your vacation home through themTap into your home equity and buy the vehicle of your dreams (its tax deductible!)It's the American dream and everyone wants a piece of the American dream.  I'm sure right after you hear the commercial encouraging you to use the equity in your home to buy whatever your heart desires you have heard this on the news:  Credit … (22 comments)

idaho mortgage information: How To Raise Your Credit Score 100 Points in 45 Days - 08/03/07 11:49 AM
Sound too good to be true? Not as much as you'd think. Try out these five simple steps to improving your own credit score...you could see dramatic results!  As a real estate veteran of nearly 28 years I was surprised to find out that closing old credit cards was not a good idea.  After all, we have all been told that "Less is Better" when it comes to credit cards...right?  Work on getting your credit repaired and then call a Realtor to get started hunting for your dream home.  Not sure what your credit score is?  Read Help the Buyers that … (33 comments)

 

George Tallabas - Idaho Real Estate

Nampa, ID

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RE/MAX Advantage

Office Phone: (208) 466-0002 x 104

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Certified Short Sales Specialist and residential, investment, land and commercial real estate service for Southwest Idaho Real Estate



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