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phoenix mortgage refinancing: So What's My Phoenix Home Loan Rate? - 11/10/09 06:45 PM
"So what's my Phoenix home loan rate"? This is the question asked to loan originators everyday from our clients and prospects. There is no simple answer and it seems to be getting more complex as the mortgage industry moves toward more risk-based pricing. Risk-based pricing allows adjustments to par pricing for risk factors such as; FICO scores, loan-to-value percentages, property type (SFR, Condo, 2-4 Units), occupancy (Primary, Vacation or Investment) and mortgage type (Interest Only, Adjustable Rate etc).
Let's start off with the basic mechanics of fixed mortgage interest rates. Interest rates are primarily based upon the pricing of Mortgage Backed Securities ("MBS" or "Bonds") issued from Fannie Mae … (0 comments)
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phoenix mortgage refinancing: Is Your Arizona House Worth Less Than What You Owe? A Refinancing Guide For Homeowners With Negative Equity - 09/15/09 05:36 PM
If you're like 8 out of 10 homeowners in Arizona that owe more than their house is worth but could benefit from refinancing your home mortgage to a lower rate then continue reading. The first step would be to determine who actually owns your home loan. Chances are pretty good that the mortgage servicer, the bank that sends you the payment statement, and the actual "owner" of the mortgage are two different parties. So how do you determine who owns your loan(s)? Click here to determine if Fannie Mae or Freddie Mac own your loan(s).
Is your home loan owned by Fannie Mae?
If so, Fannie Mae now offers the … (2 comments)
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phoenix mortgage refinancing: Phoenix Mortgage Interest Rate – Lock or Float…..That is the Question????? - 09/01/09 08:39 PM
When purchasing or refinancing a home in Phoenix, one of the most difficult decisions you will have to make is whether to lock in your interest rate or let it float. For first-time homebuyers or borrowers that are less familiar with the process, here is a brief description of the terms. "Locking" an interest rate means finalizing a rate commitment with the lender that a specific interest rate will be held for you, at a certain price, for a specified period of time. At that time, you are guaranteed that interest rate regardless of whether the market improves or declines. The … (2 comments)
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phoenix mortgage refinancing: What You Need To Know About Identity Theft When Applying for a Home Mortgage in Phoenix - 08/25/09 11:02 AM
Federal Trade Commission estimates as many as 9 million Americans have their identities stolen each year. Some identity victims can resolve their problems quickly, while others spend hundreds of dollars and many years repairing damage to their name and credit. Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, purchasing a home or a car because of the negative information that has been reported on their credit.
How do thieves steal an identity???
Dumpster Diving - They rummage through trash looking for bills or other paper with your personal information … (0 comments)
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phoenix mortgage refinancing: APR vs. Interest Rate - Know the Difference When Applying for a Mortgage on Your Home in Moon Valley - 08/21/09 07:12 PM
So you've decided to purchase a home in Moon Valley and you want to get the best deal on your mortgage. You get on Google and type in Phoenix Home Mortgage to check rates but all the advertisements have this other rate with the letters APR next to it. What is APR and why should you be concerned about it when you're financing your home in Moon Valley?
Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all … (0 comments)
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phoenix mortgage refinancing: What is the Current Value of My Home? - 6 Sites That May Help - 08/14/09 07:46 PM
Before you decide to throw down your hard earned money to pay for an appraisal, you may want to do some research. Here are 6 sites that will help you find out how much your home may be worth for the purpose of selling your home, or refinancing your home mortgage. These property evaluations only provide an estimate of the property value that you are researching. The list of websites below will help you determine a value range for a home in Phoenix and surrounding areas.
•· http://www.zillow.com/ - Zillow is a free online real estate site where you can research homes values, view recently sold homes, and search for homes currently … (3 comments)
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phoenix mortgage refinancing: Applying for a Home Mortgage in Phoenix, AZ – 5 Tips to Improve Your Credit Score? - 08/14/09 06:59 PM
Many residents in Phoenix, Arizona have recently decided to either purchase or refinance their dream home only to discover that they have less than perfect credit. Don't be discouraged. There are many ways to rehabilitate your credit. Here are a few key tips to improve your credit score in the quickest and most effective manner.
•1. Review Your Credit Report For Accuracy - It is advantageous to check your credit report to make sure the credit bureaus have not reported anything in error or that you have not fallen victim of identity theft. Any identified errors should be corrected immediately.
You … (0 comments)
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phoenix mortgage refinancing: When Looking to Mortgage a Home in Phoenix, AZ - What Makes Up Your Credit Score? - 08/10/09 07:06 PM
Whether you are a first-time homebuyer or a veteran homeowner, one of the main qualifying requirements involved when mortgaging a home in Phoenix, AZ is your credit score. However, most of us have no idea what actually makes up our credit score. Many borrowers have the mindset that making their payments on-time will automatically equate to a high credit score. While this is an important component, it only accounts for approximately one-third of your overall score.
The following is a breakdown of the five key factors that contribute to your credit score:
•· Payment History - 35%
•· Balances Carried - … (0 comments)
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phoenix mortgage refinancing: Arrowhead Ranch Glendale, AZ - FHA 203K Rehabilitation Loan - 07/23/09 07:54 PM
The FHA 203K Rehabilitation Loan was started as a tool to help the revitalization of neighborhoods and communities throughout Glendale, Arizona and the United States. This loan program offers borrowers the resources to rehabilitate they're home in Arrowhead Ranch that may be in need of limited repairs and/or upgrades without exhausting their savings. This can be used for either the purchase of a fixer-upper or the refinance of a home they currently occupy. One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home.
The FHA 203(k) loan is available to borrowers of … (1 comments)
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phoenix mortgage refinancing: Appraisal & Property Requirements for FHA Loans in Phoenix - 07/07/09 03:26 PM
This is a home that Won't meet the requirements for an FHA loan on Phoenix. Below are the guidelines most appraisers look at when they visit a home to appraise it for an FHA loan.
1: Home Inspections: Borrowers are encouraged to obtain a detailed home inspection of the property. Borrowers should research home inspector's qualifications and designations to ascertain that they feel comfortable with the individual they hire.
I recommend asking your Realtor for a referral of a qualified Home Inspector. 2: Repairs and Alterations: Deficiencies, required repairs, alterations and/or required inspections must be reported within the appropriate section of … (2 comments)
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phoenix mortgage refinancing: Obama Plan - Can You Benefit From a Refinance On Your Phoenix Home Loan? - 05/25/09 01:52 PM
Fannie Mae and Freddie Mac have just released details on how they will handle refinance transactions authorized by the Home Affordable Refinance Program. The complete details of both programs can be found by accessing the program guides from Fannie Mae and Freddie Mac, but we will discuss some of the highlights below.Even though this legislation has passed - all lenders are not all required to participate. For right now, your very first step is to contact a mortgage professional, and get information as to their participation. They can tell you if your loan is owned by Fannie Mae or Freddie Mac.In the case … (5 comments)
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David Krushinsky
Phoenix,
AZ
More about me…
Mortgage Professional - Phoenix, AZ - NMLS 202115
Address: 15111 North Pima Dr., Suite 110, Scottsdale, AZ, 85260
Office Phone: (602) 456-2195
Cell Phone: (602) 695-7575
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