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home loans: Mortgage Insurance Bad or Good? - 03/04/08 03:31 PM
 
I have been a mortgage lender since 1995 and have heard every negative comment, story, rant, and opinion about Private Mortgage Insurance (PMI).  I never really understood why people had such strong negative opinions about PMI.  I would, from time to time, try and explain that without PMI most people wouldn't have been able to buy there first home.  Mortgage insurance, in my humble opinion, is great.  That's right I said great.  Without PMI I would never have had the ability to buy my first home, which would also have stopped me from buying my second home.  Yea, sure I didn't … (4 comments)

home loans: Mortgage News You Can Use October 4th, 2007 - 10/04/07 02:53 PM
The hubbub over the sub-prime mortgage meltdown has abated a bit.  A month ago 151 major U.S. lending operations had imploded since late 2006.  In the last month the number has increased to 161 operations.  We have seen the Federal Reserve cut the Federal Funds Rate by .5% causing short-term rates to dip a bit and long-term mortgage to rise a bit.  The stock market has seen a new high in the last two weeks.  Jumbo rates had jumped up and have now moderated back down.  The Federal government is still debating on how to intervene to stave off a high … (0 comments)

home loans: Reverse Mortgages - 08/15/07 03:04 PM
There is a lot of talk about reverse mortgages.  What is true and what is false about this program.  In this Blog I will try to clear up some common myths and help you, the reader, to have a solid understanding. 
A reverse mortgage is a FHA insured, government regulated home loan.  Only seniors 62 years old and older qualify.  Reverse loans differ from regular home finance in the following ways;
There is no credit requirementsThere is no income neededThere is no asset requirementsYou never make a monthly payment for the life of the loan 
The loan is based on two factors;
Your ageThe … (6 comments)

home loans: First Time Home Buyers (FTHB) Advice - 02/16/07 05:54 PM
Are you thinking about buying a home this year?  Very cool! Owning a home is such an awesome experience.  You get your own space, you can paint and decorate anyway you want to.  If you want orange walls with green shag carpet you can have it (although you may be stuck in the 1970's).  You will receive a large income tax benefit because you can deduct the mortgage interest and property taxes you pay.   You also stop paying into your landlord's investments and start paying into your own. 
This is one of the best times in the past thirty years to buy … (3 comments)

home loans: Option ARM and Interest Only Loans - 12/14/06 02:34 PM
According to data from Loan Performance, one in three homeowners refinancing today is choosing the financially riskier Interest Only and payment options ARM's loans.  For years I have provided both loans to my clients.  I love interest only loans for financially responsible people.  I like the idea of spending the least possible on mortgage debt as long as the extra money is being used to improve there financial position more then the increased equity they would have paying down there mortgage. 
The Option Arms are a totally different monster.  I have provided those loans for two types of clients in the … (1 comments)

 
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David Crisp

Ann Arbor, MI

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Ann Arbor Mortgage

Address: 2200 Green Road, Ann Arbor, MI, 48105

Office Phone: (734) 669-5860

Cell Phone: (734) 646-5641

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