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mortgages: Mortgage News You Can Use 5/21/2008 - 05/21/08 02:45 PM

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mortgages: Mortgage News You Can Use - 11/19/07 12:55 PM
Mortgage News You Can Use
November 16,  2007
 
The Good News That Does Not Get Reported:
1. Thirty-five percent of the homes in the U.S. do NOT have a mortgage.
2. Some 94.88 percent of the loans ARE performing.
3. The foreclosure problem in this country is really a story about seven states.
4. The biggest foreclosure problems are in Michigan, Ohio and Indiana.  These are manufacturing states that had horrible job losses.  Since 2001, our fair state has lost 300,000 jobs.  These states would probably have had problems no matter what the market was doing.
5. The other four states-California, Florida, Nevada and Arizona-experienced significant overbuilding.  Twenty-five percent of the foreclosures in … (0 comments)

mortgages: Credit Score and what effects it - 04/04/07 01:56 PM
Many people don't realize how their credit score is created.  It is so important today to realize what effects your credit for the good and the bad.  Below are the basics.
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mortgages: Sub Prime Drama - 03/20/07 03:33 PM
Wow
Between Anna Nichole and the Sub Prime Market trouble you would think there was not very much else going on in the world.  Is the media blowing the sub prime issue out of proportion?  Well lets look at it.  20% of all mortgages last year were sub prime loans.  40 % of those were new home purchase so that would mean that 8% of all the loans last year were purchase sub prime loans (about 100,000 homes).  They figure about 20% to 30% of those borrowers won't qualify with the new changes to the sub prime guidelines. That would mean that … (1 comments)

mortgages: 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)

mortgages: MORTGAGE NEWS YOU CAN USE - 12/21/06 02:18 PM
 
Rate Watch - Freddie Mac reported on Dec. 14 that 30-year fixed-rate mortgages averaged 6.12%, up from 6.11% two weeks back. 15-year loan rates increased from 5.86% from 5.84%.  With mortgage rates remaining near their lowest levels, exotic mortgage borrowers are now jumping into the safety of fixed-rate loans.
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As expected, the Federal Reserve decided to keep short-term interest rates steady at 5.25% for the fourth consecutive time in a 9-1 decision. The lone dissenting member, the President of the Federal Reserve Bank of Richmond Jeffrey M. Lacker, voted for a rate hike.  The Fed's statement following the last meeting in October, … (1 comments)

mortgages: Zero Down Loans - 12/11/06 01:38 PM
More and more of my clients in the Ann Arbor area are buying homes with no down payment loans.  In the 1990's it was very rare for someone to buy a home in Washtenaw County without some sort of down payment (except for VA loans which always offered a no down payment loan).  In 1996 we were able to offer our clients in Michigan a government sponsored loan for rural properties that would allow 100 % financing.  We advertised the program and were able to help a lot of first time home buys buy homes with only a few hundred dollars … (5 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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