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refinance: How To Know If You're Eligible For A Making Home Affordable Refinance - 04/07/09 07:55 PM
April 4, 2009, marked the official start of the Making Home Affordable refinance program.
Expected to help 5 million homeowners, the Making Home Affordable program "looks the other way" with respect to falling home values, approving mortgage applications based on borrower payment history and benefit to the homeowner.
Not every homeowner is eligible for a Making Home Affordable refinance, however.  There are 3 basic criteria that must be met.
First, your existing home loan must be backed by either Fannie Mae or Freddie Mac.  Thankfully, both companies provide online lookup services.  Start with the Fannie Mae site because Fannie has a … (0 comments)

refinance: A Few Good Reasons To Ignore Your Mortgage Prepayment Penalty - 08/15/07 11:12 AM
Industry trade magazine Inside B&C Lending pegs the 2006 dollar volume of new sub-prime loans at $640 billion.  According to the Real Estate Charts chart (exhibit 18), 78% of those dollars were in 2-year adjustable loans.
A loan of this variety is often called a 2/28 ("two twenty-eight").
A 2/28 originated in 2006 will reach its first adjustment period sometime in 2008.  Adjustments on sub-prime loans are typically 3% at the first adjustment, and 1.5% every six months thereafter until the "cap" of 7% above the original rate is reached.
Looking back to 2003-2006, a homeowner facing an upward adjustment in his … (7 comments)

refinance: Are You Eligible To Get Rid Of Your PMI Payments? - 08/10/07 02:18 PM
If you're currently paying Private Mortgage Insurance (PMI) and have been for several years, it may be time to petition your lender to have the PMI payment removed.
Waiting for it to drop off "automatically" may mean you will be stuck with the higher payments for at least five to ten years from your original purchase date.
PMI protects lenders from homeowners that stop making payments on homes with small amounts of equity.  It's an insurance policy that is "cashed in" if the homeowners defaults.
However, federal law allows homeowners to request the cancellation of PMI if their loan-to-value (LTV) drops below 75 or … (4 comments)

refinance: Ilyce N. Powell Earns Certified Mortgage Planning Specialist (CMPS) Designation. - 08/09/07 11:57 PM
Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisers, regardless of the diversity of specializations within the industry. Columbia, MD -- (SBWIRE) -- 07/09/2007 -- Ilyce N. Powell, a mortgage lender with National City Mortgage, has passed the qualifying exams to earn the Certified Mortgage Planning Specialist (CMPS) designation granted by the CMPS Institute (Ann Arbor, Michigan) a training, certifying, and ongoing membership organization created to help mortgage professionals integrate financial planning concepts into the mortgage process. CMPS designees can offer clients strategies that encompass mortgages, debt, home equity, and real … (5 comments)

refinance: Maryland Loan Officer Stands Up for Increased Home Buyer Education - 08/09/07 11:50 PM
Columbia, MD -- (SBWIRE) -- 06/29/2007 -- Ilyce N. Powell, CMPS announced today a large investment in increased education for home buyers by joining the National Association of Responsible Loan Officers (NARLO). By joining NARLO, Ms. Powell has agreed to adhere to the strictest Code of Professional Conduct in the mortgage financing industry. In addition, the association has a complete consumer mediation service available to any consumer who seeks financing from an NARLO member. This ensures consumers always have a somewhere to turn for independent information about their home financing. NARLO’s goal is to ensure consumer protection. “As a responsible mortgage … (6 comments)

 

Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist

Baltimore, MD

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AmeriSave Mortgage Corp./ United First Financial

Address: Lending in All 50 States + DC, Eliminating Debt and Building Wealth in United States and Canada

Office Phone: (866) 814-2153 x 7103

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