home loans: CNBC's Larry Kudlow hints at housing recovering - 07/25/08 01:30 PM
Larry Kudlow is joining fellow CNBC personality Jim Carmer in discussing housing very favorably this week. Cramer stated that it was now time to buy a house and Kudlow is taking mainstream media to task for remaining pessimistic while there is strong data to support the slowdown's end is near if not … (2 comments)
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home loans: CNBC's Jim Cramer Says "Buy A House - NOW!!!" - 07/23/08 10:25 PM
Let's face it, CNBC can be pretty boring for most folks. But interesting personalities like Jim Cramer take the relatively mundane topic like stock performance and economic conditions, mix it with an exciting "ESPN SportsCenter-esque" format and it is tolerable. And it works, Cramer has tons of followers - almost a … (21 comments)
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home loans: Brave New World - 07/14/08 08:42 AM
Here we are on the dawn of the first trading day following IndyMac's collapse and the Federal Government's prop up of Fannie Mae and Freddie Mac and I must say that I'm not sure how the market will react.
First, Fannie and Freddie have always had the implied backing of the Federal Government. … (3 comments)
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home loans: Loan Officer Compensation Hurts Lenders - 07/01/08 02:14 PM
The State of Florida is suing Countrywide for misreprenting loan programs and aggressively approving subprime borrowers. "It is unthinkable that a company would try to take advantage of someone's dream of homeownership," Florida Attorney General Bill McCollum said in a statement.
I was taught in Journalism School to follow the money. … (8 comments)
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home loans: CNBC Reporting 33% of Existing Sales "Distressed" - 06/26/08 04:39 PM
Diane (I've Never Seen Any Good News in the Market) Olnick is reporting that sales nationwide are holding at just under 5 million homes in May which is good, but that 33% of the homes selling are those either in foreclosure or approaching foreclosure. She quotes "the Realtors" as saying 33% … (0 comments)
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home loans: Why FHA is the Right Choice Today - 06/25/08 11:07 AM
With Mortgage Backed Securities (MBS) markets in turmoil for about a year now, the new emphasis for loans with a higher Loan to Value than 90%. Why is this? The answer lies with Ginnie Mae (GNMA) - Fannie Mae and Freddie Mac's cousin specializing on Government loans - and the way … (2 comments)
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home loans: Updates on Rates - 06/20/08 09:58 AM
The market is still commanding a premium on Mortgage Backed Securities relative to 4 weeks ago - the talk of inflation has investors on the sideline forcing rates up.
However, this morning we are enjoying the lowest rate of the last 2 weeks. We aren't back to the mid-5's but it … (0 comments)
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home loans: Increased Incentives Carry Challenges - 06/20/08 09:37 AM
Today the Tennessean is reporting about the increased and unusual incentives being offered by sellers. (see the link below) One builder is offering a car or a trip or a year's tuition to Vanderbilt. Sounds great!
But buyers need to be aware that such incentives will likely reduce the amount that … (3 comments)
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home loans: FHA Loans - Mortgage Insurance Changes - 06/18/08 10:15 AM
Changes to FHA Mortgage Insurance are right around the corner. Please get your clients to application BEFORE July 14th in order to enjoy the current 1.5% Upfront Premium and .5% Monthly for all borrowers. After July 14th, FHA will istitute a risked based Mortgage Insurance schedule - outlined below.
Please note … (1 comments)
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home loans: Market Comment - June 16 - 06/16/08 09:39 AM
… (1 comments)
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home loans: The Real Numbers on Foreclosures - 06/13/08 09:08 AM
To say that I'm tired of the media's constant negative coverage of the Real Estate Market is an understatement. As a former journalist, I'm disgusted by the coverage.
Case in point is today's numbers from RealyTrac (a firm that makes money by helping people location foreclosures - not exactly an impartial … (4 comments)
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home loans: The Economy's Silver Lining For Real Estate - 01/22/08 08:11 AM
It has been said that you should always look for the silver lining. That might be hard to do right now for some as we appear to be looking down the barrel of a rec..., wait, let's just say leaner economic growth than previously experienced. This is an election year, 'et's … (3 comments)
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home loans: Haven't Applied for a Loan in a Few Years - You May Have Some Surprises - 01/11/08 11:57 PM
I had an old neighbor email me today asking about her financing as she gets ready to buy a home. The answers I gave are pretty vanilla, but for her they are probably shocking because she hasn't applied for a loan in 3 years. She inquired about doing an 80/20 to … (2 comments)
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home loans: 2008 Nashville Market Outlook - 01/07/08 03:12 PM
As we get rolling into 2008, the best sources are indicating that the Nashville market is extremely healthy. According to Moody's Economy.com, Nashville's housing market is "faring better than the markets of other larger metro areas and it maintains a positive outlook." One of the reasons for the market's good standing was … (10 comments)
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home loans: Brokers Not Responsible for Mortgage Mess? - 12/17/07 03:13 PM
On December 16, 2007, the Tennessee Association of Mortgage Brokers' president, Brian Short, was quoted in The Tennessean as saying "I can't see how mortgage brokers are responsible for the increase in foreclosures." Yet, one of the largest lenders with sales channels in both direct sales and via brokers has stated … (6 comments)
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home loans: Rate Watch - 12/14/07 04:34 PM
For 12/14/2007...
30 Yr Fixed Conforming - 6%
15 Yr Fixed Conforming - 5.75%
5/1 LIBOR ARM - 6.125%
30 Yr Fixed Jumbo - 6.375%
30 Yr My Community - 6.875%
30 Yr Fixed Interest Only - 6.375%
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Kevin Michelson, CMPS, MBA is one of the few mortgage originators in the state of Tennessee to hold the prestigious designation … (0 comments)
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home loans: FHA Changes Coming for Early 2008? - 12/14/07 11:50 AM
With Subprime lending virtually non-existing, expanding FHA will give the mortgage and Real Estate markets a nice shot in the arm.
FHA Loan Expansion Heading to a Vote
Washington Post (12/14/07) P. D1; Cho, David
Senate legislation to revamp the Federal Housing Administration mortgage program has finally moved out of committee and … (0 comments)
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home loans: Being a Home Buyer Today is Like Being at a Middle School Dance - 12/11/07 08:32 AM
OK, let's be honest about our Middle School experiences. There probably isn't a time in life were being like everyone else is as important as Middle School - just fitting in is an accomplishment. So when the school dance came around, you probably did what just about everyone else did - … (1 comments)
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home loans: Rates Too High Part II - 12/05/07 02:05 PM
This one shows the history of rates since 1790. Rates too high? Are you kidding me? Get some perspective...
Provided by Jim McMahan, Mortgage Market Guide
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Kevin Michelson, CMPS, MBA is one of the few mortgage originators in the state of Tennessee to hold the prestigious designation of Certified Mortgage Planning Specialist (CMPS). He … (2 comments)
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home loans: Rates Are Too High to Buy Now?!?! - 12/05/07 01:56 PM
I recently had a buyer choose to not buy a home because "rates were too high." Certainly an excuse but here's some evidence to fire back at someone if you get the same point of resistence.
Provided by Jim McMahan, Mortgage Market Guide*******************
Kevin Michelson, CMPS, MBA is one of the few mortgage originators … (3 comments)
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home loans: Mortgage Language 101 - 12/05/07 01:50 PM
Lenders use various indices to adjust interest rates as economic conditions change over time. Lenders add a certain number of percentage points, called a margin, to the index to establish the interest rate borrowers must pay.LIBORLondon Inter-Bank Offered Rate (LIBOR)
LIBOR is the rate of interest that member banks of the British … (2 comments)
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home loans: Planning for Elderly Parents' Care - 12/05/07 11:41 AM
As our parents grow older and their life expectancy rises to previously unseen levels, we are faced with a growing dilemma: how to finance the higher costs associated with assisted living facilities, in-home care and medical expenses without going broke.We all want to care for our loved ones, but we also … (1 comments)
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home loans: Thinking of Investing In Real Estate? Read this first! - 12/05/07 11:12 AM
Are you a speculator or investor? Great fortunes can be made and lost in real estate. As a Certified Mortgage Planning Specialist, I am committed, qualified and equipped to help you implement the seven keys to profitable real estate investment: Determine Level of Liquidity - liquidity is the ability to quickly … (0 comments)
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home loans: 20 Terms You Must Know Before You Sign for a Mortgage - 12/05/07 11:07 AM
Buying a home is a major achievement in most everyone's life. Pride of ownership, tax breaks, equity and the ability to increase your wealth and net worth are just a few of the many benefits you'll enjoy with your new home. Your home purchase may also be one of the largest … (0 comments)
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home loans: Improving Your Credit Rating - 12/05/07 11:04 AM
As a Certified Mortgage Planning Specialist, I am committed, qualified and equipped to help you improve your credit rating. Your credit scores usually determine the price you pay for your money (your mortgages, your auto loans and leases, your credit cards, business loans, etc.).Perhaps the most significant part of your credit report … (0 comments)
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home loans: Preparing for Your Children's College Education - 12/05/07 10:41 AM
College costs continue to rise, but a college degree remains an excellent investment. With the proper planning, most families can find a way to afford higher education.You should not try to implement a quick fix to financing a college education. This only results in straddling you or your children with the … (4 comments)
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home loans: Reducing Debt - 12/05/07 10:37 AM
One commonly overlooked form of "predatory lending" is when banks and mortgage companies repeatedly encourage people to take out larger mortgages and home equity loans for "debt consolidation" or to spend more by basically consuming your home equity. This often results in spreading car loans and credit card balances over 30 … (2 comments)
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home loans: Refinancing A Mortgage - 12/05/07 10:34 AM
Here are some tips and strategies that save you money when you are in the market to refinance your home loan. Don't get caught in the trap of consuming your home equity by getting deeper into debt to go on vacation, purchase unnecessary items and spread out your car loans and … (0 comments)
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home loans: Financing a New Home - 12/05/07 10:28 AM
There are many pitfalls you can avoid when you are in the market to buy a new home. Here are just a few tips and strategies to help you prepare for success: Know your credit score. You may be able to get a better mortgage rate and more favorable loan terms … (0 comments)
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home loans: The Fed Rate Cut - What it Means for You - 12/05/07 10:22 AM
… (2 comments)
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home loans: What is Mortgage Planning? - 12/05/07 10:16 AM
Most American's spend more time planning their vacation then they do planning their mortgage - usually their largest debt.
While I'm passionate about Mortgage Planning I recognize that it isn't the most thrilling activity for most people. But when we consider the current status of the mortgage market and the huge numbers of foreclosures of home owned by … (3 comments)
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