Low and no down payment home loans - 05/02/08 09:26 PM
LOW-DOWNPAYMENT MORTGAGESThere was a time not so long ago when 100% financing (no-downpayment) mortgage loans were common. "Smart" buyers used the concept of OPM (other people's money) to get ultimate leverage on purchases. Lenders thought that they were bulletproof and that their returns would never end. Even if borrowers couldn't make their payments, rapid appreciation would protect them from losses.
But something happened on the way to untold riches: mortgages suddenly became suspect. The secondary market virtually disappeared for almost all types of mortgages except for the traditionally safe products offered by Fannie Mae, Freddie Mac and Ginny Mae, the conforming market's … (0 comments)

Don't Ignore your Credit Score - RE/MAX Plainfield IL Real Estate - 05/02/08 11:51 AM
Get a copy of your credit report as soon as you decide to move. Nearly 80 percent contain some type of error and 25% of those mistakes are serious enough to drag down your credit score, potentially disqualifying you for the most competitive interest rate on a mortgage, according to U.S. PIRG, the federation of state Public Interest Research Groups. Someone with a score of 620, for example, would pay at least one interest point higher than a borrower with a score of 720 (or may not even qualify for a loan at all), says Geoffrey Sheerar, a mortgage broker with … (1 comments)

 
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LaNita Cates

Joliet, IL

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REMAX of Joliet

Office Phone: (815) 609-0887

Cell Phone: (630) 341-1545

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