mortgages: Blogging About Home Mortgages Again - 11/25/09 01:17 PM
From discussing the buying opportunities for first time homebuyers in 2010 to introducing a down payment assistance program, I've been doing a lot of blogging lately. However, it hasn't been on Active Rain. In fact it's been so long since I was on here, I had to go through a few passwords before I figured out how to get back in.
So, how the heck have you guys been?
First of all, I want to wish everyone a Happy Thanksgiving. We have a lot to be thankful for and we should certainly take time and cherish it with our families and … (0 comments)
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mortgages: End of the Road in the Mortgage Industry - 08/18/08 01:35 PM
My five year stint in the mortgage industry has officially come to a close. With the recent down turn in the industry many mortgage companies are downsizing and making changes to what they expect from their loan originators. CTX is no exception. Its parent company Centex is closing all CTX retail branches and only keeping the builder financing part of the business. While there was a concerted effort from Centex to find CTX Mortgage a home with a different lender, given the volatile mortgage market this never transpired. Last month, it was announced that all retail branches and loan officers were … (5 comments)
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mortgages: Agents in Phoenix: Mortgage Seminar For You! Stay On Top of It.... - 04/16/08 05:34 PM
The mortgage market is dramatically different these days. As an agent you can not be caught off guard when you're working with potential buyers. There have been so many (literally every week) changes to loan programs that you owe it to your business to stay on top of it. That is why you must attend the Hot Mortgage Topics Class next Wednesday April 23 at 9AM.
I, a.k.a. The Arizona Mortgage Guru will be covering the latest issues regarding home mortgage financing. I will discuss the hot mortgage topics to help you get more buyers and sell your listings!FHA Loans - how … (10 comments)
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mortgages: Renters Fight Back - 04/15/08 02:44 PM
Watch this video and let me know what you think....
Questions to ponder: Is it fair to have tax payers pay to bail out people who made poor financial decisions? What about the fact that some of the people who are in trouble didn't actually realize what they were getting into and just jumped in on the bandwagon? My full take is at AzMortgageGuru.Com. … (7 comments)
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mortgages: Mortgage Blog Provides Answers For Canadians Purchasing Property in USA - 01/29/08 11:47 AM
The mortgage market in Phoenix, Arizona changes all the time. If you are a Canadian national seeking some mortgage information to purchase a home in the US then things can get pretty confusing really fast. At the Arizona Mortgage Guru Blog I try to maintain the most current information for you the consumer. In that spirit here are links to some very important articles for Canadians seeking to purchase real estate in the United States:
Do Canadians Need a Visa to Purchase US Real Estate?: Most loan programs require a copy of your Canadian passport or drivers license, but read on to learn more...Canadians Could Make a … (8 comments)
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mortgages: FHA Loan Program Overview for Phoenix, Arizona Borrowers - 10/25/07 06:05 PM
With the subprime mortgage market pretty much gone, first time home buyers or borrowers with challenging credit may think their options are limited. This is not true. In fact the Federal Housing Administration (FHA) loan is a great program for first time homebuyers, borrowers with low credit scores, and those needing down payment assistance.
So, how do you know if the FHA program is right for you? Well, the FHA loan looks at four elements of the borrower. I call it the four corners of a mortgage.
Credit - This is the first corner. FHA is not a credit score driven system. In fact it's better to have … (3 comments)
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mortgages: Refinance Your Subprime Mortgage Tops AMG Blogs Report (Oct. 16, 07) - 10/16/07 03:32 PM
The mortgage market remains in flux. Refinancing a subprime loan into a regular conventional mortgage is the big topic here in the Phoenix, Arizona market. The Arizona Mortgage Guru addressed this issue with a practical six step guide on how to refinance a subprime mortgage. The refinance post received heavy traffic, so it's on a lot of borrowers minds, however, the Arizona Mortgage Guru also wrote some very relevant posts for borrowers.
Facing Foreclosure? 12 Things You Should Know When You Call Your Lender - The Mortgage Bankers Association has created a foreclosure avoidance center website. Under this page it has published a twelve-step guide … (0 comments)
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mortgages: Refinance a Subprime Mortgage Loan ARM to a Conventional Fixed Rate Home Loan - 10/08/07 12:12 PM
"I have an adjustable rate subprime mortgage, the interest rate and payment will adjust soon. I need to know the options available so I don't find myself strapped to make my mortgage payment."
Recently I have received quite a few inquiries along the lines described above. I've guided a few borrowers through a subprime to FHA re-finance process. If you find yourself in a similar situation, I want to share with you a checklist of six things you need to do so you do the right mortgage re-finance from an adjustable subprime mortgage to a conventional one. This is not a quick fix but will be very … (3 comments)
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mortgages: Mortgage Forgivess Tax Removed and MI Tax Deduction Extended to 2014 - 10/05/07 11:00 AM
The House Ways and Means Committee has passed the Mortgage Forgiveness Debt Relief Act of 2007 (H.R.‚3648) from the Daily Herald:
the House Ways and Means Committee voted to permanently remove the so-called “phantom income” tax penalty that haunts financially distressed homeowners whose debt is partially forgiven by a lender after a foreclosure or a “short sale” to avoid foreclosure.
Also, committee also passed a provision to extend the deductibility of mortgage insurance premiums through 2014. This is also very important and will affect homeowners mortgage choice for a long time. Currently the deduction applies only to loans originated in 2007. … (3 comments)
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mortgages: Home Mortgage Lender in Phoenix Arizona, Blog Report: Sept. 28th, 2007 - 09/28/07 12:05 PM
The mortgage market in Phoenix, Arizona changes all the time. If you are researching for a home mortgage lender in the area then you need to look at the Arizona Mortgage Guru Blog. This blog has great articles on how to manage your credit, tips for obtaining a mortgage and a whole range of other articles.
As a snap shot here are some of the recent articles which may interest you:
How to Protect Your Credit Score When Your Loan is Sold: Since your mortgage loan will be sold at some point to a different servicer, you need to be aware of … (1 comments)
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mortgages: No More Taxes on Forgiven Debt: Mortgage Forgiveness Debt Relief Act of 2007 - 09/27/07 12:17 PM
It may come as a surprise to some but if a mortgage lender forgives debt they send the IRS a 1099 with the amount forgiven. The forgiveness could be a part of a short sale or foreclosure or what have you. So, when tax time rolls around you are obligated to report this forgiven mortgage debt as 1099 income and pay tax. Basically, not only are you having a hard time with losing your home, Uncle Sam wants to pile on a bit.
Well no longer. Uncle Sam is changing the rules.
The US House moved closer towards eliminating this tax on forgiven debt. Here … (3 comments)
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mortgages: Top Five Credit Score Misconceptions - Learn the Truth - 09/24/07 04:46 PM
Our local paper in Gilbert, Arizona carried a very informative article yesterday regarding your credit score. It listed the top five credit (and debt) misconceptions. The East Valley Tribune (citing Transunion) listed the top five credit misconceptions as the following:
Co-signing a loan doesn't make you responsible for the account. Paying off a negative record will get it removed from your credit report. Paying off a debt will make your credit score jump 50 points right away. Checking your credit reports will lower your credit score. Closing old accounts will improve your credit score.The first one is really the one that caught … (9 comments)
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mortgages: Phoenix Arizona Mortgage Blog Report: Sept. 14th, 2007 - 09/14/07 03:33 PM
Below are some relevant mortgage articles for potential home owners and those seeking home loans in the Phoenix, Arizona market. These articles are not location specific and also apply to Gilbert, Scottsdale, Tempe, Chandler and surrounding areas in the Phoenix Valley.
Monthly Mortgage Payment as Percentage of Income - So how much should your mortgage payment be in relation to your income? We lenders call this the front ratio. Its a type of debt to income ratio. Traditionally 30% has been the acceptable number. Read full article (with pie chart) here.The Feds Finally Turn on the Radio - Yesterday the FTC issued a … (0 comments)
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mortgages: Phoenix Home Loan Rates Update - 09/14/07 01:02 PM
Are you curious about what home mortgage rates are doing these days? Well, they are on the down trend for the most part. This is in comparison to the summer highs (as you see below). Don't hold your breath though. I don't think home mortgage rates will continue to fall forever. My prediction is that rates will stabilize around the 6.125% to 6.375% for the remainder of the year.
The chart below shows the 30 year fixed mortgage rate as well as the average points paid to obtain a home mortgage. It is a national average.
… (2 comments)
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mortgages: Craigslist: The Swamp of the Internet. Why Would You EVER Advertise There? - 09/10/07 05:00 PM
Many have posted on Active Rain about the virtues of advertising on Craigslist. In my last count there were over one hundred posts on this topic and the vast majority talk about its advantages. I'm here to say you need to be careful when you advertise your listing on Craigslist. Why? Because, Craigslist is fast turning into the red light district of the Internet. As the New York Times reported last week:
"Craigslist has become the high-tech 42nd Street, where much of the solicitation takes place now," said Richard McGuire, Nassau's assistant chief of detectives. "Technology has worked its way into every profession, including the oldest."
In July raids, … (27 comments)
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mortgages: Mortgage Blog Report Aug 25th: Arizona Mortgage Guru - 08/25/07 12:52 PM
Here is a round up of some posts from the past week on the Arizona Mortgage Guru blog:
Gilbert Housing Report: Stay Put, Be Happy: In this post AMG highlights an article from the Arizona Republic which talked about the Gilbert housing market. This article did touch on a little bit of tax trivia regarding forgiven debt. In case you're curious, the IRS taxes forgiven debt as ordinary income. Read the full post for details.Phoenix Area Borrowers Need Not Worry: There is so much talk of doom and gloom in the mortgage industry right now and people are fearful. However, the average person need … (0 comments)
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mortgages: Small Changes Big Difference - 07/26/07 02:37 PM
Rates change and they change daily. When it comes to mortgage interest rates,there are a few misconceptions about the fluctuations in interest rates. First of all I will point out that rates do not change in 1-2-3% increments on a daily basis. At least it’s very rare and I’ve never seen it happen in my career. Rates do change on a 0.125% or 0.25% or even 0.375% on a day to day basis. Even though these changes may appear small, during the life of the loan this can add up to a lot of money for a borrower. That is why I … (1 comments)
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mortgages: Homeowners Insurance Basics - 07/20/07 12:32 PM
I have worked with a lot of first time homebuyers in the past and I know they always have lots of questions. From understanding mortgage programs to determining the best property they have a lot to digest. It often comes as a surprise to them that they will need to obtain homeowners insurance as part of the purchase transaction.
I explain why we need this coverage but when it comes to giving expert answers I'm usually at a loss. That is when I hand things over to Jim Kreisman, my personal agent and good friend. I asked him to write Five … (1 comments)
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mortgages: The 30-Year Rate So Far in 2007 - 07/05/07 12:06 PM
Here is a chart showing how the 30 year interest rate has been doing so far this year. It also shows the average points lenders are charging.
Remember just like there is more to an apple pie than just the apple, there is more to the home mortgage than just the interest rate. Pre-payment penalties, balloon seconds, buy-downs are some of the features that need to be considered in making the right mortgage decision.
Visit Arizona Mortgage Guru for more.
… (2 comments)
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mortgages: Winning the ARMS Race - 06/26/07 03:58 PM
Here is an excerpt from a a recent story “Bad Loans get Worse” at CNNMoney:
More than $1 trillion worth of adjustable rate mortgages (ARMs) will be hit with higher reset rates this year, and that could add up to big trouble for many homeowners.
So, who are the most vulnerable borrowers? They are the ones with low credit and low income. Somehow they managed to jump into the housing market in 2005 when everybody believed the stratosphere wasn’t high enough!
Remember the 2/28 loan is a band-aid loan. Getting a loan like this means you have to start preparing for a re-finance … (1 comments)
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