hemet mortgage information: The End of Down Payment Assistance? Bush Signs Housing Bill - 07/30/08 01:49 PM
I guess President Bush isn't taking my calls anymore!
Last week on this blog the Hemet Home Loan Guy issued a call to action to save downpayment assistance programs. Well the President signed the housing bill this morning (for the actual language of the bill, scroll to the bottom).
What does … (24 comments)
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hemet mortgage information: Down Payment Assistance Programs Need Your Help! ACT NOW! - 07/23/08 05:07 PM
Buyers in Hemet and the surrounding areas breathed a sigh of relief in March when courts rejected HUD's challenge to the legality of community down payment assistance programs like HART or Nehemiah.
Now it looks like we've got to hold our breath again!
Having failed in the courts, Congress is working … (14 comments)
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hemet mortgage information: Down Payment Assistance For Home Buyers - Real Agent Help Monthly Breakfast - 05/29/08 10:28 PM
Real Agent Help Monthly Breakfast - Down Payment Assistance For Home Buyers
The Real Agent Help Monthly Breakfast is the premier real estate networking event in the Hemet region in Riverside County, California. Join us for a quality breakfast, an opportunity to share a need or a listing you have, great educational … (10 comments)
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hemet mortgage information: I'm Not Whining About 'Declining' - A Contrarian's View Of The Adverse Real Estate Market - 05/03/08 10:16 AM
One of my favorite real estate bloggers had a post featured today on the Active Rain Social Network. This real estate professional is smarter, more experienced and more widely-read than most of us on the network. The post was well-written, incisive and thought-provoking.
So I think it's only natural that I disagree.
Lenn … (87 comments)
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hemet mortgage information: Doctors and Drug Dealers - A Real Estate Parable - 05/02/08 10:38 AM
The Doctor walks in and greets his patient.
Doctor: Hello! How are you today?
Patient: How many pills can you give me?
Doctor (taken aback): Um...pills...well, tell me more about your condition.
Pt: Well, I'm in the market for some pills and I'm just checking out different doctors to see who has the best deal.
Dr: … (37 comments)
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hemet mortgage information: Mortgage Insurance Madness! - 04/27/08 03:03 AM
There was a time when, to buy a home, you had to have 20% down. Then came along mortgage insurance.
Mortgage insurance allows mortgage lenders to recover their losses if there is a foreclosure. So it allows them to give you a home loan with less than 20% down.
.......................UNTIL NOW...................
Everyone knows that … (7 comments)
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hemet mortgage information: What's the interest rate today? It's on your cell phone. - 04/03/08 04:33 PM
"What's the interest rate on a 30 year fixed rate mortgage today? What about a 5/1 adjustable rate mortgage?"
I get A LOT of quick phone calls and emails asking these questions. Even face-to-face, someone might forget to say "How are you?" and go right to "Hey Joey...what's today's rate?"
Would you like … (17 comments)
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hemet mortgage information: The Mortgage Rap - Sing along! It's educational, it's fun, and it's fo' rizzle, yo. - 03/17/08 06:15 PM
What's the dizzle my home-buyin' homies? This is the Hemet Home Loan Thug kickin' it real n droppin' it like it's hot.
Okay, maybe not. But this is the Mortgage Rap.
It's to the tune of Rapper's Delight by the Sugar Hill Gang and matches up syllable for syllable with the original … (48 comments)
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hemet mortgage information: FHA Loan Limits Increase - HUD Releases Median Home Prices for Riverside County, California - 03/05/08 05:01 PM
FHA Loan Limits Increase - HUD Releases Median Home Prices for Riverside County, California
The Department of Housing and Urban Development released median home prices for Riverside County, California.
The median price of a single family residence in Riverside County, California (including Hemet, San Jacinto, Murietta, Temecula, Idyllwild, Banning and the surrounding areas) is … (25 comments)
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hemet mortgage information: Hemet Mortgage Lenders and City Council meet at Hemet Library - 03/03/08 12:21 AM
Hemet Mortgage Lenders and City Council Members met at the Hemet Library on Wednesday to discuss the state of mortgage lending in the San Jacinto Valley on Wednesday. The major portion of the informal discussion was the effect that foreclosures are having on the value of real estate.
Alarmed by the rising … (5 comments)
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hemet mortgage information: Mo' Money, Mo' Money, MO' MONEY...Mortgage Costs still Rising - 02/29/08 01:52 AM
In the immortal words of Shaggy...
"ZOINKS!"
Freddie Mac (or, to use their Westminster Dog Show name, The Federal Home Loan Mortgage Corporation) are raising their mortgage loan delivery fees effective June 1st, 2008.
Delivery Fees are the fees that mortgage loan originators, like the Hemet Home Loan Guy (that's me) and their companies … (2 comments)
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hemet mortgage information: Adjustable Rate Mortgages in Riverside County? - 02/18/08 08:55 PM
Adjustable Rate Mortgages, or ARMs, are one option when you finance a home. But, in a time of declining home prices, is it a good option? It's been a while since I wrote ARMed and Dangerous? and it's time for a quick update.
First...today's interest rates** for Patrion Mortgage's portfolio Hybrid ARMs:
3/1 ARM … (7 comments)
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hemet mortgage information: New Mortgage Loan Limits: When and How Much? - 02/15/08 12:04 PM
On Wednesday the President signed the economic stimulus bill that I wrote about in No Mo' Jumbo? Higher Mortgage Loan Limits from Congress to President. So when do these changes take place? And what will the new home loan limits be?
When? The new loan limits legally became effective when the bill was signed, … (14 comments)
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hemet mortgage information: Jumbo Loans are Red Thingamahoozits...That's Why the Rates are Higher. - 02/10/08 08:01 PM
What's with the higher rates for jumbo loans?
I posted an article called No Mo' Jumbo? Higher Mortgage Loan Limits from Congress to President. Scott Wall was kind enough to pay me a visit and add his comment. Here's what he had to say:
"I think the whole concept of jumbo loans is silly. I know … (3 comments)
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hemet mortgage information: No Mo' Jumbo? Higher Mortgage Loan Limits from Congress to President - 02/09/08 01:57 PM
On Thursday the Senate passed an economic stimulus package that included a provision to raise the mortgage loan limits for FHA and conventional mortgage loans. The House of Representatives passed the legistlation last week, and now it is headed toward the President, who is expected to sign it.
Presently, any loan over … (20 comments)
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hemet mortgage information: Will FHA Loan Costs Increase Because of Foreclosures? - 02/08/08 11:49 AM
The President's 2009 fiscal budget would require the Federal Housing Administration to raise its mortgage insurance premiums. The annual premium would raise from .50% to .52%, and the upfront premium would raise from 1.5% to 1.95%.
For example, on a $200,000 FHA loan, the annual fee would increase from $83 to $87 … (28 comments)
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hemet mortgage information: Get Mortgage Loan Updates On Your Mobile Phone - via Twitter - 02/07/08 01:11 AM
Curious what the 30-year fixed mortgage interest rate is today? The Hemet Home Loan Guy now has a Twitter page that will keep you updated...even on your mobile phone.
What is Twitter? It's like a condensed version of a social network site, like Active Rain, or a blog. Basically, it's used for short … (9 comments)
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hemet mortgage information: Riverside County First Time Buyers Program UPDATE - 02/06/08 08:01 PM
Two days ago I reported that the Riverside County's First Time Home Buyers Program is Out of Funds!
I ended the article with this statement: "The Riverside County Economic Development Association's fiscal year ends in June. I haven't received word whether or not the funds will be available in July. Stay tuned."
I … (0 comments)
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hemet mortgage information: Riverside County's First Time Home Buyers Program Out of Funds! - 02/04/08 02:34 PM
The Riverside County First Time Home Buyers Program has run out of funds.
The program offers up to 20% (maximum $75,000) down payment assistance to first time buyers and has been well-funded in recent years due to the lack of affordable housing for people with limited incomes. The buyers are not … (12 comments)
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hemet mortgage information: Investing in Hemet Real Estate...Good News and Bad News - 02/03/08 02:21 PM
What does investing in Hemet real estate look like in 2008? There have been a lot of changes in the last several months. Some of those changes are good and some are bad. Is it time to buy investment properties in Hemet and the surrounding areas? Let's look at some of … (2 comments)
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hemet mortgage information: Worried About Your House Payment? Riverside Community Mortgage Seminar - 01/25/08 11:30 PM
Has your mortgage recently adjusted? Are you wondering how you are going to make your next house payment? Are you having trouble refinancing because your property value has dropped?
Patrion Mortgage is holding a free educational seminar for troubled homeowners to give them information about finances, mortgages and credit in this tough … (2 comments)
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hemet mortgage information: More Costs for Mortgages - Freddie Mac raises home loan delivery fees - 11/15/07 08:11 PM
Freddie Mac (FHLMC) raised their Post-Settlement Delivery Fees today for credit scores under 680 and LTVs over 70%. Fannie Mae (FNMC) will do the same thing shortly. What the heck are Post-Settlement Delivery Fees and how will they affect your ability to get a mortgage to buy or refinance real estate?
Post-Settlement Delivery … (18 comments)
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hemet mortgage information: Mortgage Fraud: You got away with it...or DID you? - 10/01/07 01:21 AM
Recently, mortgage fraud is a hot topic on the Active Rain social network. Before the real estate bubble popped, it seemed that along with the rapid appreciation in the value of homes in Riverside County there was a depreciation in ethics. Suddenly things that seemed a matter of right and wrong became grey when you ...or did they? … (43 comments)
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hemet mortgage information: Real Agent Help Monthly Breakfast - First Time Home Buyers - 09/27/07 12:53 AM
Real Agent Help Monthly Breakfast - First Time Home Buyers
The Real Agent Help Monthly Breakfast is the premier real estate networking event in the Hemet region in Riverside County, California. Join us for breakfast, an opportunity to share a need or a listing you have, great educational content and tools to grow your … (10 comments)
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hemet mortgage information: Mortgage Deception: "Fed Slashes Interest Rate by a Half-Point! Refi & Save!" - 09/25/07 04:46 PM
There's a mortgage company advertising online with this deceptive headline: "Fed Slashes Interest Rate by a Half-Point! Refi & Save Today!"
How is this deceptive? What this mortgage company isn't telling you: the Federal Reserve Board doesn't control mortgage rates at all...it regulates the short-term interest rate that banks use to lend money … (10 comments)
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hemet mortgage information: How to Choose a Mortgage to Buy or Refinance in Hemet - 09/15/07 12:14 PM
Looking to buy or refinance a home in Hemet? How do you choose the right mortgage for your Hemet real estate?
The most important thing is that it is your decision.
Buying or refinancing your home is an important decision, so you'll need the help of a trusted mortgage loan expert. But … (0 comments)
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hemet mortgage information: When Bad Loans Happen to Good People - A Letter - 09/14/07 09:53 PM
Today I got a letter unlike any other I've received. It's not uncommon in my business as a mortgage loan expert, to get letters from my clients. I encourage other real estate professionals to collect them. But the letter I got today was from somebody who chose not to refinance their … (17 comments)
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hemet mortgage information: Money Problems Threaten Homeowners' Marriage - 09/07/07 12:53 AM
"I don't know what to do any more. She and I are hardly speaking and on top of the money problems our marriage is being threatened as well. Is there any hope for us to get out from under this huge payment? "
I was painfully reminded of how money problems are … (34 comments)
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hemet mortgage information: Funny Video...but Good Advertising, Too - 09/04/07 12:40 AM
When you put something out there...say, a giant 12-foot version of your head on a billboard, for example...you just never know what might come back to you!
A while back I decided to step up some of my advertising by adding a billboard. You have no idea how many car accidents there … (27 comments)
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hemet mortgage information: 7 Secrets to Success - Step Three: Raving Fans - 09/02/07 03:12 AM
This is part three of a seven-part series to help Realtors grow their business. To download the free audio version, click here.
Raving Fans.
This third secret is one of my favorites: Raving Fans. The Raving Fans strategy refers to third party endorsements. Whether you're a real estate professional or another business person, people … (13 comments)
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hemet mortgage information: What's the Point? (Points and Fees) - 08/27/07 10:45 PM
"All the equity I have in my home and I can't get a zero point loan because of my credit?!" You can hear these words several times a week on a popular talk radio station. In the commercial, a home loan company promises to give people with credit problems home loans … (0 comments)
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hemet mortgage information: 7 Steps to Fix Your Credit - 08/27/07 05:55 PM
Your credit history is the single greatest factor in your ability to get new credit, especially a home loan. And this year, credit has become even more important as sub-prime and alternative mortgages have either disappeared or become much more strict in their credit criteria. If you've had credit problems, what can … (4 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step 7 - 08/24/07 05:34 PM
Step 7: Getting a Home Loan
For some, the point of fixing up their credit is to get a home loan. But sometimes getting a home loan is a great way to fix up your credit. Here are some reasons:
It's often easier to get a good home loan than other types of … (4 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step 6 - 08/24/07 05:31 PM
Step 6: Dealing with Bankruptcy
Until the subprime meltdown, you could have gotten a home loan even if your bankruptcy was discharged one week ago! Now, however, a bankruptcy can seriously limit what credit is available to you. While you only have to disclose a bankruptcy on a home loan application if … (0 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step 5 - 08/24/07 05:27 PM
Step 5: Taking Care of Liens and Judgments
Liens and Judgments are items that have been reported to the County Recorder or the court to make sure that you pay them. They are reported on your credit report under the title of "Public Records" and bring your scores down. You may be … (0 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step 4 - 08/24/07 05:24 PM
Step 4 - Fixing Collections and Charge-offs
If a phone bill, credit card, medical visit or some other debt isn't paid, a company will often hand the debt over to a collection agency. If they do not, they might do a "charge off", which means they write off the debt you owed … (0 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step 3 - 08/24/07 05:23 PM
Step 3: Carefully Opening New Accounts
The reason to have good credit is so that you can get the loans that you need. Because credit is such a powerful tool, you need to know how to carefully use it to your advantage. Here are some steps:
Try not to apply for any loans … (0 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step 2 - 08/24/07 05:21 PM
Step 2: Keeping the Accounts You Have
If you already have credit, the best thing you can do is to care for the car loans, credit cards, home loans and other accounts you already have. Here are some steps to properly maintaining the accounts that you already have:
Make every payment on time. … (0 comments)
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hemet mortgage information: 7 Steps to Fixing Your Credit - Step One - 08/24/07 05:20 PM
Step 1: Looking at your credit report
I just posted information on how to get a free peak at your credit report...spurring me to write a series on how to fix up your credit. After you read the previous post, note the following:
If you have recently been denied credit, you should receive … (0 comments)
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hemet mortgage information: How to Check Your Credit for Free Every Year - 08/24/07 05:13 PM
A client called me to ask about getting a free copy of her credit report just one hour ago. Identity theft experts recommend that you check your credit at least once per year, and the federal government has given you the right to do it at no charge. But maybe, like … (3 comments)
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hemet mortgage information: Altura Credit Union turns 50! - 08/23/07 12:49 PM
Altura Credit Union turned 50 yesterday.
The credit union is one of the largest and most successful credit unions in the United States. Formerly known as Riverside County's Credit Union, the credit union has been voted the best employer in Riverside County several years and was a silver medal winner in the … (0 comments)
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hemet mortgage information: Loan Explosions Hit Home - 08/15/07 07:18 PM
Let me demonstrate how quickly changes are happening in the loan world with a painful first-person account.
I have a fantastic client who was doing a second mortgage.
Credit score: 774 (flawless)Debt Ratio: 36% (just right)Doc type: Full Doc (everything on the table)
There was a commitment from the largest mortgage company I can … (5 comments)
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hemet mortgage information: How Much House Can I Afford? - 08/12/07 11:06 PM
I got a great letter from a friend recently who is considering buying a home. Here's our correspondence:
"We might be able to buy a house from a friend of mine who is retiring. She is talking about carrying part of the loan or something. She really wants us to work out … (0 comments)
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hemet mortgage information: Attack of the Network Marketers - 08/09/07 11:46 PM
Do you remember that tacky commercial where Sally Struthers asks, in that annoying whine...
Do you wanna make more money?
Sales are slowing down, equity is tight and loan programs are dissapearing faster than a box of donuts at an Association of Realtors meeting.
At the same time, popular culture is obsessed with magical … (3 comments)
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hemet mortgage information: SubPrime Loans: The Many ruining it for the Few? - 03/18/07 09:57 AM
Three weeks ago, someone with a 580 credit score, a pay stub and a W-2 could buy a home with no money down.
Over the last week or two, that all disappeared.
Nearly every day in the papers, on the radio and on the web the news is how awful sub prime loans … (2 comments)
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hemet mortgage information: When the going gets tough... - 02/06/07 12:10 PM
IMPORTANT: the following email was passed on to me. I have no idea whether or not the information is valid or up-to-date. I pass it on not as a testimony to it's veracity, but as a sign of a trend and to solicit more accurate information from the companies involved. If … (6 comments)
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hemet mortgage information: Interest Rate Stays the Same - 01/31/07 05:44 PM
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.
Recent indicators have suggested somewhat firmer economic growth, and some tentative signs of stabilization have appeared in the housing market. Overall, the economy seems likely to expand at a moderate pace over … (0 comments)
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hemet mortgage information: Broken ARM? NegAMs explained - 01/03/07 08:54 PM
My last blog post was on adjustable rate mortgages, or ARMs. If there's one type of ARM that is receiving scrutiny right now, it's the Deferred Interest ARM, aka Negative Amortization, NegAM, Pick-a-Payment, OptionARM, PayOption...
This is one of the most popular home loans, but it's not well understood. When you hear … (3 comments)
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hemet mortgage information: ARMed and Dangerous? - 12/21/06 07:43 PM
Home loan companies are in an ARMs race...competing for your business and searching for ways to make homeownership affordable. An adjustable rate mortgage, or ARM, is one solution. If you need a home loan, should you consider an ARM?
If you had an adjustable rate mortgage from 1993 to 2003, you couldn't … (5 comments)
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hemet mortgage information: Risky Business...Why are there different interest rates? - 12/18/06 11:43 AM
If you've ever wanted a home loan, you've heard the commercials and seen advertisements that offer all sorts of interest rates. Why are there different interest rates?
Put simply, when a company lends out money, they take a risk that the loan might not be paid back. Sometimes, whether through circumstances beyond … (2 comments)
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hemet mortgage information: Manufactured Homes, Mobile Homes, Modular Homes...what's the deal? - 12/17/06 03:53 PM
There was a great post from a Realtor named Shari George that prompted me to write this blog entry.
Funny, it doesn't look like a trailer!
According to Freddie Mac and Fannie Mae, the two largest investors in conventional mortgage notes, the guidelines (and every major lender uses these guidelines, although they may be more restrictive … (5 comments)
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hemet mortgage information: California Public Employees - CalPERS Loans - 12/14/06 02:48 AM
If you're a California Public Employee, then you're a member of CalPERS, the California Public Employee Retirement System.
And if you're a member of PERS, then one of your benefits is the CalPERS home loan.
The CalPERS mortgage loan program is for purchase or refinance, has controlled closing costs, and has a competitive … (3 comments)
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hemet mortgage information: Interest Only - Your Best Interest? - 12/14/06 01:41 AM
Talking about interest-only home loans is a lot like talking about politics. Just the mention of them brings up strong reactions. What exactly are interest-only loans, and why would you get one?
A traditional house payment goes to principle and interest, meaning that the interest accrued over the past month is paid … (6 comments)
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hemet mortgage information: HUGE NEWS...Mortgage Insurance Tax Deductible!! - 12/13/06 01:58 PM
On Saturday, December 9th both the House and the Senate passed a bill allowing homeowners to deduct the cost of Mortgage Insurance.
MI premiums will be 100% Tax Deductible for households whose adjusted gross income is $100,000 or less.
The bill applies to all loans closed on or after January 1, 2007. Happy … (5 comments)
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hemet mortgage information: Association of Realtors Affiliates elections results! - 12/13/06 12:26 PM
The Hemet-San Jacinto Association of Realtors Affiliates Committee held their elections for 2007 officers today. The Affiliates Committee raises scholarship money for graduating seniors from these local high schools: Hemet High School, San Jacinto High School, Esperanza, West Valley High School, Allesandro High School, and Baptist Christian High School.
Last year the Affiliates … (5 comments)
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hemet mortgage information: The Great Real Estate Crash of 2007 - 12/07/06 12:51 AM
… (12 comments)
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