mortgage tips: My October Real Estate Update - 10/07/08 08:06 AM
We are still experiencing a Real Estate Buyer's Market in beautiful Northern Illinois.
It is a GREAT time to buy, especially for first time buyers, investors and move-up buyers!!
If I can be of assistance to you, please do not hesitate to call or email me. It will be … (2 comments)
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mortgage tips: $7500 First Time Homebuyer Credit - 09/09/08 07:11 AM
Friends,
The recent Housing Stimulus Package recently signed into law, offers first time homebuyers $7,500 tax credit. This a great incentive to first-time homebuyers to get off the fence and buy a home.
Here is the link that provides the details; http://www.federalhousingtaxcredit.com/
Here is a summary:
… (2 comments)
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mortgage tips: Mortgage Tip - 09/08/08 12:43 PM
We are often asked how the annual percentage rate (APR) that appears on the Truth-in-Lending disclosure is calculated. Here's how it's done:
1) In order to calculate the APR, we need to know the principal amount of the loan (the amount the buyer borrows from the lender), the interest rate, the term … (0 comments)
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mortgage tips: More Mortgage Tips - 08/15/08 02:19 PM
Fannie Mae announced last Friday that as of the end of the year, they will no longer purchase Alt-A loans. Alt-A loans are loans that fall in between prime loans and sub-prime loans. There are two main categories within Alt-A. The first is loans with reduced documentation requirements, for which the borrower states … (0 comments)
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mortgage tips: Mortgage Tip - 08/15/08 01:54 PM
Here's a web site that will save you lots of time.
http://publicrecords.netronline.com
It provides access to the public records sites for every county in the nation. If the county does not have a public records web site, it still provides the phone numbers for the county offices you need: assessor, treasurer, recorder, … (0 comments)
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mortgage tips: Mortgage Tip - 07/05/08 12:41 PM
We get asked many questions about loan conditions. Here's a brief overview of the different types of conditions and a few examples of each:
-- Prior to docs conditions. These are things that must be reviewed by the underwriter before a final approval (clear-to-close) is issued. Examples: pay stubs, bank statements, … (0 comments)
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mortgage tips: Mortgage Tip - 07/05/08 12:35 PM
Fannie Mae underwriting guidelines are changing for people who own a primary residence and are buying a new primary residence while retaining their current primary residence as an investment property. Current guidelines allow the buyer to count 75% of the rental income from their current house to qualify, as long as they … (3 comments)
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mortgage tips: Changing Daily - Interest Rates - 06/26/08 11:56 AM
Interest Rates Change Daily
Interest rates change constantly, but it is important to know that rates are cyclical. If rates are currently at historical lows then we know there is a strong probability rates will go up again, and vice versa. Certain economic indicators such as unemployment data, consumer price index, … (1 comments)
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mortgage tips: Guidelines for Seller Contributions - 06/25/08 12:17 PM
When structuring real estate transactions to meet Fannie Mae, Freddie Mac, FHA, VA, and community products, agents should keep in mind the following allowable seller contributions for closing costs and prepaids:
Conventional Loans
Primary & Second homes
90% to 100% loan-to-value: 3%
75% to 90% LTV: 6%
… (4 comments)
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mortgage tips: Mortgage Tip - 06/12/08 05:20 PM
FHA is making some changes that take effect on July 14. Currently, every FHA borrower pays the same up-front mortgage insurance premium (UFMIP) and the same monthly mortgage insurance premium (MIP). The current premiums are 1.5% of the loan amount for the UFMIP and 0.5% annually for the monthly MIP (loan … (2 comments)
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mortgage tips: Mortgage Tip - 05/29/08 10:50 AM
Many lenders are rolling out new credit guidelines that require borrowers to have a minimum of 3 accounts showing on their credit report. The rules are different for every lender (some allow an account to be closed, some want them all to be open for 12 months, some want at least … (0 comments)
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mortgage tips: Finding the Best Mortgage Brokers - 05/28/08 08:20 AM
So you need cash. Not just a little. You may need to invest in a promising new venture, so you would need significant figures. But how could you secure that amount?
You could borrow from friends and family, but for sure, they could not lend you much money because they also … (2 comments)
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mortgage tips: Good News From Lenders - 05/23/08 10:36 AM
An article from RealtyTimes.com, reports that the best news in real estate the first few months of 2008 has concerned mortgages. Interest levels have continued to hover near 6% for 30-year fixed-rate loans, people who want to buy or refinance at this time will find interest rates not terribly far-removed from the historic lows seen in 2003. … (1 comments)
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mortgage tips: Bad Credit Mortgage Tips - 05/22/08 12:32 AM
Mortgages are significant loans or credit facilities that hold property or home assets are securities. The mortgage system works this way: when the borrower fails to settle the amount he is supposed to repay over a specified period of time, the lender would be authorized to legally own the collateral. The … (3 comments)
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mortgage tips: Getting ready to purchase a home? Here are some tips to keep in mind! - 04/27/08 05:36 PM
7 Things you should NOT do when applying for a home loan!
A list of things to avoid when financing a home as they may pose problems during the loan process...
1. Don’t buy or lease an automobile! Lenders look carefully at your debt-to-income ratio. A large payment such as a … (0 comments)
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mortgage tips: New Home Buyer Tips in Texas - 03/25/08 12:23 PM
Have you started to look at buying your first home? If so, please print a copy of this and share it with everyone involved in your purchase (wife, girlfriend, boyfriend, hubby, partner - whomever)...
6-9 months before you are ready to move...
1) Do not buy a new car, boat, motorcycle or any … (2 comments)
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mortgage tips: FHA LOAN Update - Buying a Home in Northern Virginia - Donny and Meredith Samson - 03/12/08 02:38 PM
NO MONEY DOWN IS BACK!!!
FHA loan limits are up to $729,750 in all of Northern Virginia. This is a great time to buy!!! Investors are ready to make loans...
Benefits:
• No Credit Score Requirements
• Up to 100% Financing
• 30yr Fixed Rate (Your payment will NEVER Change!)
• ZERO cash out of … (0 comments)
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mortgage tips: Mortgage: The INSIDE Scoop - 03/11/08 08:40 AM
Mortage: The INSIDE Scoop
The Mortgage Process can be confusing and rather scary - especially if you have never gone through it before!
If you are a First Time Homebuyer do not miss the basics of the Mortgage process.
Your chances of getting qualified for a mortgage starts with the Loan Application … (4 comments)
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mortgage tips: How to know if your ready to buy a home? - 03/07/08 10:15 AM
Although I am sure that this type of information has been posted on Active Rain a few times. I think that it is worth repeating. Clients make the decision that they are ready to buy a home for many different reasons. Some are listed below:They are tired of rentingThey just got marriedTheir peers … (3 comments)
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mortgage tips: Understanding The Federal Reserve and Mortgage Rates - 03/06/08 12:24 PM
… (1 comments)
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mortgage tips: Rates going down!! - 01/15/08 12:35 PM
Bernanke: Fed ready to cut interest rates again Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession.
http://www.msnbc.msn.com/id/22592939/from/ET/
… (0 comments)
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mortgage tips: Mortgage Lender View - 01/10/08 10:13 AM
We received an email from a lender associate with Chase Mortgage and wanted to share it:
"There is a lot of talk of more changes coming for FHA. Hopefully we will see more increases in the maximum loan amount. I will keep you posted on the changes as they come out.
Remember … (0 comments)
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mortgage tips: A Question for Fellow Agents & Mortgage Professionals - 01/08/08 01:19 PM
My Fellow Agents - How many of your lender partners follow HUD Regulation X (RESPA Regulations) - 24 CFR 3500.7 (at the bottom of this post)?
Lenders - How many of you follow the laws set forth in the aforementioned Regulation X? If this question makes you feel uncomfortable, I apologize. However...don't … (0 comments)
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mortgage tips: Lowered Rates may Rise - 12/18/07 03:29 PM
Last week the Federal Reserve lowered interest rates for the third straight meeting of the FOMC. What does this mean? Well, if you're looking to capture the best home loan rates, you need to act now. For those with an application already in process, you should probably lock your rate as … (2 comments)
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mortgage tips: VA increases loans to above $417,000 - 12/04/07 09:34 AM
The Government National Mortgage Association (Ginnie Mae) has changed its rules to allow larger VA loans if the member is willing to make a down payment of at least 25 percent of the portion of the home's price that exceeds $417,000. Eligible veterans and active-duty military personnel have been able to … (7 comments)
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mortgage tips: Fire trucks are Gathering! - 12/01/07 11:54 PM
Well we had a credit crisis in August, but the Fed came to the rescue. The subprime market is nonexistent. And the housing market is in free-fall. But the economy is weathering the various crises quite well. Wasn't the GDP at an very high 4.9% last quarter, when we were in the … (2 comments)
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mortgage tips: Mortgage Rates drop a Lot this Week! - 12/01/07 10:16 PM
With major banks and big Wall street firms feeling the pain associated with the country's mortgage fiasco mortgage rates fell so much this week that 30-year mortgages rates dropped to the lowest level in more than two years. 30-year fixed-rate mortgages averaged 6.10 percent. and was the lowest rate since the week of Oct. 13. 2005, … (1 comments)
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mortgage tips: Some companies looking to capitalize on sub-prime mess - 11/24/07 06:33 PM
Well say it ain't so! Some Credit card companies are now targeting those in danger of losing their homes because of sub-prime mortgages. Imagine being a homeowner who is in trouble and getting offers for new credit cards in the mail. While you might think you're getting a lifeline, you're actually being … (1 comments)
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mortgage tips: Great Information on a Growing Issue with Homeowners - 11/19/07 08:53 AM
We wanted to share with you several articles on a growing (unfortunate) trend with homeowners across the country.
Everyone Could Win on a Home Short Sale
A 'short sale' means a lender allows a house to be sold for less than is owed on it and accepts the loss. It can be … (0 comments)
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mortgage tips: Simple Form for Mortgage Loans?? - 11/10/07 07:54 PM
With the subprime mortgage mess and congress about to pass HR 3915 maybe this simple form( download and print the form here ).could've helped avoid some of the malaise.
When you get a mortgage loan, you sign a ton of documents--good-faith estimates, a truth-in-lending statements, settlement statements, and more. You'll sign other documents to protect … (0 comments)
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mortgage tips: Self Employed Mortgage issues - 10/12/07 11:25 AM
Lenders are most concerned about a borrower's ability to maintain a certain level of income and self-employed borrowers many times have the ability to change their income based on factors they control.
Loan underwriters have the discretion to evaluate each case on its own merits. The biggest point is in the documentation requirements. Normally, a … (0 comments)
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mortgage tips: How Can I Improve My Credit Score? - 10/06/07 06:40 PM
In my last post, I talked about how your credit score is determined and how you can check your current FICO (credit) score. So is your credit score really that important? The answer is a resounding “Yes!” Many people don’t realize how much their credit score affects so many different … (0 comments)
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mortgage tips: Loans to Rehab Property - 09/17/07 09:20 PM
The Title I program insures loans to finance the light or moderate rehabilitation of properties, as well as the construction of nonresidential buildings on the property. This program may be used to insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is … (1 comments)
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mortgage tips: What is Predatory Lending? - 09/17/07 08:40 PM
In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:
Sell properties for much more than they are worth using false appraisals. Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to … (4 comments)
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mortgage tips: Help from Fannie Mae's "HomeStay" Initiative - 09/10/07 03:50 PM
FYI:
The HomeStay Initiative is a part of Fannie Mae's ongoing efforts to ensure adequate liquidity in the market by providing stable and affordable mortgage products that are underwritten using guidelines that emphasize the borrower's ability to repay the debt.
HomeStay is an umbrella initiative, under which industry professionals can access a suite … (0 comments)
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mortgage tips: Washington Funding TIPS! - 09/04/07 01:49 PM
Washington Values on the RISE: As a local mortgage professional I get more calls these days from national lenders seeking to fund in our state. Why? Whatcom county in particular is experiencing property value GROWTH in the range of 5% with Washington at 9.1% tied with Montana for 3rd according to the Office … (0 comments)
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mortgage tips: Before You Mortgage - 01/31/07 04:06 PM
Looking to purchase a home? Make sure you know what you're getting into before pledging to pay hundreds of thousands of dollars. When searching for a lender and arranging your mortgage, the best piece of advice I can give you is to BE INFORMED.Here are some other hints to ensure you … (2 comments)
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mortgage tips: Speed Kills...Deals - 12/23/06 01:16 PM
Did you ever wonder why you are having problems with a deal 30 days into it? It may have to do with your preliminary work. I recently was working on a loan when my processor called and had a lot of questions. Too many as a matter of fact. I went … (10 comments)
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