mortgage: Northwest Indiana Real Estate: Save Money When You Buy A Home - 02/18/07 12:49 AM
Purchasing a home in Northwest Indiana can save you money very quickly. FIRST, you'll save on taxes because the interest on your home mortgage is tax deductible. If you rent, your landlord gets the break.
SECOND, you'll save on interest payments while keeping the great tax advantage.
For example if you are paying … (0 comments)
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mortgage: Northwest Indiana Real Estate: Understanding Closing Costs - 02/18/07 12:47 AM
Here is an overview of the types of closing costs you may incur on your loan when you buy real estate in Northwest Indiana. Some are one-time fees, while others reoccur over the life of the loan. When you apply for your loan, you will receive a Good Faith Estimate of … (0 comments)
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mortgage: Northwest Indiana Real Estate: How Much Can You Afford - 02/18/07 12:41 AM
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where … (0 comments)
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mortgage: Home Equity Lines of Credit: Still Your best financial planning tool... - 02/17/07 02:42 PM
Pay Off your Current 30 Year Mortgage in less than 11 Years with out changing your monthly Cash flow While using a Home Equity Line of credit as your best Financial Tool : => http://www.loanacceleration.net
I'm a big fan of using a Home Equity Line of Credit (HELOC) as a financial planning tool … (2 comments)
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mortgage: Seller Asks, "Should we replace the carpet or offer a "Carpet Allowance?" - 02/16/07 10:17 PM
The nice folks were readying their home for market when the question came up, "Should we replace the carpet or offer a "Carpet Allowance?"
My input?
"If you can afford to, replace the carpet with a good mid-grade carpet in a neutral color. It will save you money and take all carpet discussion … (8 comments)
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mortgage: Northwest Indiana Home Loans 103 - 02/16/07 06:21 PM
Choices That Will Affect Your Loan:Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term. Fixed or adjustable interest rates. A … (0 comments)
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mortgage: Northwest Indiana Home Loan 101 - 02/16/07 06:15 PM
Choices That Will Affect Your Loan:Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term. Fixed or adjustable interest rates. A … (1 comments)
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mortgage: BC Housing Market Forecast - 02/16/07 04:30 PM
Forecast Highlights
Housing market activity to remain high Affordability for low-equity buyers worsens Sales slip lower, price increases slowing Tighter rental market Soft-landing market adjustment ahead Lower-cost markets outperform higher-cost urban markets Gradual market adjustment ahead
Market conditions are shifting away from a tight seller's market. Considerable market price pressures remain, which has … (0 comments)
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mortgage: Good Clients and Bad Clients - 02/16/07 04:17 PM
I would say 95% of my clients are on the ball and know what they are looking for. Together we achieve that goal and all is well. They refer other clients to me and I love my job. BUT... There is that one that can put you in a sour mood … (1 comments)
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mortgage: Wanna pay off your Mortgage?...Get rid of your checking account...! - 02/16/07 01:25 PM
How Can Home Owners Pay Off A Mortgage 10 Years Sooner By, Of All Things,Getting Rid Of Their Checking Account?
Get Rid of your checking account: => http://www.loanacceleration.net New Loan Features Can Save Home Owners Hundreds and Thousands of Dollars Without Spending One Penny In Extra Payments Everyone is always looking to … (15 comments)
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mortgage: Builders building less...what does that mean? - 02/16/07 12:01 PM
Just read that less 'new' homes are being built (called 'housing starts'). This trend has been going on for several months now and is good for the health of the housing market. Why? Because it means less houses are being built, which means less inventory available to buyers. The problem we … (0 comments)
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mortgage: BNI – Forget the referrals.. This is about resources and power. - 02/16/07 03:33 AM
As one of the chapter presidents for BNI, I can testify to the power and effectiveness of network marketing and if you're not already involved in a networking group, I encourage you to check out your local BNI chapter. The objective of any networking group is to grow your business through … (8 comments)
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mortgage: States Weigh Mortgage Loan Suitability Standards - 02/15/07 11:16 PM
What’s next for the mortgage lending industry, beset by deepening accusations of predatory lending and mortgage fraud?
Well, several states are considering the creation of suitability standards, similar to what stock brokers and investment advisors live with in the securities industry. If this movement takes shape, mortgage lenders might be … (0 comments)
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mortgage: Do you have language skills... Or language resources? - 02/15/07 10:59 PM
I was talking to my friend Ahmed Ammar today about building business, and addressing niches today.
We got into languages and I asked him, "What languages do you speak other than English?"
He said, "Arabaic."
Me, "Well, you should be blogging an English/Arabic blog. And an English/Arabic newsletter. There are many people in … (12 comments)
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mortgage: Another one bites the dust... - 02/15/07 03:50 PM
Lenders, particularly subprime ones, are closing up shop in droves these days. Here are a few:
E-loan announced it will close their sub prime wholesale division ResMAE listed for sale Wachovia Corp.'s consolidation of its wholesale operations will result in layoffs Fieldstone announced that it's closing 5 west coast branches including its … (5 comments)
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mortgage: 3 Easy Steps to Getting a Mortgage - 02/15/07 11:59 AM
Examine your finances and shop around before you apply for a mortgage. Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared.
Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer … (1 comments)
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mortgage: Lamenting Loans - 02/15/07 11:07 AM
Recently I had a couple call in wanting to buy a house. I asked if they had been pre-qualified and they said yes, the VA in D.C. had told them they could afford a house. I showed them houses within the price range the VA had given them, and when we … (1 comments)
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mortgage: FREE MORTGAGE & FINANCE CALCULATORS!!! How much can you really afford??? - 02/15/07 08:20 AM
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mortgage: Just when I thought I had heard everything -- a new idea - 02/14/07 06:32 PM
Ok, if you have experienced the following or know of someone who has please raise your hand. I was at a closing this morning and the buyers agent was sharing a story with us concerning a transaction she is working on with a FSBO property owned by Countrywide Mortgage. They placed an offer and … (31 comments)
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mortgage: Affordable Housing Initiatives in South Florida: Part 2 - Precontruction - 02/14/07 09:43 AM
AFFORDABLE HOUSING?? - Section 2: Preconstruction
Part 1 is here.
So in November, an acquaintance of mine left me a voicemail that she had a "Hot Hot Hot" lead for me...her sister. I was flattered and called her back. She said she was in the middle of meetings so she'd be brief. There … (10 comments)
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mortgage: To Blog or Not to Blog? - 02/14/07 07:24 AM
So here I am, writing my first AR Blog. Why am I doing this? Will anyone actually read this? I guess I have a bit of skepticism fueled by a lack of understanding on what to expect. Is blogging a legitimate business tool or the next cyberwave fad?
For the past several … (29 comments)
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mortgage: January 2007 Median Price Holding Steady - 02/13/07 05:04 PM
According the Business Journal of Phoenix, the January 2007 median price for a home came in at $260k. They cite this information from the Realty Studies at Arizona State University Polytechnic campus.
The article also had a prediction..."If 2007 is to follow the traditional pattern, the number of listings should be … (0 comments)
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mortgage: TRICKY QUESTION from a Newbie - 02/13/07 01:25 PM
Dear Fellow AllThingsFlorida ActiveRainers,
I am befuddled... what am I to do.
Scenario is that I'm in Palm Beach County. I work out of an office and mainly my home office in Lake Worth. The office is downtown... I live in the "Unincorporated" part of the county... but a Lake Worth Address … (5 comments)
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mortgage: Good Faith Estimate Part 4 - 02/13/07 12:34 PM
Line 102 and 1203
Rarely used.
Line 1302 * Pest Inspection Fee
This depends upon local need. If required by lender see. Always required on VA loans.
Unnumbered Comparison To Broker (Not Paid Out Of Loan Proceeds)
This is the "Yield Spread Premium" paid by the lender/investor to the mortgage broker, if not for the YSP … (1 comments)
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mortgage: Should loan officers be licensed? Do you know who your loan officer is? - 02/13/07 10:59 AM
I wrote a blog on accountability of lenders. I am a Realtor and have been in the past a loan officer, acct. executive or loan originator what ever you want to call them. Well guess what. In the Arizona Republic newspaper on Feb. 12th 2007 front page is a great article … (15 comments)
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mortgage: Good Faith Estimate Part 3 - 02/13/07 06:28 AM
Line 803 *Appraisal Fee
The estimate cost of the appraisal. This rarely varies except when additional inspection are required because of unfinished work or required repairs.
Line 804 *Credit Report
The cost of the credit report, this can go up as the actual lender may require additional reports or an electronic report may need … (1 comments)
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mortgage: How Home Buyers and Sellers Get Trapped in Straw Scams - 02/13/07 03:34 AM
Let's say that you've just gotten engaged and that you and your fiancee find your dream house. But since you're just getting started on the rest life, you can't get a reasonably-priced mortgage.
Your parents have a pretty good credit score and a strong income, so you ask them to buy … (12 comments)
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mortgage: Good Faith Estimate Part 1 - 02/12/07 12:15 PM
Figures don't lie, but liars figure!
It is never so true as in "The Good Faith Estimate!" If that weren't bad enough for the real estate consumer the liars' figures get exponentially distorted, when applied to the "Truth In Lending" form! These are government mandated disclosures that lend an air of … (2 comments)
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mortgage: Mortgage Market Update -- for the week of February 12th - 02/12/07 11:17 AM
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mortgage: Buying a Home while in Ch. 13 Bankruptcy in South Carolina - 02/12/07 08:02 AM
Are you feeling like this guy?
Do you think that since you have filed a Chapter 13 that you will never be able to buy a home for your family?
Were you forced to file for Bankruptcy due to Illness, Loss of Job, Divorce, or other Circumstances beyond your control?
Has everyone … (19 comments)
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mortgage: Canada new house prices level off in December - 02/11/07 12:17 PM
Average prices of new houses in Canada did not show a monthly increase in December for the first time since June 2000 as superheated markets in western Canada showed signs of cooling down.
Statistics Canada said on Thursday December's new home prices were up 10.7 percent from a year earlier, but … (0 comments)
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mortgage: Canada Mortgage Agency Says Home Starts to Drop Through 2008 - 02/11/07 12:12 PM
Canada's federal housing agency said home starts will decline this year because of higher prices and mortgage costs, and in 2008 will dip below 200,000 units for the first time in seven years. Construction of new homes will decline to 209,500 units this year from 227,395 in 2006, and then to … (0 comments)
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mortgage: Non-resident Mortgage Financing - 02/11/07 12:05 PM
Non-Resident Mortgage Financing
Purchases by Non-residents of Victoria and Vancouver Island properties have become increasingly popular during the past few years. The trend is expected to increase due to the excitement over the Vancouver - Whistler 2010 Winter Olympics.
There are many lenders that provide mortgages to non-residents. These lenders will generally … (0 comments)
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mortgage: New To Canada Mortgage Financing - 02/11/07 12:00 PM
Recent Immigrant to Canada? Discover mortgage products designed for you.
New to Canada? While most financial institutions traditionally have insisted that new immigrants provide a down payment of at least 25% to 35%, Genworth now offers qualified homebuyers who have immigrated or relocated to Canada to qualify for a mortgage with as little … (1 comments)
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mortgage: The Verdict is in: Your 30 Year "Fixed" Mortgage is NOT fixed..... - 02/10/07 09:39 AM
I was one of those "company men" that worked and still does work for a Large comercially well known Mortgage Bank....I was set in my Ways of how I thought things worked or were supposed to work in regards to Institutional lending....I am your "typical" type A personality that thought I had it … (9 comments)
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mortgage: Top 7 Steps to Take When Choosing a Home Loan - 02/09/07 07:13 PM
Your home loan is almost as important as the home you choose. Small changes on paper – ½% here, ½% there – can mean BIG changes to your monthly payment, and thousands of dollars over the lifetime of your loan. Today, it seems as though there are thousands of mortgage … (0 comments)
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mortgage: Be Mortgage Free in a Fraction of the Time!!! - 02/09/07 02:44 PM
Step1: Watch The MMA Tour !!! It Will Answer 90% Of your Questions.
Here is a little teaser: On a $200,000 30 year mortgage at 6%, the MMA software can cut the interest by as much as $167,001.78 based on the family situation in the video you just viewed. This would reduce the interest paid … (0 comments)
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mortgage: First Time Homebuyers - 02/09/07 04:53 AM
MHDC has released there funds and the rates are very good. If you are purchasing a home that is USDA eligible it is possible to get a loan with an interest rate under six percent with no MI. MHDC has two programs available for first time homebuyers, one is where they … (2 comments)
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mortgage: Chicago Condo Contracts - 02/08/07 11:18 PM
Everyone knows that they want a condo... and mostly what kind of place they want. They don't always know what kind of money gets what and how to get into the condo once they find it. That's my career description (that part about knowing... not the part about not knowing).Once we … (0 comments)
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mortgage: Going from A to Z with first time buyers - 02/08/07 11:12 PM
With many clients jumping on deals this early spring (including myself), one notices certain similarities amongst clients... They don't know how to take that first "step".
What do we do once you've found a place? Before my wife and I bought our first home in Albany Park, just west of Ravenswood … (0 comments)
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mortgage: My Reality TV Experience - 02/08/07 06:03 AM
It is amazing how many reality television programs have emerged in recent years, which is driven equally by popularity and economics for the networks. These programs largely fall into three primary categories: 1. Reality drama such as The Osbornes, Growing Up Gotti and the Real Housewives of Orange County. 2. Reality … (22 comments)
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mortgage: Mortgage Rates are Up...Smile it's "Good" news... - 02/08/07 12:40 AM
A lot of my clients ask me... "Keith, why do rates fluctuate on a daily basis?" ...A lot of people ask me this with a lot of suspect...Some are very skeptical, that somehow, I am not being completely forthcoming with the rates I have on a particular day since I can … (5 comments)
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mortgage: Mortgage Insurance May Return to Favor in for 2007 - 02/07/07 09:42 PM
For homebuyers and refinance borrowers who close on a loan with mortgage insurance, the 109th Congress has granted a gift in 2007. For transactions that fund between January 1, 2007 and December 31, 2007, borrowers will be able to deduct mortgage insurance premiums paid on their 2008 Federal Tax Return. A … (1 comments)
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mortgage: New financing options make homes for affordable - 02/07/07 05:36 PM
One of the great mortgage brokers I work with, Ray Mayer, sent me the following information regarding some new lending programs.
Pre-Sales nearing Completion? For those wishing to take advantage of their equity gains during the construction period; we can now provide financing based on the present value vs. the original … (0 comments)
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mortgage: 4 Reasons to Keep the Wage Earner Stated Income Loan - 02/07/07 01:50 AM
In the eye of the hurricane, where mortgage fraud mixes with over-inflated real estate prices, lies the stated income loan. For those unfamiliar with this bit of mortgage slang, stated income loans allow a borrower to claim a level of income they don’t have to prove. How’s that for temptation?? … (3 comments)
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mortgage: What is Escrow? - 02/06/07 07:16 PM
One of the first-time home buyers I'm currently working with just called me with a few excellent questions. She and her boyfriend have recently made an offer on their next home, with their agent which was accepted. They now have handsome stack of papers from the escrow company (as if the … (0 comments)
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mortgage: What is in the numbers? - 02/05/07 08:27 PM
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mortgage: Mortgage Market Update for the Week of February 5th - 02/05/07 11:48 AM
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mortgage: Update on Washington state's Loan Originator Licensing Law - 02/05/07 11:41 AM
DFI recently decided to back off their deadline for having Loan Originators submit their information for the background check by December 31, 2006 in order to have an interem license while they wade through all of the applications. Now, as long as they submit their information now, they can continue to provide mortgage … (0 comments)
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mortgage: 7 Savings Strategies for the New Year! - 02/05/07 10:20 AM
7 Savings Strategies for the New Year!By Belinda Walker, Edmonds Realtor®Edmonds WA Real Estate
Like many people today, you may find "too much month left at the end of your money"-especially after the holidays. Implementing both short- and long-term strategies to strengthen your family's economic foundation this year makes good cents (and … (2 comments)
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mortgage: Bad Loan Originators Are Coaching Borrowers and Agents to Commit Loan Fraud Everyday - 02/05/07 04:47 AM
Secret Side Agreements For Repairs Is Loan Fraud!
Here's how it happens...
Buyer contracts with Seller for a $200,000 home with the Seller paying all the closing costs which equates to 3% or $6,000....the current FNMA maximum. During the inspection, a faulty furnace is discovered. Let's assume for this example it's a working … (27 comments)
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mortgage: Note to Realtors: The Lender Holds Your Paycheck - 02/05/07 12:13 AM
I teach a class for Realtors on the subject of how to work effectively with a mortgage lender. Last year I taught this class at the Douglas Elbert Realtors Association and one nugget of affirmation came back to me this week. I was visiting a Keller Williams office and an agent … (25 comments)
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mortgage: Understanding MTA Mortgages - 02/04/07 02:00 PM
There has been tremendous focus in recent months on the use of Monthly Indexed Arm programs and Payment Option programs and the contribution of these hybrid products to the foreclosure problem across the country. As with any other loan product these programs are tools and when misapplied to the wrong job negative impact may … (2 comments)
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mortgage: No more debt - 02/03/07 09:00 PM
Warning: This page is going to ask you to be honest with yourself and your family about your debt. If you are ready to make changes in your life and work toward financial freedom, keep reading. If just being able to make your minimum monthly payments does not bother you, read … (2 comments)
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mortgage: A Little Bit of Art and Little Bit of History - 02/03/07 12:33 PM
This weekend in Mt. Dora, Florida, located in Lake County not too far away from where Friday's deadly tornadoes ravaged parts of Lake County, life goes on with a couple festivities. Turn out to these events may be at an all time low because of Friday's events, but people are still … (1 comments)
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mortgage: Jobs Jobs Jobs - 02/02/07 08:41 PM
Each month, we get the monthly non-farm payroll report from the Labor Department. No other piece of news is more closely watched by the markets and the Federal Reserve than this employment data. The report for January showed that the unemployment rate climbed to a four-month high and wage growth was … (0 comments)
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mortgage: $1.5 Trillion Worth of 3 & 5 Year ARMs Resetting in 2007 - 02/02/07 04:40 PM
I've written about this before. It is a scary scenario. According to the Mortgage Bankers Association, about $1.5 trillion in adjustable mortgages are due to have their rates reset this year. Now that it looks like the Federal Reserve will not lower interest rates anytime soon, many already cash-strapped homeowners/borrowers will soon see … (1 comments)
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mortgage: What is RESPA and how does RESPA affect my business - 02/02/07 02:42 PM
In Colorado we have a fantastic Attorney General who name is John Suthers. He has placed a laser focus on the Real Estate and more specifically the mortgage industry. The cause of this attention is the fact the Colorado was the number state for foreclosures in 2006. I have taught a … (0 comments)
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mortgage: Secrets Lenders Don’t Want You to Know! - 02/02/07 01:44 PM
Special Report from Robert P. Hartigan, Realtor
Secrets Lenders Don't Want You to Know! Read
This 11-Point Report Before You Sign Anything!
The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a … (0 comments)
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mortgage: Views You Can Use Newsletter - February 2007 - 02/02/07 12:21 PM
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mortgage: Mortgage Statistics, homes sold in December 2006 in the Tampa Bay Area - 02/01/07 11:23 PM
Type of financing # of Units
Cash 116
Conventional 1443
FHA 21
VA 14
Assumption 67
Other 67
61.54% of all sales are for homes with price in the range beween: $160,000 and $350,000
See the Association Web Site for complete records: http://www.gtar.org/mlsdec06.pdf
Mario Levesque,Realtor New Tampa , Broker AssociatePeople's … (0 comments)
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mortgage: Make Your Next Open House a Winner - Provide Prospects with Finance Options - 02/01/07 08:59 PM
I have had many of my Realtor partners ask me what they can do to make their next open house productive and a winner. Having worked on the other side of the fence there's nothing more frustrating than working an open house and watching potential clients walk away.
I spend at least one weekend day stopping by local open houses … (3 comments)
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mortgage: Seller Contributions: No Longer A Secret in Home Purchases - 02/01/07 04:10 PM
A “seller contribution” used to be one of the best kept secrets in the home buying process. That is when the seller of a home puts up some or all of the money needed toward the buyer’s closing costs. It can mean the difference between a sale of a home and … (3 comments)
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mortgage: The FSBO Assistant - 02/01/07 02:13 PM
The FSBO AssistantGiving to Receive
One nice thing about For Sale By Owner (FSBO) homes is that the owners advertise to the general populace, which makes them easy to find! You have their address in any ad they put out, which means you can do some extremely targeted marketing.Another important thing to … (0 comments)
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mortgage: New Resources to Fund Green Built Real Estate Projects - 02/01/07 10:21 AM
Now more than ever the issue of building to "Green Standards" is gaining momentum in the real estate community. Many of you have already explored and in some cases gained accredidation as green agents, lenders, or builders. A friend of mine is chairman of the board for the New Resource Bank, which offers … (7 comments)
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mortgage: Bank and Broker Lies Cost the American Homeowner $16 Billion a Year! - 01/31/07 09:48 PM
As the host of a Denver Radio Talk Show, The Mortgage Insider Show, I brought the "hidden" overcharging of Yield Spread Premium to light for homeowners and real estate professionals alike. This common but largely unknown practice of upping a clients rate by as little as a half a percent allowing the bank or broker to pocket … (2 comments)
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mortgage: What is the value of a referral network? How much time are you willing to invest in building one? - 01/31/07 06:51 PM
What is the value of having a referral network and how much time are you willing to invest in building one? These two question should be answered by every one who is serious about achieving the highest levels of success in terms of production and revenue generation. Once you have combined … (1 comments)
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mortgage: Choosing a Realtor and Lender – One Realtors Perspective - 01/31/07 01:27 PM
So you're thinking of making the jump into the American dream (home ownership). Are you upsizing or downsizing your home because of your particular family structure or for financial reasons? The information below should help you organize and be better prepared for this endeavor.
Selecting a Realtor - Over the years much … (1 comments)
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mortgage: A real real estate blog...well, actually it's a mortgage thing... - 01/31/07 11:25 AM
I admit it...I'm not a mortgage lender!! But after almost 5 years in the business, I can tell you a thing or two about loans. This blog is really a "buyer beware," brought on by a situation I encountered this past week.
To begin, I'll tell you a story about my … (4 comments)
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mortgage: Mortgage Fraud - 01/30/07 02:36 PM
What, in a nutshell, is mortgage fraud? Mortgage fraud generally involves material misrepresentations or omissions made to deceive a financial institution into funding, purchasing or insuring a mortgage loan. There are many different types of mortgage fraud that fall into two catagories, "fraud for housing" and "fraud for profit" Under the … (1 comments)
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mortgage: 8 Steps to Getting Your Finances in Order - 01/30/07 01:40 PM
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mortgage: Credit Tips for any credit score - 01/29/07 04:21 PM
Many of you have made New Years resolutions and at this point if you are still on tract you will most likely succeed your goal. For those of you who think they can handle one more commitment lets try to improve our credit score. In many cases your credit score will … (2 comments)
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mortgage: Mortgage Market Update - For the Week of January 29th - 01/29/07 11:31 AM
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mortgage: Success in the New Year - 01/29/07 11:02 AM
What are everyones thoughts regaurding interest rates in 2007? Does anyone believe we could see lower interest rates this year than the last? What has to happen in the United States for interest rates to drop like they did just a couple years back? Do lower interest rates mean success for … (2 comments)
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mortgage: My Interview with Jillayne Schlicke of Ethical Lending Foundation - 01/28/07 12:10 PM
Jillayne and I go way back and recently have been reacquainted when we both became "ActiveContributors" on Rain City Guide. I have really enjoyed reading and responding to her blogs. I am also quite interested in her company, Ethical Lending Foundation, which is very timely for the mortgage industry in light … (2 comments)
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mortgage: Empire Loans - 01/27/07 12:56 AM
We are mortgage brokers out of Troy MI looking for Loan Officers to work for our company.
We offer some of the highest commision around.
Only hiring loan officers with experience at this time.
Please send me a e-mail at empireloans248@aol.com or call my cell at 248.807.1067
Thanks
Randy Jabero
http://www.empireloansusa.com/
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mortgage: 401(k), 403(b), stocks, you and me. - 01/26/07 11:44 PM
401(k), 403(b), stocks, you and me: Financing your mortgage
Todays Tribune real estate section featured a great article about using securities accounts, 401(k)s and 403(b)s as financing options for home purchases. For instance, one can use these accounts as an equity line with various payback requirements. This is no way condoned … (1 comments)
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mortgage: Hey brokers and lender... weigh in on incentives - 01/26/07 10:38 PM
Mortgage 101: Preferred lenders and builder's incentives
We've seen it a million times (and when I say WE, I mean me). Maybe you have seen it. A builder of a new home subdivision, condo building, or new condo conversion offers incentives somehow based on the preferred lender. "If you use our … (0 comments)
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mortgage: DON'T BUY THE CAR...BUY THE HOUSE FIRST - 01/26/07 04:20 PM
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mortgage: Welcome Rebecca Brillhart - 01/26/07 11:38 AM
It is my pleasure to introduce to ActiveRain and Localism Rebecca Brillhart.
Rebecca is also the newest broker to join the Knightlines Mortgage Services, LLC team.
With her experience in real estate (NYC market) and her connection in the film industry, she will have a vital role in the growth and developement … (5 comments)
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mortgage: Mortgage Applications Decline - 01/25/07 05:17 PM
Mortgage Applications Decline for the Week Graph: MBA Applications Index over 52 WeeksMortgage demand was on the decline for the week as applications both refinances and purchases dropped noticeably. For Week Ending: January 19, 2007Seasonally AdjustedTotal Mortgage Activity: Down 8.4%MBA Market Index Now: 611.3Index One Week Earlier: 667.2Unadjusted BasisTotal Mortgage Activity: … (1 comments)
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mortgage: California Mortgage Defaults Hit 8-Year High - 01/25/07 12:23 AM
That's the headline from the Silicon Valley Business Journal. The San Jose Mercury News states it more plainly as "More Californians fall behind on their mortgages."
Impact on Silicon Valley
So what's the impact here in Silicon Valley? "None right now. Literally none," according to John Karevoll, who works at DataQuick, the … (3 comments)
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mortgage: Buying Leads? To do or not to do! SAVING TIME AND MONEY - 01/24/07 09:38 PM
I know that this is one great question and I am sure that more than I would love input on. With all the members actively involved on this community, I am hoping to stop spending wasted money on poor leads. PLEASE HELP AND COMMENT ON THIS POST.
In the past six months, … (4 comments)
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mortgage: Vendor Referrals....This is a two way street guys - 01/24/07 04:33 PM
Title companies,insurance agents,lenders and on and on, these are the people we refer clients to on a daily basis. Are those receprocial relationships for you? Up to now it sure has not been for me. But all of that is about to change.....
Like I said in an earlier blog, I am a … (28 comments)
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mortgage: Mortgage News You Can Use!! - 01/24/07 02:10 PM
Rate Watch - For the week ending January 19th, 30-year fixed rates averaged 6.22%, edging up 0.03 percent from the previous week. The average for 15-year fixed mortgages rose slightly to 5.93%. A year ago 30-year fixed rates were at 6.04%.
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Not much on the economic calendar until Friday's New Home Sales … (0 comments)
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mortgage: True Lies: Stated Income Loan Gets Originator Indicted - 01/24/07 12:23 PM
Stated Income Loans Gets Originator Indicted - That was the eye catching title of a December 20th 2006 article by a staff writer at the Originator Times. Was I shocked, or I was appalled, and sick to my stomach... and just a little bit curious.
While the few kindred spirits of … (34 comments)
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mortgage: But They've Been Scrubbed! - 01/24/07 11:41 AM
I was wondering what my topic of the day would be for a blog, then I got a call and the perfect topic came up. A lead generation source called me up just a few minutes ago and was offering, yet again....to buy mortgage leads from "reputable sources."
This telemarketer had a slightly … (6 comments)
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mortgage: How Credit Scores affect your Mortgage - 01/24/07 08:53 AM
The two major unknowns of the loan process are whether you will get approved, and at what percentage rate. Both of these depend primarily on your credit. The better your credit, the better chances of approval at a low rate. But what exactly is good credit? What's the difference between A … (1 comments)
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mortgage: Getting More Approved Loans Back….and Techniques! - 01/23/07 07:33 PM
Now I'm not perfect but I feel that I have found the best way to get more loans back once sent to be signed. Lets be honest.....it is not hard getting the client approved for the most part and sending out the approval paperwork to be signed. The hard part is … (0 comments)
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mortgage: Texas title insurers told to slash rates again - 01/23/07 02:56 PM
State regulators have again gone to the title companies and demanded a reduction in rates.
You see... It seems that title companies(or rather their insurance companies) pay out such a low percentage of their premiums in claims that the govenment felt that they should step in and make a change.... again!!
I … (2 comments)
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mortgage: The Power of "Truth" and Seeking to Understand Your Clients! - 01/22/07 08:51 PM
I don't understand why many in my industry can't grab onto the "Power of Truth" and the need to understand a clients' needs! I have received several new calls this week from new and potential clients that are looking to refinance their homes from their once "all time low" payment to … (1 comments)
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mortgage: Mortgage Market Update - For the Week of January 22 - 01/22/07 01:06 PM
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mortgage: HARD MONEY LOAN TO 65 LTV WITH 7-10 DAY CLOSING? - 01/21/07 05:40 PM
IF YOU WANT THIS HARD MONEY LOAN CLOSED FAST (5-10 DAYS), TO 65 LTV WITH MAX COMP TO THE BROKER, GIVE ME A CALL. I WILL ACCEPT ANY CREDIT SCORE, ANY BORROWER AND ANY MORTGAGE HISTORY (CURRENT BK, FC OK). I PRICE UP LENDER PTS, BROKER PTS PLUS EXACT BORROWER RATE … (0 comments)
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mortgage: Do You Get Dollars or Donuts? - 01/21/07 09:30 AM
Success in Real Estate is often proportional to your reputation as the expert in your community. An integral part of your expertise flows from the team of affiliates you "partner" with on your transactions. A key partner is your mortgage originator. What should you look for and, more importantly, expect from … (1 comments)
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mortgage: The Preapproval Letter Defined - 01/20/07 03:24 PM
The preapproval letter is a tool typically drafted by a loan originator to be used by a buyer's real estate agent when presenting an offer on a property. The letter may be in the form of a certificate or be an actual letter on the lender's letterhead. The preapproval letter is … (5 comments)
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mortgage: New tax deduction for mortgage insurance - 01/20/07 03:12 PM
According to Holden Lewis of Bankrate.com, Mortgage insurance will be tax-deductible in 2007. For some homeowners, the new law means it will cheaper to get mortgage insurance instead of getting piggyback loans.
The 109th Congress passed the tax law in its final hours. Hundreds of thousands of homeowners will save a total … (1 comments)
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mortgage: Don't Worry About the Bold Print. We're Not Trying to Hide Anything! - 01/20/07 02:50 PM
Ann Guy wrote a post yesterday about Jerry Seinfeld having to pay his realtor commissions on a house that he purchased without her help. Apparently, the judge ruled in favor of the realtor.
Well, this topic brought to my mind a topic that most consumers may not be aware of and it … (21 comments)
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mortgage: Is your ARM about to ACHE in South Carolina? - 01/20/07 01:36 PM
No, I'm not talking about your physical arm - if you look like this guy(Not me- the guy to the left!)- GO TO THE Emergency Room NOW!!
I'm talking about your Adjustable Rate Mortgage.
Is it about to Acheive Critical Heartache Experience? This means - is it about to adjust to a … (13 comments)
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mortgage: Your #1 Defense Against Getting Ripped-Off on a Mortgage - 01/20/07 11:47 AM
Getting a mortgage and buying a house involves around 300 sheets of paper. And many people are intimidated by the monumental stack of formerly living trees or the terms they don't know printed on them. But with only a few key concepts, you can usually protect yourself from getting very ripped-off.
When … (0 comments)
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mortgage: Empowering Yourself Through Your Credit Rating - 01/20/07 02:02 AM
Your FICO score is the number makes-or-breaks your ability to buy a house and determines whether you get the best rates or get charged enormous fees. You can directly affect the strength of your credit and, in turn, how much your dream house really costs you.
When applying for a mortgage, … (1 comments)
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