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Blog entries tagged with "mortgages":
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers
and brokers listed on this site. These real estate profiles, blogs and
blog entries are provided here as a courtesy to
our visitors to help them make an informed decision when buying or selling a house. ActiveRain
Corp. takes no responsibility for the content in these profiles, that are written by the members
of this community.
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Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to … (3 comments)
When you were a child I'm sure your mother said to you all the time "Don't count your chickens before they hatch". I bet you never thought she was teaching you about business at the time!
This group is open to all members, particularly real estate and mortgage professional to discuss and share information on financial resources available to homebuyers for down payment assistance programs from true not-for-profit agencies, National, State and local housing programs. Please share your knowledge as it relates to your State or local … (8 comments)
Last month, the fallout from the mortgage crisis took a rather unusual turn. For the first time in 20 years, several US banks went belly-up, most notably IndyMac Bank, the second largest financial institution to fail in US history, and one of the largest mortgage lenders in the country. Suddenly, IndyMac's … (0 comments)
Blanket Loans to 97% LTV - No FICO Needed 
Since the mortgage industry meltdown of 2007, Lenders have instituted seller seasoning guidelines making it almost impossible to flip a property-unless you know how to avoid the problem.Lenders have also (and continue) tightening the borrowing guidelines making it very difficult for buyers to obtain mortgage loans.The Owner Finance System eliminates the … (0 comments)
Mortgage rates have changed again this week. The market seems to swing according to the media focus. With the start of the Olympics, we may be in for a bit of a reprieve. However, according to a CNN article by Les Christie, borrowers may benefit by locking in their interest rate (pre closing). … (0 comments)
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 … (2 comments)
Mortgages on a property are referred to by a number. For example, you might have a first mortgage on your home. Some have a second mortgage and some even have a third.
When October 1st rolls around, seller funded down payment assistance will be history. Now there is a bill in congress to restore it, but who knows if it will pass, and more importantly signed into law by the President in time. I will instead look at the possible solutions.
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters … (2 comments)
I have been asked by several people who have read some of my credit restoration blogs to provide some additional resources. This particular blog will take care of those requests.
Over the last few weeks and months, the mortgage industry has experienced significant changes. Guidelines have changed, MI companies have tightened their belts, FHA has posted price adjustments to their upfront and annual MI premiums based on LTV and credit score, and Fannie Mae/Freddie Mac have loan level price adjustments for … (4 comments)
So many choices, so many ads on tv, where should I go for a loan?
A hard money loanrefers to individual or a group of investors that loan money at a higher rate of interest. The investors loan strictly on the value of the home. Many Michigan hard money lenders only loan 50% to 55% of the homes value. Some hard money lenders charge between 12 … (4 comments)
I wanted to take a moment to introduce myself. I am a mortgage professional with Professional Mortgage Partners and provide my mortgage services throughout Yorkville and Kendall County. My services are not limited to Illinois as we hold several state licenses and a direct lender to Freddie Mac. As your mortgage … (0 comments)
You like that title, huh? Well, its true... we became our own worst enemy!
It might not be a new fashion trend, but Freddie Mac has issued a press release on August 11, 2008 stating:
It is a fascinating world of mortgages. I find that you need to be an accountant to be able to compare the figures and loan costs between lenders. They can quote a great rate but then have huge back end fees that are amazing. Then they try to justify by saying … (0 comments)
This past Thursday, I met with a widow who lost her husband to a long-term illness five months ago. They refinanced their building in the same monetary increments and it was obvious that it was for his medical expenses. She sat slumped in the chair, her clothes were pressed, her hair … (17 comments)
What created today's market? Many homeowners and real estate professionals are asking themselves this. The slowdown is largely due to the demand started by the global investment market and by individual investor/speculators. In other words in the year of 2000 the world's pool of dollars exploded, between 2006 and 2007 it … (0 comments)
Myths The Credit Bureaus Want You To Believe-By Bobby EnrightMyth No. 1 - It is easy to dispute a credit report. Consumer's can resolve their own issues.To be honest, it IS simple to challenge a credit report. However, as an everyday person, it's amazingly difficult and frustrating to get results from … (0 comments)
Okay, last week my primary FHA lender sent out the usual email about how great they are and how much they know. In reading through the mail I noticed that it stated that you can only have one FHA loan. Well that's not correct, so I responded in kind. After a couple … (8 comments)
Mortgage bond prices fell last week pushing mortgage interest rates higher. Inflation readings the first part of the week set the tone. Rates remained worse the middle portion of the week following the Fed meeting and significant stock strength. Fortunately that trend reversed the latter portion of the week helped by … (0 comments)
Ho...Hummmmm. It is summer and things are lazy and slow. Lots of time is being spent with the family and friends. 
Housing and Economic Recovery Act of 2008 FAQ
Are you renting but really want to own your own home? Do you pay your bills on time but just can't seem to save money for a down payment?
In back to back statements one day after the other, the CFO of Freddie Mac and the CEO of Fannie Mae made statements regarding the real estate market that should have the masses howling in my humble opinion.
Federal Finance Minister Jim Flaherty assured reporters that there is no bubble in the Canadian housing sector. The government says it is taking a responsible and measured approach to ensure Canada's housing market remains strong and to reduce the risk of a U.S. style housing bubble developing in Canada.
Did you know that today when you are showing foreclosed properties that there is an option for the buyer to get a loan for the repairs along with his mortgage. The FHA 203K streamline is the one to pick it will allow up to $35,000 in repairs and build it into … (0 comments)
Last week, President Bush signed a $300 Billion rescue plan into law called the "Housing and Economic Recovery Act of 2008". There are more than 700 pages to the bill and I wanted to give you the highlights - however, more information will follow as the bill becomes fully enacted. If … (0 comments)
The hardest part of saving for a new home for many people is putting away the money for the down payment. If you have less than 25% of the purchase price to put down you will likely need to purchase mortgage insurance from whatever lender you have chosen. The reason for … (0 comments)
It is difficult to find any bright spots in the economic news these days. How does that Rudyard Kipling poem go? "If you can keep your head when all about you are losing theirs..." For those who don't panic and are prepared, there has never been a better time to fortify … (3 comments)
The Realtor Review (a monthly publication of the Raleigh Regional Association of Realtors) highlighted a new website that looked interesting, and as I pulled it up I was THRILLED. The site, www.PreservationTriangle.com gives people the opportunity to share "experiences, stories and photographs" about their communities. 
With over 12 years of Mortgage experience Mr.Trapaso has the full knowledge of working and understanding the Fannie Mae and Freddie Mac Guidelines in the Mortgage Industry. He has had the opportunity to assist his clients with their financial needs and dreams of owning and/or financing their dream home(s). John takes great … (0 comments)
In reading through Section 2112 of H.R. 3221 (The Housing and Economic Recovery Act of 2008), it appears that the existing down payment percentage limitations will be eliminated, and financing of up to 100% of the appraised value of the property will be permitted. I wonder - does this mean FHA now has the authority … (1 comments)
Fannie Mae and Freddie Mac were both set up by the federal government (Fannie in 1938 and Freddie in 1970) to help Americans buy and keep the homes they purchased. Both Fannie and Freddie buy mortgages from banks. The mortgages they are buying are the ones the banks provide homeowners to purchase their homes. … (5 comments)
20 Questions To Ask Your Lender Before You Sign On The Dotted Line
This is a follow up to a post that I wrote a few weeks back regarding Vancouver, Washington real estate client of ours who called to talk about listing her house for her.
Several days ago, I wrote a post titled "Zillow for Bankers - It's Here" discussing two separate instances of computer valuations of homes that made me think the big banks have gone "Zillow". Here is how my friend/associate's home equity line freeze is evolving. I would love to know if … (4 comments)
At each real estate downturn, one believes that in many ways, banks should learn their lessons and stop with underwriting guidelines that are too relax. Yet, as things improve, they go right back to making loans they should not make, and seem to always come up with new products which in … (1 comments)
Today 7/31/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans moved lower again. After last week's large jump, this is welcome news. Though I would love to see it go down even more. Nationally the average mortgage interest rate for 30 year … (0 comments)
it's a funny thing, everybody buying a home want's to know what the rate is! Well, that is a very good question. The answer is: It all depends. What do you mean by that? Well, I don't mean to be smug, It really depends.
Seriously, you have to work with Realtors. But I figured the title would be catchy. 
Is The Government Mortgage Loan Bail out a Good Idea?
Lenders and Agents, you are on the front lines, so I NEED your input here. Tell me of situations that you see that result in foreclosure. Don't get into blame... I want to know what the situations of the homeowners are, why it is their only choice. I don't (for purposes … (5 comments)
On July 9, the Department of Finance announced that it will no longer offer 100% financing or 40 year amortizations. You will however be able to obtain mortgage loan insurance for amortizations of up to 35 years and up to 95% of the value of the property. So, if you were … (0 comments)
Four people have been indicted in connection with a mortgage-fraud scheme that federal prosecutors say landed more than $20 million in bogus loans used to control residential-care home facilities for the elderly in Contra Costa and San Mateo counties.
Our lender, whom which we owe.
All you need is 3 alternate tradelines such as phone bills, rent receipts or any type of bill in your name showing that you have paid on time in the past 12 months. Its better than having bad credit. I am a realtor and also work with a direct Bank. It … (0 comments)
Over the weekend, the US Senate passed a bill that aims to reduce the number of foreclosures by permitting homeowners to refinance into government-backed loans. The House of Representatives approved the bill last week and it now is headed to the President for his signature, which is anticipated.
Can you believe what Mr. Paulson and four top banks are considering.
Well the end of the month is upon us... Hopefully you had a great month. Rates are holding at the 6.625%, they have been hovering between 6.625% & 6.75% for about a week and a half. The governemnt has been doing a great job of messing with the housing market and it … (0 comments)