mortgage: My Credit is What!?! How do I fix that!?! - 10/26/08 04:44 AM
There are many benefits to cleaning up damaged credit scores, even if you already own a home. By improving your credit score, you could save money on items such as car insurance, automobile loans, or any other type of loan. This is especially true when it comes to refinancing a home loan, because higher credit scores will always work in your favor. The goal is to secure the best interest rate available and save money. It's that simple. If you've ever had credit issues in the past but still managed to qualify for a home loan, it's likely that you took … (3 comments)

mortgage: A Question of Integrity: - What to Look for in a True Mortgage Professional - 10/19/08 02:14 PM
Many people ask how we came to have the motto of Honesty, Reliability & Integrity.  I think it best to instead say we didn't really just "come up with it" but it is basically a way of doing business and not words on a wall or in an email signature.In this particular blog we will examine the characteristics of a true mortgage specialist, someone who will work to uncover and meet all of your needs and help put you on the firmest financial ground. The purpose of this blog entry is to provide you with the questions you need to ask, … (0 comments)

mortgage: What VA Loans Are Used For - Am I limited to buying an existing home with a VA loan? - 10/05/08 03:06 AM
A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know you a VA home loan may be used to purchase and improve a home at the same time? You may also use a VA loan to improve your existing home by increasing energy efficiency. There are many applications for a VA home loan, sometimes all you need to do is ask!
For additional information feel free to contact me directly @ (936) 228-1944
… (0 comments)

mortgage: VA Loans and Your Debt Ratio - 10/05/08 03:03 AM
To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with us to see how you might … (0 comments)

mortgage: VA Farm Loan? - Can I buy a farm with a VA loan? - 09/28/08 02:18 AM
A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live. There is no 'farming requirement' for this kind of purchase, but if the veteran does intend to operate a farm business as a major source of income for loan qualification purposes, it's required to show that the business can turn a profit. There are other options available to veterans who wish to operate a farm. The Farmers Home Administration does show preference to veterans, and can be used as a way to finance … (0 comments)

mortgage: Get Pre-Approved / Should I get a pre-approved loan? - 09/28/08 02:09 AM
Obtaining pre-approval for your home loan amount is an excellent time-saving step. Once you know the exact amount you're eligible for in your home loan, you can begin searching for a home as a 'serious buyer'. You'll know in advance exactly what you can afford and what is outside your price range. It's the kind of security you'll be grateful for as you search for the best value for your money. With pre-approval, you avoid wasting time with property that's out of your price range or sellers who are unsure whether you mean business.  There is a lot of confusion on … (0 comments)

mortgage: VA Home Loan Entitlement - Isn’t the VA home loan automatic? It's one of my entitlements, Right? - 09/28/08 02:02 AM
Some first-time home buyers are misinformed as to the workings of a VA Loan. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran. In most cases, the VA offers a guaranty to those who meet the requirements, the first of which include a good credit rating.
If you are considering any kind of home loan, it's best to consult a credit counselor and to find out what credit rating you already have and what you can do to improve your credit rating before applying for the … (0 comments)

mortgage: VA Foreclosed Homes - Where to find out more - 09/28/08 01:55 AM
The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA guaranteed loans. These acquired properties are marketed through a property management services contract with Ocwen Federal Bank FSB, West Palm Beach, Florida. The properties are listed by local listing agents through local Multi Listing Systems (MLS). A list of properties for sale may also be obtained from Ocwen's website at http://www.ocwen.com/ . If you are interested in buying a VA-acquired property when it is listed for sale by Ocwen Federal Bank FSB, please contact a local real estate broker of your choice to see the property. … (0 comments)

mortgage: Lowering Your Payments - 09/28/08 01:35 AM
There are many ways besides opting for a shorter rate lock period to get a lower payments, though.
A larger down payment will result in a lower interest rate than a smaller one, because you're starting out with more equity and the lender is taking less of a risk. You can pay points to lower your rate over the life of the loan, but that means you pay more up front. For many people, this makes sense and is a good deal. Seller Contributions are closing costs paid by seller, which the seller in turn charges you to close the … (0 comments)

mortgage: What is a "rate lock period"? - 09/28/08 01:26 AM
A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of it finding out the interest rate has gone up.
A rate lock period can vary in length, and longer ones usually cost more. A lender will agree to "hold" your interest rate and points for a longer period, say 60 days, but in exchange the rate and maybe points … (0 comments)

mortgage: VA Mortgage Debt-to-income Ratio - 08/24/08 04:15 AM
According to VA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.
TOTAL FIXED PAYMENT TO EFFECTIVE INCOME Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, homeowners' dues, etc.) and all recurring monthly revolving and installment debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 41%. In the event the … (0 comments)

mortgage: VA Loan Benefits - 08/24/08 04:13 AM

 
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
 
Other benefits of a VA loan include:
Negotiable interest rate. Closing costs comparable – and sometimes lower - than other financing types. No private mortgage insurance … (0 comments)

mortgage: Truth In Lending(TIL) FAQ - 08/02/08 05:04 AM
What is a Truth-In-Lending Disclosure (TIL) and why do I receive it?This is a Disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loan programs or lenders. It is usually prepared in combination with the Good Faith Estimate. The Federal government requires the TIL to be provided to the borrower within 3 business days of loan application..What is the ANNUAL PERCENTAGE RATE? (Box "A" above)The Annual Percentage Rate (APR) is the cost of your credit expressed as an annual rate. Because you may be paying loan … (0 comments)

mortgage: Holding Title - 08/02/08 05:02 AM
Before you reach the closing day, you will want to make a decision as to how you will "hold title" to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or certified public accountant (CPA).
The following information is supplied for informational purposes and should not be relied upon as legal definitions.
Buying Alone
 
Sole Ownership A single individual who has not been legally married. An unmarried individual who was married and is now legally divorced. A married individual who wishes to acquire title in his or her name … (0 comments)

mortgage: Tax Closing Costs - 08/02/08 05:00 AM
Property Taxes
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property.
Transfer Taxes and Recording FeesThis is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.
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mortgage: Title Insurance = Peace of Mind - 08/02/08 04:58 AM
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mortgage: What is the difference between the interest rate and the A.P.R.? - 08/02/08 04:57 AM
You'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate. This way, lenders can't "hide" fees and upfront costs behind low advertised rates.
While it's designed to make it easier to compare … (0 comments)

mortgage: Mortgage vs. Deed of Trust - 08/02/08 04:55 AM

Many of us incorrectly call our home loan a mortgage, but in fact, a mortgage is not what your lender gives you to buy a home. A mortgage is actually the formal document proving the legal claim or lien on a piece of property that you give to the lender who holds it as security for the money you borrowed. The lien is recorded in public records. On a mortgage, you pledge the property as security for the repayment of your loan, but you do not transfer title to the lender.

If you (the mortgagee) repay your loan … (0 comments)

mortgage: Options for Downpayment Now that Nehemiah is gone - 07/29/08 01:29 PM
While Nehemiah and Ameridream are living out their final days I thought I'd send you a positive message about how you can still get the financing you need. Here is my Weekly News Brief and Featured Property in Houston.

Link to: Cancer Center Warns on Cell Phone use

To Contact Becky McCoy - Call (832)457-1385
Link to: Walking Tour of This weeks Featured Property … (0 comments)

mortgage: Overview of Credit - 07/29/08 10:03 AM
Even though an applicant can afford a mortgage today, will he or she continue to pay on it for years in the future?  In short, what is the applicant’s financial reputation?The best guide to a person’s future action is the person’s past actions.  The obvious place to start is with the applicant’s credit history.  How has he/she handled previous mortgages?  Has the applicant had trouble with credit cards?  Has he/she paid off a car in a timely fashion?  How the borrower will pay is usually discernible with established credit.One of the most important indicators of loan performance is the borrower’s credit … (0 comments)