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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2016 

You are required to attend a Reverse Mortgage Counseling session with a Counseling Agency approved by the Department of Housing and Urban Development ("HUD"). This counseling session will help you evaluate if a Home Equity Conversion Mortgage ("HECM") is suitable for you. You are advised to discu...
03/29/2016
Below is part of an article from National Mortgage Professional Magazine written by Phil Hall. I wonder about the statement that lenders can only recover 17 of the new cost. In the mortgage world and probably in every business world the cost is ultimately passed to the consumer. When the new appr...
03/23/2016
If you are a home buyer with only a 5% down payment it is extremely important that your credit score is as high as you can make it.Why? For a 95% loan to $417,000 the Monthly Mortgage insurance is $188 if your credit score is above 760. But, let that score drop to 681 and the monthly MI goes to $...
03/22/2016
First time home buyers – when you are planning to buy your home let that be your number one goal !Here are a couple of mistakes I see people make when purchasing a home.Taxes: The tax preparer has the job to complete the taxes legally and at the same time reduce the amount of taxes that the clien...
03/14/2016
I think when it is time for a Home Seller to accept an offer from a Buyer that there are many thoughts and emotions bouncing around in the Sellers head. There is price, time factors, perhaps outside considerations and influences, and even the liability of the Buyers.The Seller probably has some f...
03/11/2016
1. CaliforniaIn an article by HousingWire about the top 10 states to refinance in - California is listed as number one.California has an estimated 912,500 candidates for refinancing, and the average individual savings is $328 per month. Statewide, monthly savings would be $299.4 million.   
03/09/2016
Santa Clara County has Mortgage Credit Certificates available for first time home buyers. This is a fantastic program ..It is a Tax Credit. In a nutshell, if a borrower pays $20,000 mortgage interest in a year there is a $3,000 tax credit.   News In December 2015, Santa Clara County  was awarded...
03/08/2016
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Doug Jones

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