mortgage: Really? - 06/21/11 04:56 AM
Really? Home prices have come down 20, 30, 40% or more in the last three years and mortgage rates are lower than they've been in 50 years and you still haven't bought a home.  Really?

Housing affordability is over 180, an all-time high when 100 is considered good and you're still renting.  Really?  Are you waiting for it to get  to 200?  Do you think prices and rates are going to get lower?  Really? 
You know it's costing you more every month to rent than to own.  Tax savings, appreciation and principal reduction lower the monthly cost of housing and yet … (1 comments)

mortgage: Top 10 FHA Advantages - 06/20/11 03:48 AM
Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA.
More tolerant for credit challenges than conventional loans. Lower down payments than conventional loans. Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. Seller can contribute up to 6% of purchase price - this money … (0 comments)

mortgage: One More Chance? - 06/15/11 05:20 AM
Fixed Rate mortgages are at their lowest level for 2011 as reported in the current Freddie Mac weekly Primary Mortgage Market Survey. Many qualified buyers missed the opportunity last fall in October and November to refinance at record low rates. This may give homeowners one more chance to refinance and save money on their payments.
An important thing to keep in mind is that points paid in connection for refinancing a home are generally not considered prepaid interest and must be spread over the life of the mortgage. Some advisors suggest that you have the lender quote a "par value" loan … (0 comments)

mortgage: Credit Scores - 06/08/11 12:37 PM
As we all know, how a credit score is determined is a well guarded secret. However, over many years, I have reviewed a lot of credit reports and here are a few things I have noticed. These are solely my opinion:
 
Student Loans
Student loan lenders are known for keeping detailed records. It is almost impossible to get any lates or collections off your credit report if they are a student loan. Please keep this in mind when pre-qualifying your borrowers.
Student Loans are not a positive piece of credit unless they are more than 50% paid down.  When they … (0 comments)

 
Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910, Locally Known, Globally Connected, COLDWELL BANKER (Coldwell Banker Apex, Realtors)

Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910

Locally Known, Globally Connected, COLDWELL BANKER

Dallas, TX

More about me…

Coldwell Banker Apex, Realtors

Address: 18800 Preston Road, Suite 312, Dallas, TX, 75252

Office: (214) 237-4500

Mobile: (214) 718-4910

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