real estate: Hey, heres $7500 bucks. Pay me back interest free over 15 years (unless you can't sell your house for a profit) - 11/13/08 05:50 AM

Hey, here is $7500 bucks. Pay me back interest free  over 15 years (unless you can't sell your house for a profit)
This is deal being offered to first time home buyers with the tax credit that was passed earlier this year. However, no one seems to understand it or appreciate it. 
I just had a VA buyer that was purchasing a home with no money down and receiving a seller concession for the full amount of the closing costs. Now, after he closes, he can expect an additional $7500 in his tax return check. Not a bad deal.

real estate: 2008 THE YEAR OF FHA - 12/27/07 12:57 AM
REASONS FHA WILL BE HUGE IN 2008REASON #1 : T0 AVOID HIGHER RATESYour clients can avoid the new Risk Based Pricing* now being charged for Conventional Loans .* The following Risk Based Pricing is now being charged on Conventional loan with less than 30% down:
1. Credit Score below 620 add 2 points or about 7/8% higher to the rate
2. Credit Score 620-639 add 1.75 points or about 3/4% to the rate3. Credit Score of 640-659 add 1.25 points or about 1/2 % to the rate
4. Credit Score of 660-670 add .75 to points or about 1/4% … (0 comments)

real estate: RENT VS. BUY - 11/27/07 03:57 AM
I thought I would share this real life scenario.I have a friend that is planning to rent a home even though he is more than qualified to buy . However, he wants to "wait out the market"
So, I started to think about the cost of rent, the tax write offs he would be missing, and the lost opportunity for equity growth, and thought, why wait?
I entered his data into a rent versus buy calculator on Yahoo to see what the results would be.
Here are the facts I entered:
 For Renting
Rent is going to … (1 comments)

real estate: Option ARMS - 11/14/07 02:26 AM
Monday, November 12, 2007
Are Option Arms a Ticking Time Bomb?A CNN Money article refers to the Option Arm as "ticking time bombs". However, I believe for the right client, this loan makes sense. First let's explain how they work: Every month you get four payment options:1) The Payment Cap Rate- This is lowest payment. However, it does not even cover the interest accruing. So, the loan amount actually gets bigger instead smaller. This is called negative amortization.2)The Interest Only Payment- This covers all of the interest but none of the principle. If you make this payment every month, your loan balance … (1 comments)

Bill Turano (Mortgage Master)

Bill Turano

Brick, NJ

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