refinances: What are You Going to Do When the Refinance Market Ends? - 09/11/12 11:09 PM
Right now most mortgage companies are talking all about capacity issues.  Turn times are as long as they've been and capacity can be a challenge for any company that has good loan officers seizing opportunity and volume.  The truth is...most good mortgage companies have those awesome loan originators who are working hard to capitalize on the opportunity while rates are so low. 
The vast majority of loan officers are all working on whatever low hanging fruit exists.  And there is a lot of fruit out there.  I spoke to a loan officer about what his business would look like after the refinance … (4 comments)

refinances: HARP 2 NOTES RELEASED TODAY.....Now You Can Re-Examine that Refinance you Wanted! - 11/15/11 02:39 PM
There's a lot more to know about this, but Fannie Mae and Freddie Mac just released their notes late today.  Allowing people to refinance over %125.....FINALLY, FINALLY, FINALLY!  THIS IS HUGE!  It comes down to Fannie Mae as well as Freddie Mac.  Each has their own set of rules regarding HARP 2! 
  Here are some highlights:  
Fannie Mae
·         No maximum LTV for fixed-rate mortgages with terms up to 30 years
·         Arms – maximum 105% LTV (no change)
·         Effective with application dates on/after December 1, 2011
·         DU will be updated in March 2012
·         DU … (4 comments)

refinances: HARP 2 Is Finally Here! Relief to Many Home Owners - 10/25/11 02:28 AM
BOTTOM LINE IS THAT HARP 1 FAILED TO COMPLETE IT'S JOB SO THERE'S HARP 2....... HARP 2 is designed to close the gap for home owners who we're allowed in the HARP 1 Club. 
WHAT HARP 2 WILL DO THAT HARP 1 DIDN'T? Among other things.......HARP 2 Will be
Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae … (5 comments)

refinances: Refinancing is Like a Cloud of Smoke - Even a Little Shift Will Blow it all Away! - 08/08/11 03:24 PM

Refinancing is all about Rates.  Refinancing is all about savings.  Refinancing is all about seizing an opportunity. 
While the stock market took another major beating the bond market did quite well. 
Rates...arrrrrghhhh at a record low and it's been a banner day as I had over $1,000,000 of applications today.
THE RUB IS.... That the rates move by the second during trading.  Just last Thursday the bond market gave a lot of it back. 
Bottom line is that when these rates go, they're gone.  If you're a consumer, then you'll wish that you had taken advantage prior to the rates … (4 comments)

refinances: Fannie Mae Announces Their "DU Refi Plus Program!!!!" - 04/13/09 05:35 AM
It's awesome....it's long overdue, and it's time.  Fannie Mae, finally, last week, announce that it has taken steps to put things in place to allow it's current customers to refinance even though the equity may not be there anymore. 
What does this mean?
If you had put 20% down to buy your home, but today's value shows that the equity is less than the 20% you can still refinance without having to worry about your home appraising out.  For example, if you bought a 300,000 dollar home and borrowered 240,000 when you purchased your home, you had no PMI or Private … (4 comments)

refinances: FHA...the time to act is now! - 09/03/08 03:26 AM
FHA mortgages are the best thing out there.  Now representing over 40% of the market in this economy, this once dinasour of a program that was thought to be near extinction is now the buzz for most home buyers.  What does FHA give you as a homebuyer?
1)  The loan is assumable.  If you want to, when you sell your home, you can get your mortgage to be assumed by future homebuyers.  If rates climb to 9% and the rate your in is 6.5%, you can have your mortgage be assumed by a future homebuyer;
2)  Gifts are still allowed for … (3 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001)

Larry Bettag

Vice-President of National Production

Saint Charles, IL

More about me…

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

Mobile: (630) 417-7172

 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version)

Larry Bettag

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