With so many people refinancing these days, and with the loan process sometimes crossing one or two months' time, a question we frequently get from those in process is, "Should I keep making my mortgage payment?" The answer is a simple and clear, "Yes!"
But let's talk about why, because the concept is as simple as it is often misunderstood. In our formative financial years, many of us rented a home or apartment before we made the leap into home ownership. And I'd be willing to be bet that more than a few of us got … (16 comments)
When a homebuyer, or homeowner looking to refinance, obtains a mortgage, there are always associated costs. Even in the so-called "no cost" loan structures, trust me, you're paying something. When a consumer does the research on what it will cost to get a loan, there are a few ways to categorize and better understand what's being charged. Specific numbers will vary wildly depending on the nature of the transaction, the amount and where the settlement takes place. A key takeaway of this article will be to differentiate between a "cost" and a "settlement charge." They are not … (4 comments)
When renters desire to become home buyers, they quickly learn once in the mortgage process that their single rent payment will morph into "PITI" or "principal, interest, taxes and insurance," or a "total monthly housing payment." So, yes, there are additional monthly expenses to consider when you become an owner. Historically, ownership has bestowed tax benefit on the buyer and that's been an offset to the higher cost of ownership and because of this, the "rent vs. own" calculation has been used to more fairly compare the cost of putting a roof over one's head. Rent may be simpler, … (2 comments)
There will be no profanity in this post, just in case you get the cultural reference in the title. I won't even repeatedly scream at you. Instead we're going to cover a topic that sidesteps injustice, drama or even frequent occurrence, but it deals with a scenario that comes up occasionally and when it does, there is quite a bit we should know before taking action. So let's talk about closing a residential real estate transaction in the name of an LLC or other business entity, like a partnership or a corporation. Can you do that? What's … (23 comments)
It's Black Friday weekend. The perfect time to either cool it for a minute, sit back to reflect on Thanksgiving and all for which we're grateful OR to rush hotly into the consumer fray, trample your fellow man and take the win-at-all-costs fight to retail America. This black and white contrast put into light the bright color of the year that is fast coming to a close and some of the very personal experiences I've shared with our clients, many of whom became homeowners for the first time in 2017.
If you're sleeping on a couch on the front lawn of your stepsister's trailer because you're waiting for your CD to be issued...you may be a TRIDneck. If you caught your escrow officer hitting a bottle of Jack Daniels before your signing...you may be a TRIDneck. If you refuse to pay a 20% tip to a waitress but feel your consumer interests are cleary expressed with the 160% TIP on your Loan Estimate...you may be a TRIDneck.
If your loan officer buys you a cup of coffee at a Waffle House and is then fined by the CFPB for the dollar value of all … (10 comments)
It doesn't take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won't come due until tomorrow. Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction. Even with the rollout of the CFPB's new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan's cost structure. So let's hop in our DeLorean and venture to find out what … (9 comments)
Q: Why did God invent lawyers? A: To give mortgage brokers someone to look down on.
OK, well that's an unfair shot at Attorneys at Law, but here in the mortgage business, we occasionaly have a need to use a Power of Attorney, or "POA." We see this when, for whatever reason, a party to the transaction is not available to sign loan documentation. We do have some limitations on the use of a POA, namely:
Powers of Attorney must be specific to the subject property and must be approved by RPM prior to the … (4 comments)
closing: California Down Payment Assistance
- 06/07/11 07:03 AM
California Down Payment Assistance RPM is pleased to announce its status as an approved lender for California's CHF down payment assistance program. If you have any questions about this program, please contact me at 877-270-5959 or rspinosa@rpm-mtg.com. Please note that this program is NOT limited to first-time homebuyers and can be used for both new and existing homes. The down payment assistance comes in the form of a grant and low-to-moderate income levels are eligible. The financing obtained will be a 30-year fixed loan (FHA or VA) and rates are extremely competitive. For maximum financing and purchasing power, this is going to be a … (2 comments)
Should I Keep Making My Mortgage Payment?
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