Monthly Archives: May 2009
29 MayTo Lock or Not to Lock Mortgage Rate
Anyone who was recently “floating” their rate in the hopes of another dip in rates can tell you the answer they would now have in hindsight. As they say, hindsight is 20/20. But if only we all had a crystal ball, would we trust it or still try to out guess the market? When [...]
Read More ...15 MayMortgage Brokers vs Mortgage Bankers
Not all lenders are created equal. Knowing the difference between the different types of lenders and how those differences impact you could save you money and provide you with more options. Most people think of mortgage brokers when they think of talking with someone about obtaining a mortgage but mortgage brokers are only one type of [...]
Read More ...13 MayTax Credit for Down Payment…..the Rest of the Story!
Just like the Lone Ranger might say to his horse, Silver…..WHOA! Here is what is being left out of the press releases that you need to be aware of…….HUD/FHA can approve the ability to allow the borrowers to use the government tax credit toward the down payment, but who is fronting the money? Where Will [...]
Read More ...11 MayGet Your $8,000 Tax Credit Now!
One of my customers contacted me to discuss methods to be able to use his $8,000 Federal Tax Credit for purchasing his first home in 2009. I would like to share the details of our conversation with you so that it may assist you in the case you are a first time buyer looking to [...]
Read More ...08 MayGood Faith Estimate Explained
The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan. The Good Faith Estimate is divided up into several categories: The loan fees, the Title and closing fees, prepaid interest and fees and reserves for the borrower’s escrow account. The 800 [...]
Read More ...01 MayHome Valuation Code of Conduct – Conventional Mortgages
Modifications to the way in which lenders and appraisers work together go into effect today, May 1, 2009. According to the Federal Housing Finance Agency (FHFA) the changes to the Home Valuation Code of Conduct “will help assure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations”. So What Has [...]
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