FHA Modernization Bill – S.2338

January 3, 2008

As lending guidelines continue to tighten, the government has made their move in helping. On December 14th, the senate passed the ‘FHA Modernization Bill of 2007’.  The bill is targeted to help extend credit to more Americans that need it.  With subprime loans becoming extinct, FHA is a popular replacement for that market segment. S. […]

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How Is Your Credit Score Calculated?

January 2, 2008

It’s been established that your credit score is a very important component to your personal profile.  To refresh your memory, your credit score influences the following (and more): Employment Insurance Interest Rates on Debt Qualifying for Loans Renting an Apartment Opening a Checking/Savings Account It’s extremely important to understand what the breakdown of that three […]

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The Difference Between Being Pre-Qualified and Pre-Approved

January 1, 2008

Pre-qualification vs. pre-approval. These are two terms that get thrown around far too much.  There is a great difference between the two, and it’s time we explain the difference and what they mean to you as a borrower. If someone tells you that you’re pre-qualified, it SHOULD mean that you’ve given them a full application […]

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When and How is PMI Tax Deductible?

December 31, 2007

Good news to those who have recently obtained or plan on obtaining a loan with private mortgage insurance!  IF you qualify, that mortgage insurance premium you’re paying is tax deductible through the year 2010!  Newly passed by congress, the mortgage insurance deduction will be extended to 2010. Do you qualify?  Here are the basics (from […]

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Your Credit Score’s Going To Change, Do You Want to Know Why?

December 26, 2007

Credit scores have and always been a very important part to our life.  Like it or not this three digit score decides many things for you such as (but not limited to):– Employment Opportunities – Insurance Costs – Interest Rates You Pay – Being Approved For a Loan or Credit Cards – Renting an Apartment […]

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Things TO DO When Getting a Mortgage

December 21, 2007

Just as there are things to avoid doing during the mortgage process, there are also things to keep doing during the process.  Here’s a quick list: DO  continue making your mortgage or rent payments. DO  stay current on all of your existing accounts. DO  keep working at your current employer. DO  keep your same insurance […]

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What NOT TO DO When Getting a Mortgage

December 20, 2007

If you are ever planning on getting a mortgage.. please read on!  This advice may seem very obvious to you, however every one of these tips at one point has resulted in a client not being able to close on a home when applying for a mortgage.  If you follow these basic steps, you’ll be […]

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Ch-Ch-Ch-Ch-Changes… FICO Based Fees

December 19, 2007

Changes.. They ARE happening in the mortgage business without question!  The most recent announcement from Fannie Mae and Freddie Mac is an important one.   In the last few months there has been a lot of mentioning the ‘Re-pricing of Risk’… Their announcement was about new ‘Delivery Fees’ that will be charged on loans purchased after […]

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The Repricing of Risk: Results With Fannie Mae and Freddie Mac

December 17, 2007

The mortgage market has been a unique one as of late.  I’ve been saying for the last year that lenders are currently re-pricing risk across the board, almost as if their looking over the ledge and backing away to stay in business. The reality is that lending guidelines became very lenient and default rates went […]

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Bush’s Rate Freeze Program.. Who Really Qualifies?

December 14, 2007

Our President has decided to step in and ‘freeze’ adjustable rate mortgages.  The administration suggests their actions can help 1.2 million homeowners.  Another statistic (according to the Center for Responsible Lending) says the freeze will only assist 145,000 homeowners, they say the criteria is too narrow to help more.    The important part is to […]

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