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The Reverse mortgage is really an awesome tool for seniors in the right circumstances, but there has been a lot of bad press and misinformation put out on reverse mortgages, so I’ll try and correct some of that and discuss some of the new information on reverse mortgages that some…
Tuesday Nov 26, 2013

Lender Credits Revisited

In other blogs I've briefly discussed lender credits. Today, I want to circle back and talk about lender credits being offered on FHA and VA or veterans’ loans. These lender credits are saving borrowers thousands of dollars in closing costs and very few lenders even offer them. Essentially, lender credits…
You may be watching the national trends in real estate and mortgage rates on the news, but when it comes to real estate and mortgage lending, national doesn’t necessarily translate to local. In real estate, ALL markets are local. It is of course true that national trends have an impact…
Today I want to discuss the importance of utilizing a home buyers’ educational seminar before buying a home. The main things lenders look at are credit score, income, and source of down payment. Pre-qualifications can take as little as 10 minutes to perform depending on the borrower’s situation. Most lenders…
Today I want to discuss rental property mortgage loans and provide some information for borrowers to keep in mind when investing in a rental property. First, we need to identify what a rental property is. A rental property is considered any 1 to 4 unit property a borrower uses as…
Tuesday Nov 5, 2013

Purchase Closing Costs

On a purchase transaction, it’s important to understand that all mortgage closing costs are the responsibility of the buyer. Borrowers who are purchasing a home must keep the closings costs in mind when deciding how much they want to put down. Many times borrowers will save up for the down…
After reading a recent article, I came to realize that many people base their views and opinions about mortgage brokers on mis-information, lack of information, or the bad deeds of a few in the past. “One issue facing brokers is that most borrowers simply don’t know the difference between a…
More and more we are seeing requests for Adjustable Rate Mortgages (ARM), particularly the 5/1 ARM. Adjustable rates have made a comeback recently; mainly because borrowers can see the light at the end of the tunnel as far as the value of their home. Many people wanting to move out…
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