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Beginning January 2010 HUD will be implementing a new good faith estimate. The new gfe will be considerably easier to understand than the pervious good faith estimate. For instance, on page 1 of the new good faith estimate your loan amount, loan term, interest rate, closing costs, pre-payment (if you have one), and whether or not the rate can adjust. While the old gfe would tell you what your rate is, and what your loan amount is, the rest of the information is either not on the old gfe, or i... Read Full Post

It’s not uncommon to see a property that is deeded in a trust. Due to both State and Federal estate tax laws it makes a lot of sense to move your property into a trust to avoid estate taxes. The process for refinancing a home that is deeded in a trust isn’t much different than a refinance held by individuals. In addition to the regular income, asset and credit information needed you’ll also need to provide all the Trust documents. These documents will lay out the type of Trust and how i... Read Full Post

There was a time when everyone wanted to invest in real estate. It was thought to be the safest investment out there. Once the real estate market bubble burst, a lot of potential investors were scared off…and wisely so. I am of the opinion that those still sitting on the sidelines should now entertain getting back in the game. With home values just now recovering from all time low’s, and mortgage rates hovering around all time low’s, a mortgage payment on your investment property mortga... Read Full Post

Typically buying a home, your real estate agent will suggest what Title Company to use. Is that really what’s best for you? During the process of obtaining a mortgage and getting to the settlement table, your lender will be the in constant contact with Title Company, so shouldn’t they be the one advising on the title company? I always suggest that my clients speak to one or two other title companies other than the one the Agent suggests. I explain to them that many times, the Agent’s co... Read Full Post

In today's market there are so many great deals to be had. Its still a buyers market, so most potential buyers are in a rush to jump on a home they feel is a great deal. Add to that the tax credit being offered, and its hard for buyers to turn away from buying a new home. The problem is, many buyers are out there looking at home without being pre-qualified for their purchase. In today's market it is important to speak with a loan officer before even looking at properties. A buyer must realize... Read Full Post

Effective today, the popular FHA Streamline program has undergone a guideline change. There are 3 main changes. First is what your new loan amount should be. Previously, FHA would allow a borrower would be allowed to borrow up to the amount they originally borrowed, plus their new upfront premium. Now, they can borrow the principal balance on the loan, plus the new up front premium. This will lead to one of two things. Either the borrower will be paying more closing costs out of pocket, or th... Read Full Post

Not too long ago congress extended the first time homebuyers tax credit. This was the 8,000 tax credit that was originally set to expire on November 30th, 2009. Now, any first time homebuyer who wanted to take advantage of the credit but wasn't able to find and close on a home before the Nov. 30th deadline is in luck. Keep in mind this credit is not applied at closing, it is a credit that is applied when you file your annual tax returns. Also, as a part of the first time home buyer tax credit... Read Full Post

In today's real estate market you hear more and more everyday that you need to work with a direct lender, not a mortgage broker. People say that brokers don't close on time, brokers take advantage of customers, and brokers are too expensive. The truth is, none of those are true. In today's market brokers have a huge advantage...we work with multiple lenders and have multiple options. What if you're working with Bank of America direct lending, and they can't do your loan because your loan to v... Read Full Post

For those of you who put down less than 20% when you bought your house, you probably have mortgage insurance on your home, and you're probably wondering how you can get rid of it. It depends on the loan type of loan you have. If you have a conventional loan, you have to pay down your principal balance to 80% of the value of the house. For example, if you bought your home for 200,000 and borrowed 190,000 you would need to buy down your principal balance on your mortgage to 180,000 to begin get... Read Full Post

It used to be that a borrower needed a 620 credit score and a clean mortgage history for 12 months in order to qualify, but that has recently changed. Now there are some lenders who will do the streamline as long as you just have on time mortgage payments for 12 months. This is a great new change for some borrowers who are having a tough time keeping up with all their bills, but have made their mortgage payments on time. With FHA 30 year fixed rates hovering around 5% and ARM rates hovering a... Read Full Post