Sam Hague's Blog: Mortgage News

Freddie Mac has announced that it will not continue to purchase sub-prime adjustable rate mortgages (ARM's) when the borrower has qualified only on the introductory, or teaser interest rate after September 1, 2007.  Borrowers will need to qualify on the fully indexed rate. Additionally, Freddie will restrict limited or no documentation loans. This action essentially represents the corporation saying to lenders "...quit lending to people who cannot afford it, or we will no longer buy your loans..."

This proposed action begs a number of questions:

Just who is Freddie Mac? and, What impact will this have on the local market? 

Who is Freddie Mac?

Freddie Mac is a stockhoder-owned (NYSE: FRE) corporation, chartered by Congress with the goal of providing…

Did you know what the MEDIAN credit score in the US is?  it is:

• Where do you fall relative to that number? 
• Have you ever wondered what goes into these scores? 
• Who is responsible for calculating them?
• Is there anything can I do to improve them?
• How do I get mine?

Today, we are posting the next installment on our series or posts dealing with credit and will be discussing Credit scores.

These scores are calculated from the various data contained in your credit file, or credit report.  In the United States, the three main credit reporting agencies are Equifax, Trans Union and Experian and they all use a different formula to arrive at your score.  We generally advise our customers to purchase thier scores when the visit…

Today Jan and I will begin a series of posts in areas associated with home financing.  We will start with credit reports and cover topics such as credit repair and protection, a very important issue in todays world, and continue with material on various loan products available to borrowers in the current market.

Your credit report, or credit file disclosure, is a record of all of the information  that a credit reporting company has obtained about you from various sources, including companies that have extended credit to you as well as government entities such as the court system.  This file also includes information on who has requested or viewed your report.  

This report shows your payment history, account information such as the date the account was…

First of all, HAPPY NEW YEAR to all our our readers.  We hope you had a safe and joyous Holiday Season and wish you all the best in the coming year!   Now, right to business....

Mortgage Insurance is getting a temporary face lift this year and should become a more attractive alternative to home buyers looking to finance their purchases with mortgages for more than 80% of a homes value.  Just prior to adjourning, our most recent Congress passed legislation making mortgage insurance tax deductible for 2007.  (and only 2007, it must be renewed by Congress to apply beyond 2007)

What does this mean for borrowers?  A Lot!  Many of the folks that come to us have many more questions than they have answers, and that is perfectly fine, because that is what we do,…

EXIT Realty International is America’s fastest growing real estate company and we now offer something long missing in the industry, and Jan and I are very excited about it. EXIT associates are able to complete the necessary requirements and become licensed Mortgage Consultants with ALTA Financial, a wholly owned subsidiary of EXIT Realty International, and we are both now able to to serve our customers mortgage needs as well as their Real Estate needs.

We believe providing mortgage origination services to our customers is the next step toward the future of real estate.

ALTA Financial is a premier lending institution licensed in over 25 states and Jan and I are dedicated to finding the right loan product for each of our customers. From initial…