RECENT BLOG POSTS
A float down is when rates improve after you have "locked in" your interest rate and the lender agrees to float your interest rate down to the market rate for that given day. Q: Do all lenders offer this? A: No. Every lender has a different policy. Some do not offer a float down option at all Q: ...
06/26/2009
HVCC stands for Home Valuation Code of Conduct. In short, it restricts the consumer as to who can perform there appraisal and puts it in the hands of a selected lender. This lender will order your appraiser through a NATIONAL company. This is significant because you will often have a an appraiser...
06/26/2009
In case you have been in a cave for the past 2 years,  the adjustable rate mortgage (ARM) has been unjustly blamed for the housing crisis. Here is the public perception of the ARM: Borrowers were sold these new exotic Adjustable rates without the terms being disclosed, then they adjusted and the...
05/18/2009
  **UPDATE** HUD pulled this letter the day after it was issued. Stay tuned for updates On Tuesday HUD Secretary Shaun Donovan announced that first time home buyers may use the $8,000 first time home buyer tax credit as part or all of their down payment, when they use an FHA insured loan to purch...
05/14/2009
Help may be here for you! I am one of many VOU homeowners that is upside down on my mortgage I purchased in the Villages of Urbana  in September of 2005, otherwise known as "the height of the market". As a result, I owe$440,000 on a townhouse that is worth about $350,000 (I'm being aggressive wit...
05/05/2009
DID YOU KNOW THAT 5/1 ARM's are available today at 3.75%? and 7/1 ARM's from 4.125%? With the recent drop in fixed rates since the beginning of the year, no one seems to be talking about Adjustable Rate Mortgages (ARM's).  This is for good reason too, the ARM has received a very bad reputation ov...
05/05/2009
"I'm a first time home buyer, I'm trying to buy a home soon to take advantage of the first time home buyer $8,000 tax credit" That statement ranks in the top 3 things I hear everyday.  #1 is "I'm upside down on my mortgage, HELP!" #2 is "I'm not your maid, put your clothes in the hamper" (I did n...
05/01/2009
No closing cost mortgages have long been an attractive option for homeowners. When done correctly, they can indeed be a very good deal. I receive regular inquiries about these loans and my advice in this market is always the same: If you are planning on owning your property longer than 3 years, t...
04/29/2009
This is the million dollar question right now. The number 1 reason that people who can refinance, are waiting is the expectation or even fear that rates will plummet and they will be stuck with a 4.875% rate. My opinion on this has changed recently. Back in the good 'ol days (2003-2006) I would a...
04/28/2009
The most frequent question I hear is: "I actually pay my mortgage on time, what about me?" "What is the government doing to help me?". That is a great question.  One positive conclusion I have come to is this: The bulk of Americans are doing everything they can to get by. They are working harder,...
03/18/2009
Rainer
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Answers to the most popular questions for those looking to purchase or refinance.