Justin Perry's (justinperry) Blog

Mortgage and Lending - Mortgage Banker
A bill has been introduced recently that proposes the Federal Housing Administration require a 5% downpayment up from the current 3.5% buyers need to put down on an FHA home purchase.  There are several other items in the bill but this is by far the biggest change.   Although it has a long way to...
Here is the short and splenda on how no closing costs mortgages work.  When people hear or read "No Closing Costs," the first thing they ask is, "HOW?" Especially in a declining interest rate environment I dont think it makes any sense (in most cases) to pay closing costs.   Just like taxes and d...
That is the question I have been fielding from my clients for a month now.  Don't get me wrong,  it's a great question.   But it leads many consumers into a state of "rate lock paralysis."  Many people don't want to lock a rate today out of fear that rates will be lower sometime in the near futur...
I am interested to hear what others in the mortgage industry are hearing from their clients about falling interest rates after they are already locked in.  First of all I don't think it is wise to pay closing costs when refinancing so most my current refinances are no closing cost deals.   I try ...
Many consumers,  savvy and otherwise are a little confused as to why mortgage rates are not lower than where they are.  Today you can get a 30 year fixed rate mortgage at 5.875% with no points and don't get me wrong that is a phenomenal rate historically.  But if you look at where banks are borro...
Sorry I just had to post this.  This was a comment I recently made on another blog.  People just don't understand reverse mortgages.  Yes, THEY ARE NOT FOR EVERYONE!  But what about that 75 year old couple who have maybe one or two children who are well off and just want to see their parents incr...
The most common question I have been receiving lately from my clients is, "What mortgage programs are left?"  Of course if you have excellent credit and a 20% down payment the world's doors are still open to you and just about any bank with money to lend will be happy to extend you a mortgage.  B...
Many of my clients enjoy the mortgage rate lock advisory that is on my website and is updated daily as an RSS feed.  Below is an example of today's mortage interest rate lock advisory and it can be found here: http://www.justinperry.net/DailyRateLockAdvisory.   If you would like to add this RSS f...
It's interesting to see how many mortgage bankers are just now taking "FHA 101."   This is a great product that most likely could have been used in place of many sub prime loans but that would have required the borrower to actually document their credit....imagine that.  I have only been in the i...

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