Mortgage Update

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Mortgage and Lending - LX Financial LLC
Mortgage Update - Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.
RECENT BLOG POSTS
We are experiencing a convergence of events that constructively stifle real estate activity in a big way, yet I do more than a few investment loans for properties with excellent cash on cash returns. To what extent will low mortgage rates on current purchases compensate for a weak market? Are we ...
10/17/2010
Mortgage Handbook for Real Estate ProfessionalsThe increased complexity of real estate and mortgage financing requires a more advanced relationship between realtor and loan officer. Realtors want information, when they need it - and may not be able to respond right away. To make this better I wro...
10/08/2010
Portfolio loans represent powerful financing options. Because they are held in house they do not need to conform to Fannie Mae, Freddie Mac, or government (HUD, USDA) criteria many common limitations do not apply. See below. /// Rates were up a bit this week. Rate summary below. /// FHA refinance...
09/11/2010
July home sales fall. Why are we surprised? Let's agree that the market stats are not good. Let's also agree that people were attracted to the tax credit and bought by April 30th, few bought in May and June of course, July and August are always slow, and given that the NAR counts the close as a s...
09/05/2010
Short term development financing is readily available for 1-4 unit properties: 65% of purchase price, plus 75% of rehab/construction cost. /// FHA premium increases are postponed till Oct 4th (See below). /// Make it a good week folks. - Paul   FHA premium increase postponed to Oct 4th.  The FHA ...
08/22/2010
FHA premiums are going up Sep 7. The upfront premium (added to the loan amount) will DECREASE from 2.25% to 1.00%. The annual premium (1/12th added to te monthly payments) will INCREASE from 0.55% to 0.90%. A quick calculation tells us the break even (equivalent)  is approx 3.5 years. More below....
08/08/2010
Will Obama slay the Fannie/Freddie beast? On top of everything else, this would be the most fundamental change yet. Read more. ///  The market stats are not good at the moment. Hopefully just a seasonal thing. See below. /// Make it a good week folks. - Paul   Low rates are not helping. Several i...
07/26/2010
We now offer a conventional 20-year fixed. What's the big deal? Rate 3/8% lower than 30-yr fixed, payments only 20% higher, savings 40% of the loan amount! More below... /// The closing date for the home buyer tax credit has still not been extended. Actually, it has been defeated 3x in the House....
06/26/2010
The Senate has approved an extension of the closing date for tax credit deals. The House has not yet. Details. /// Reminder: Fannie Mae has 93,000 REOs to sell through Homepath, and Prospect is an approved lender. See below. /// We now have up to 90%ltv available without PMI. See below. /// Make ...
06/18/2010
Heloc anybody?  Helocs are almost forgotten, but still availabe to 85% LTV (More below). /// The closing deadline for tax credit deals may be extended to the end of September. Good idea, but a little late. Until this happens, I am not counting on it. Read more. /// I see credit gaffes at least we...
06/13/2010
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Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.