Mortgage Insurance ---What's all the fuss?
Updated Oct. 9, 2013
Mortgage insurance is a fee charged to mortgagees to finance the lender should your loan go into default. A required part of your conventional loan payment only if your home's value is greater than 80%. So what is the big fuss, well.... Two companies who were the leaders in the industry went bust because they were...

When a contract expires
Updated Oct. 9, 2013
How often do home purchase contracts really expire? I mean when an inspired buyers agent negotiates with a sellers agent, does the dates actually work. There was a study done that identifies the difference between closing in 2006 and now. The results were crazy. There were more loan transactions and less time from...

Getting to know thy credit as thyself
Updated Oct. 9, 2013
Ever have one of those days that the garage door spring breaks, the trash spills over, or the birds decide to build a nest right by your window while you are trying to sleep. All rational items that occur to individuals like yourself and are not all that uncommon. Well your credit profile is similar in a way because...

Taking care of business
Updated Oct. 9, 2013
Okay so the chance to refiance your home is coming up. The ability to shave interest and time off of your current term with almost no costs are becoming more and more enticing. However, the feds keep saying that they are not going to increase interest rates so that many borrowers have the oppurtunity to take...

FACT OR FICTION
Updated Oct. 9, 2013
Fact or fiction, home owners insurance flood insurance coverage. When a consumer is out looking for home owner's insurance otherwise known as HOI, be sure to ask the lender if the property requires flood insurance. One question that may just save you headache and heartache all in one fail swoop. Most...

Home Inspectors and termites
Updated Oct. 9, 2013
When home inspectors have a degree in entmology this could be dangerous.. A funny thing happened to me last week. Our buyer hired a licensened home inspector to perform an inspection on a home that they had put a contract on. Turns out his report was over 50 pages long with identifications to possible issues that may...

What is the fascination with Funding
Updated Oct. 9, 2013
WHY IS FUNDING SO IMPORTANT?. In the mortgage mania and hoopla, all you want to do is move in. You have signed the papers, the boxes are all packed, the inevatable decision of where doe it all go and then you get the call from the realtor. The transaction has not funded. Why does it matter when the money actually...

Survey anyone?
Updated Oct. 9, 2013
Did someone mention you have to have a survey before you can refinance in the state of Texas? Well it is true you must have a survey. It needs to be stamped and sealed by the surveyor. Rates vary from county, city, and area, so do not just settle on one. If you are refinancing look to your paperwork that was in the last...

what's going to take to qualify for loan??
Updated Oct. 9, 2013
WHAT IS IT GOING TO TAKE TO QUALIFY FOR A LOAN?. The federal goverment wants a two year window of everything finacial you have done in order to qualify for a loan now a days. No more stating the obvious, now you have to prove it.. Taxes, W2's, Paystubs, Bank Statements, Assets Residential & Employment...

Rental Income
Updated Oct. 9, 2013
Are you relocating? Cannot sell your home so you decide to rent it out. ONLY trouble is that unless you have tax returns that show the property has been addressed, that payment still hits your budget. I know it is crazy but most lenders want to validate that property. Forced to live less, when you make more. WHATEVER,...

The Welcome Mat
Updated Oct. 9, 2013
So you want to buy a home. One of the biggest assets you will ever buy that provides warmth, security, and safety with a built in savings account to boot. You made the decision to start the process and WHAM! Who do you trust? A 30 year mortgage, that is a third of human's lifetime and you pay 2/3 more in interest over...

30 year vs. 15 year Mortgage
Updated Oct. 9, 2013
What is the difference in the fixed terms in a mortgage, 10, 15, 20, 25, 30? Sound like a bunch of mumbo jumbo? Today's society is fixed upon payment. What payment can you afford and where will you be in five to ten years is always a good starting point. Since the interest for the first five to ten years of a mortgage...

All the HUBBUB on the hill.
Updated Oct. 9, 2013
newsflash.The VA has changed their various funding fees back to the higher funding fees in place prior to the October 1, 2011. Implementation of the newer lower fees (excluding irrrl's). for now. These new changes will apply to all VA closings (purch and r/t) with note dates from now through nov 17th.. So be ready...

Why is buying a home is like playing baseball?
Updated Oct. 9, 2013
Yep its that time again, the October Classic. Two of the best professional baseball teams battle out to find whole supremecy for the year and ultimately trying to get home. They spend the whole year trying to win to have the home team advantage over the competitor. Well buying a home is similiar to baseball because...

FHA $100 down is back.
Updated Oct. 9, 2013
Have you been stewing around waiting on the perfect time to move? Do not have the required down payment of 3.5%, 5%, 10%, and 20% from your lender and it is just not readily available?If the only thing holding you back is down payment there is a program right for you if you are willing to buy a HUD home. There are no...

Earnest Money Deposit? Option fee? Escrow? What does it all mean? May not be all that earnest...
Updated Oct. 24, 2014
Earnest Money Deposit? Option fee? Escrow? What does it all mean? Earnest money is a commitment for the prospective buyer to buy and start the clock.. Earnest money or simply earnest, or alternatively a good-faith deposit is a deposit towards the purchase of real estate made by a buyer to demonstrate that he/she...

CREDIT
Updated Oct. 9, 2013
The difference between 720 and 719 is approximately $25 a month of payment on a $100k mortgage. Take that out say 30 years and you are looking at 10k to 15k of free money just by changing a few things or waiting until the 10th day of the month to pull credit. Typically creditors tend to report to the bureaus around the...

Top 10 Victory Dances at the closing table
Updated Oct. 9, 2013
Top 10 Victory Dances at the closing table.10. The Bump - Happiness never felt better after bumping fists or whatever9. Bunny Hop - Old fashioned but well worth the wait8. The Cabbage Patch - A little swing that makes the arms and head feel great7. Electric Slide - A perfect ending to such a huge mess of papers6. The...

Why do all Real Estate agents smile after a closing?
Updated Oct. 24, 2014
Why do real estate agents smile after a closing?. The answer is pretty simple. When a purchase transaction is finished the end result is pure satisfaction. What most buyers and sellers do not know is that the agents have gone through a rigourous fight. Not all deals are cumbersome and hard some are quick and painless,...

More sometimes means less
Updated Oct. 9, 2013
Why does more sometimes mean less.... Ever walk into an auditorium and see so many seats available but none are together. Or when you are reading an advertisement about a home and they say so much about the property but fail to tell you how big it really is until you get there. This happens everyday in the world of Mortgages...