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Mortgage Market Update for the Week of 1/11/10
January 11, 2010 by Rob Spring · Leave a Comment
Market Snapshot:
This week, investors and traders are saying that the economy won’t gain as much momentum as they had previously estimated. So for now, low short term finance rates are expected to continue!
The Economic Agenda for this Week:
Tuesday
8:30 - Nov Trade Deficit (-$34.5B frm -$32.9B in Oct)
1:00 - $40B 3 yr note auction
Wednesday
[...]
What is a Truth-in-Lending Disclosure?
December 30, 2009 by Rob Spring · Leave a Comment
Truth in Lending – Frequently Asked Questions
Q. What is a Truth-in-Lending Disclosure, and why do I receive it?
A. The Disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loan programs or lenders. Prior to the Truth in Lending Act, no [...]
Understanding The Loan Process
December 30, 2009 by Rob Spring · Leave a Comment
An Overview of the Loan Process
Make no mistake, there’s a lot involved in getting a mortgage loan. You wouldn’t be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. Don’t worry, we do most of the heavy lifting for you, so [...]
Reviewing Your Closing Costs – The GFE
December 30, 2009 by Rob Spring · Leave a Comment
Settlement costs
There are so many different charges involved in buying a home, it is important to know what to expect at the settlement. Your lender is required to give you a Good Faith Estimate (GFE) of your settlement costs within three business days of your loan application. Once you get it, review the charges below [...]
Mortgage Shopping Secrets! (Part 2 of 2)
December 30, 2009 by Rob Spring · Leave a Comment
Mortgage Shopping Secrets! … PART 2
Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to “shop” effectively.
First, IF IT SEEMS TO GOOD TO BE TRUE, IT PROBABLY IS. But you didn’t really need us to tell you that, did you? Mortgage [...]
Why do you charge for credit reports up-front?
December 23, 2009 by Rob Spring · Leave a Comment
Simply put: I don’t want the qualified/closed borrower’s to have to pay for the credit reports of the unqualified or not closed borrowers.
A Credit Report is required for a mortgage and has costs associated with it. Some lenders disclose the cost, other’s don’t – never the less it is a cost of doing business. I [...]
Mortgage Shopping Secrets! (Part 1 of 2)
December 22, 2009 by Rob Spring · Leave a Comment
SHOPPING AROUND?
Here are some secrets most lenders don’t want you to know!
First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that [...]
How To Reduce Your Mortgage
December 22, 2009 by Rob Spring · Leave a Comment
How to Reduce Your Mortgage
One Additional Mortgage Payment a Year
There’s a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan’s principal.
This is the method being used by “Bi-Weekly Mortgage Reduction [...]
Creating a Living Trust
December 22, 2009 by Rob Spring · Leave a Comment
Living Trusts
Created while you are alive, a revocable living trust lets you control the distribution of your estate. Ownership of your property and assets is transferred into the trust. You can serve as trustee or you can appoint another to serve as trustee. If you serve as trustee, you must appoint a successor to serve [...]
Deductible Homeowner Expenses
December 22, 2009 by Rob Spring · Leave a Comment
Deductible Homeowners Expenses
One of the advantages of owning your own home is that the home mortgage interest and real estate taxes paid can be deducted from your federal income tax*. To do so, you’ll need to comply with current tax laws and complete the appropriate federal tax forms and itemized deduction schedules.
Home Mortgage Interest
For your [...]