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Bank Statement Review
I wanted to start this blog out with questions about the bank statements you have to turn in to your broker. Over the past 2 months I have had several questions about the reason for the bank...
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FHA Announces Four “Immediate Actions” Which Raise Costs, Lower Defaults
The Federal Housing Administration (FHA) is readying to raise its mortgage qualification standards. In a letter sent to U.S. Senator Bob Corker, FHA Commissioner Carol Galante outlined the agency’s...
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What Is Your Credit All About?
What Is Your Credit All About? Understanding how your credit works is vital in today’s world. Nowadays, it seems that your credit matters more than how much cash you have in the bank. So here is a...
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Foundations of the Mortgage Industry (Part II)
Foundations of the Mortgage Industry (Part II) There are two markets that structure the mortgage industry. The primary market: Where loans are originated. This consists of Brokers, Mortgage Loan...
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Home Loan Programs Part II
Home Loan Programs Part II Last week I discussed the importance of being informed on what loan programs there are available when shopping for a home loan. This is so that you can be best aligned with...
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Can You Answer “YES” To Any of The Following?
Can You Answer “YES” To Any of The Following? Do you have an FHA loan? While FHA loans are good for people who don’t have much money for a down payment, they become very expensive to hold on to for the...
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When can you cancel Mortgage Insurance?
When can you cancel Mortgage Insurance? Starting on June 3 of this year the Federal Housing Administration’s new policy on mortgage insurance premiums (MIP) went into effect. See how and when you can...
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“New Bubble” Talk, Premature
“New Bubble” Talk, Premature That was fast. A little over two years ago, we declared that housing had not only bottomed, but was about to start its first real growth spurt since the bubble. While some...
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Mortgage Insurance (MIP vs PMI)
Mortgage Insurance (MIP vs PMI) Often times when one is considering the idea of purchasing a home, mortgage insurance is forgotten about when considering their monthly payment. When this happens, it...
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Bankruptcy, Foreclosure & Short-Sale Guidelines
Bankruptcy, Foreclosure & Short-Sale Guidelines As a Senior Loan Officer, I think the biggest challenge in today’s economic and mortgage lending environment has to do with the amount of people that...
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