$8000 First Time Home Buyer Tax Credit Deadlines

The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today. In this video, Chris Brown provides critical milestone dates originators, Realtors and homebuyers must be aware of if they plan on taking advantage of the Federal $8000 First Time Home Buyer Tax Credit set to expire …

Mortgage Pricing Report- October 13, 2008

If a family member asked my advice and they were scheduled to close on a mortgage purchase or refinance in the time periods noted below, I would recommend... 1-7 Days 8-20 Days 21-45 Days 46 Days Plus Locking Locking Floating Floating Check MBS pricing here. 4:22 PM EST Market News As predicted last Friday by …

Underneath The Hood of The Bailout Bill

Both the House and Senate passed the massive bailout bill this week. What caused this mess and what does it mean for everyday people like us? Take the time to listen to an interview by Brian Brady, Sean Purcell and Greg Swann addressing: "The Community Reinvestment Act (original sub-prime loans), conceived in 1977 and super-charged …

Did The Push To Make Every American A Homeowner Cause Fannie/Freddie Collapse?

I really hate getting partisan or political. Believe me when I tell you, BOTH Republicans and Democrats talk out both sides of their mouth. Yet today, I kept hearing Republicans blamed for the failure to regulate Fannie and Freddie properly and that's just a plain outright lie. Again, I'm not endorsing one party over the …

Are You Thinking of Moving Up?

Whether you're ready or not, as life changes, so do your housing needs. Families grow. Careers unfold. Lifestyles shift. One way or another, your circumstances change, and you may find yourself looking for a more comfortable home, one that's in a new locale, or just a better place for your current living pattern. Over the …

Are You An Optimist, Realist or Stockdale?

In the book, Good to Great, the author Jim Collins states people fall into three different categories:  The Optimist (bound to be eventually dispirited)  The Realist (doom-sayer)  The Stockdale Paradox  What Is The Stockdale Paradox  Stockdale Paradox individuals are those that retain faith they will prevail in the end, regardless of the difficulties AND at …

The Home Loan Process — Part 2 of Applying For Your Loan | Final Installment

This simple, four-step walk-through to loan closing will help you understand the procedure and give you an idea of what to expect. 1. Processing When we initially meet, I will request and collect the information needed to process your loan. Documentation requirements vary depending on the loan program you apply for, as well as your …

Information You’ll Need To Provide — Part 1 of Applying For Your Loan

Whether we meet face-to-face or talk on the phone my initial step will be to explain and walk you through the application process. It is a simple interview, and most of the information you'll need can be taken straight from your credit report. The amount you'll actually need to provide on your own isn't overwhelming. There are generally …

How Investment Bankers Made Suprime Loans Into “AAA” Prime Loans

This video from CNBC via YouTube does a terrific job of illustrating how sub-prime mortgage defaults are impacting mortgage rates overall. There's some jargon in there, but overall, it's very easy to follow. ______________________________________________ Serving the mortgage needs of Kennesaw, Marietta, Roswell, Smyrna, Powder Springs, Dallas, Acworth, Woodstock, Douglasville, Hiram, Austell and Atlanta. Subscribe to …

Get Pre-Approved Before House Hunting

Getting Ready To Buy A Home In Georgia? The first stop on the road to homeownership is working with an experienced mortgage professional/planner. It's extremely important you get a written preapproval letter which will show you are a serious buyer in the eyes of real estate agents and sellers. That means you can expect preferential …

Sometimes I Feel Like Michael Jackson’s Plastic Surgeon!

Over the last 16 years, I've seen far too many people financially over-extended. Fortunately, I've helped countless clients consolidate their debt utilizing strategic equity management strategies and have placed them in a situation to both save and payoff their remaining housing debt (or accumulate enough money to payoff if needed) in 10 to 20 years. Many …

Conventional Wisdom

Source: Canvas Beat

How To Refinance When My Home Is Worth Less Than I Owe On The Mortgage

With the recent drop in property values in many cities around the county combined with the large number of adjustable rate mortgages coming due some homeowners in America are in a heap of trouble. That trouble comes when they try to refinance when a house is worth less then they owe on the mortgage. Although …

What is YSP?

YSP is an acronym for Yield Spread Premium. This is the rebate that a lender will pay to a mortgage broker in exchange for selling the interest rate above the wholesale par rate. This is probably best understood by using an example. If the loan amount is $100,000 and the wholesale par rate is 5%, …

Pre-Approval Letter Defined – Again

I'm starting to see more of a dirty little secret not often discussed in the mortgage and real estate industry. It however is is starting to pop it's ugly head more than usual and I have a feeling our current market environment has something to do with that. I'm talking about "Pre-Approval Letters" and what …

Greed, Fraud and Ignorance – The Food That Fueled The Subprime Meltdown

A few months ago, Richard Bitner mailed me, The Mortgage Cicerone his recently finished book, Confessions of a Subprime Lender - An Insider's Tale of Greed, Fraud and Ignorance." Truthfully, I thought it was going to be another pulp-sensationalized Housing Bubble book...boy was I wrong! The further I got into the book, the more I …

College Graduation – Should You Go to Europe or Buy House?

Congratulations! You've done it. You've spent all that time at the library, sweated out those exams and are actually going to walk down the aisle in cap and gown. Not to mention, you have your real first job! You went through the recruitment center at school and someone actually hired you. What an exciting time …

Is Your Loan Approval Letter “Firm” or “Conditional?”

Knowing whether your loan approval commitment letter is firm or conditional can spare you from numerous unpleasant surprises when you are closing on your home. In the real world, loan commitment letters are like handshakes: some are firm and some are soft. When going through the mortgage loan process, you'll need to know which type of …

Before You Rush To Make Bi-Weekly Mortgage Payments…

Before paying down your mortgage balance with extra principal payments, be sure to plan carefully. The biggest risk in lending for banks is that you will suddenly stop paying your mortgage.  In that event, the banks hope that you owe them as little as possible against the value of the home.  That way, your mortgage balance …

FHA and Down Payment Assistance – It’s Truly Gifted

If you qualify for an FHA loan to buy a home, traditionally you should be prepared to come up with 3% of final sales price in out of pocket funds to put down on the transaction. It's a requirement. You can't really get around it in on a home loan purchase. You can finance 97.75% …