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Tyler Frank,Paramount MortgageNMLS ID 942420 Free Credit Scores are Not Part of the Free Annual Credit Report Consumers Currently Receive Consumers currently have the right to request their free credit report once a year, but a credit report does not include free credit scores. These two items are often confused to be the same, [...] What would it take for you to save $47,000 over the next 20 years or even as much as $72,000 over the next 15 years? Many people think that’s an impossible task. It is very possible and quite simple actually – the answer is in your mortgage. Consider this scenario: You have paid [...] Members of the armed forces who have generally served for two years in peace time, or 90 days during conflict are eligible for a guaranteed VA home loan. Members of the National Guard or Reserves who have served for six years are eligible. Widows of veterans are eligible if the veteran died in a service-related incident. There are special circumstances for some veterans regarding eligibility. A Certificate of Eligibility and DD214 are required. [...] After the problems we have seen over the past few of years in the real estate, mortgage and banking industries, it is not surprising we have seen significant changes brought about which makes it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers see when they attempt to obtain [...] As the mortgage industry continues to adjust to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. [...] With the challenging economy we’ve faced over the past few years, not everyone has perfect credit. People have been putting more of their debt on credit cards, which in turn affects your credit rating. If you have less than perfect credit, you can make it better with a little effort on paying down your cards. [...] A common complaint that consumers have regarding today’s mortgage loan origination process has to do with all of the hoops they have to jump through in order to get a loan. Personally, as a loan officer, I try to be as thorough as possible going into the application as possible to avoid the last minute chase. After each deal closed, I review the process and question whether I prepared my clients for all that they needed to have or do in order to get the loan approved and closed. I will be the first to admit, I am not perfect. [...] Mortgage interest rates have fallen this year to historical lows and with them so have the costs of home ownership. Regardless of a borrower’s loan amount, bargain-basement interest rates have brought a home buyer’s monthly mortgage payment down to levels never seen in history. [...] First-time home buyers receive a forgivable 3% cash assistance loan (CAL) for down payment and closing costs. The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. The [...] There aren’t quite as many loan programs as there are borrowers, but it seems like it sometimes! We’ll work with you to qualify you for the best loan program to fit your needs. But there are some general considerations you can have in mind in advance. Are you refinancing to lower your rate and monthly [...] Thinking of purchasing a home or refinancing a mortgage? Here are some tips to help make the process smooth: Know your current situation. Be aware of your credit history; your credit report may contain out of date, or inaccurate items. Carefully review your credit report and make a note of items that should be fixed. It takes time, [...] Should you talk to you mortgage professional before house hunting? Absolutely! Even if you haven’t so much as selected a Realtor®, it’s important to talk with your mortgage professional first. Why? [...] Loan-level price adjustments and how they affect home-buyers; St Louis Mortgage Interest Rate Update“Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites are receiving nothing more than a starting point for what their final mortgage rate will be. This is due to a government-led pricing scheme called loan-level pricing adjustments or LLPAs.” [...] What a great time to be a First Time Home buyer! Historically low interest rates and great home prices! However, the home buying “process” can be a difficult if the borrower is not prepared and have not done their homework. Before making offers and writing contracts, talk to your mortgage lender and get Pre-Qualified [...] Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition of value of the property provides adequate loan security, When rehabilitation is involved , this means the lender requires improvements to be finished before a long-term mortgage is concerned. [...] First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, [...] The VA loan program was designed to make home ownership more obtainable for eligible veterans. Home purchases with VA loans must be the veteran’s primary residence. There is no down payment required; no mortgage insurance requirement and VA loans do not incur a pre-payment penalty. [...] For those fence sitters who are thinking about buying or refinancing a home, be advised that FHA will be raising the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. [...] In this tighter credit environment, FHA remains to be a great alternative for buyers with limited resources for a down payment and closing costs or past credit problems. Underwriting guidelines are more lenient than conventional guidelines. [...] WHAT IS A CREDIT SCORE? Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a [...] Why rent when you can own? Over the past couple of years there has been much talk about home ownership losing it’s luster and asking the question if it is better to rent than own a home at this point. Today, I want to share with you 11 reasons to own a home: [...] There have been many changes in the mortgage banking industry in the last couple of years. New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage. Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans. These [...] Seller concessions can be any negotiation where the seller, builder, developer or any interested party gives something up to the buyer…The concession can help lower or eliminate the amount a borrower is required to bring to the closing table. In some cases, a seller-paid concession can mean the difference between closing a home sale [...] New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs. Assistant Secretary of Housing & Federal Housing Commissioner, David H. Stevens, has authorized an increase to help build back FHA’s capital reserves to their statutory level. There will be [...] St. Louis MORTGAGE RATES for February 16, 2011: Conventional 30-Year Fixed 5.125% Conventional 15-Year Fixed 4.25% Conventional 5/1 ARM 3.750% FHA/VA 30 Year Fixed 5.00% Jumbo 5/1 ARM 3.875% Jumbo 15 yr Fixed 4.625% Jumbo 30 yr Fixed 5.750% [...] Missouri Housing Development Commission offers first-time home buyers a forgivable 3% Cash Assistance Loan (CAL) for down payment and closing costs. Terms of this program include: [...] |
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