Those “no cost” refinance deals, while real, are a bit misleading. They are usually advertised on cable TV or radio, and are short on details. What they don’t tell you is that they charge a higher rate for a “no closing cost” refi. So the costs are essentially built into the rate. If Read the rest of this entry »
Buy FANNIE MAE FORECLOSURES using the HomePath Program, visit: http://www.homepath.com for property listings.
Owner Occupied loans to 97% LTV Read the rest of this entry »
If you have an FHA loan, you have probably heard you can do an FHA streamline refinance. This FHA loan is a type of refinance where you can refi without an appraisal. Read the rest of this entry »
I have heard more and more clients tell me that some nameless, faceless mortgage people or “friends” have told them they should refinance from a Conventional loan to an FHA loan. Huh? Usually the smart advice giver is giving the advice because they know the client has had a hard time getting a sufficient appraisal to refinance as a Conventional loan, and that FHA requires much less equity.
Wow, I am surprised that such incredibly expensive advice is still being passed out.
Here is why I find that advice silly, Read the rest of this entry »
A Reverse Mortgage is when your house pays you back, or that is how the commercial goes. But at what cost? And is it worth it?
I have been doing some more research on these Reverse Mortgages (RM). I have been trying to condense 80 pages of data down into something manageable. Here are a few important notes I came up with:
-You can get a more detailed over view on this website at: http://www.getloans.com/loanprograms/rm/
-You have to be 62 years of age or older. Read the rest of this entry »
Do you remember when Interest Only loans were all the rage? And now I never get a phone call about them, and the only loan that anyone wants is a 30 year fixed-rate (and the occasional 5 Year ARM-fully amortizing by the way). How is it that we can dupe ourselves so easily in the middle of an investment bubble and lead ourselves to believe just about anything? Below is an old e-mail that I dug up that I wrote someone when they inquired about an Interest Only loan. I thought it was interesting. It is from 2004: Read the rest of this entry »