The Mortgage Bankers Association (MBA) has defended the tax deduction for mortgage interest against any and all challenges. Yesterday, in the National Mortgage News, it was reported that David Stevens, head of the MBA, indicated that the agency might not … Read the rest
Government Regulations
For members of the lending community and, certainly, for investment professionals, ie; financial planners, stock brokers, etc., it seems like the government just delights in piling on more and more regulatory restrictions. And, for every new regulation or restriction, yet … Read the rest
What Mortgages and Magic do for Me
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I enjoy making people laugh and feel good. I also enjoy navigating the cumbersome complicated process of putting together a mortgage loan for clients. There is satisfaction in magic and in mortgages. The joy from magic … Read the rest
Time Savings?….Not So Much!
When Mortgage Magic opened 26 years ago, the mortgage process was far different. Everything was done manually including loan applications, disclosures and credit reports (2-3 days to receive). Employment and bank accounts were verified by mail.
When processing was completed, … Read the rest
What should I discuss with the Reverse Mortgage Counselor ?
You are required to attend a Reverse Mortgage Counseling session with a Counseling Agency approved by the Department of Housing and Urban Development (“HUD”). This counseling session will help you evaluate if a Home Equity Conversion Mortgage (“HECM”) is suitable … Read the rest
TRID increased Loan Costs
Below is part of an article from National Mortgage Professional Magazine written by Phil Hall. I wonder about the statement that lenders can only recover 17 of the new cost. In the mortgage world and probably in every business world
… Read the rest
Your loan requires mortgage insurance? Get your credit score high !
If you are a home buyer with only a 5% down payment it is extremely important that your credit score is as high as you can make it. Why?
For a 95% loan to $417,000 the Monthly Mortgage insurance is … Read the rest
Tips for Financing a Home Purchase
First time home buyers – when you are planning to buy your home let that be your number one goal !
Here are a couple of mistakes I see people make when purchasing a home.
Taxes: The tax preparer has … Read the rest
A Really Good Pre-Approval Package will help the Buyer win the Offer’s War
I think when it is time for a Home Seller to accept an offer from a Buyer that there are many thoughts and emotions bouncing around in the Sellers head. There is price, time factors, perhaps outside considerations and influences, … Read the rest
First-Time Homebuyer Assistance Programs
There are legitimate zero-down programs for first-time homebuyers that have been around for many years. Those never were, nor ever will be, poorly thought out and/or designed to put people in homes they might not be able to afford. These … Read the rest
We can save $20 Billion by Refinancing
Thanks to the recent decline in mortgage rates, which have since inched up some, the so-called “refinanceable population” has swelled 30% to 6.7 million homeowners.
These are the folks that Black Knight Financial Services singled out as standing to