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Credit Mortgage Repair

Interesting how major lenders are assisting with credit repair issues; aka, credit mortgage repair.

John Fitzgerald, my wholesale account rep, stopped by my office this week. While we were discussing service and program choices he directed me to a site that Countrywide makes available to brokers like me.

Interestingly, I navigate to a place called “Credit Reconciliation”. I am intrigued thinking:  “why would a lender be in the credit repair business”.  I decide to watch the video tutorial, and to my amazement find that this company has software which allows them to decision a person’s mortgage based on an elevated credit score even though the score won’t officially be posted onto the credit until said person provides proof of credit issue.

What’s all that mean to Mr. & Mrs. Borrower?  It means that if there are errors on his credit he doesn’t have to labor thru the arduous process of repair.  His credit will repair automatically, as long as “down the road” he provide to the Mortgage Broker (yours truly) the paperwork proving that which is being mis-reported is satisfied.

This is a one step process and it allows a person to get the best product and repair his credit discrepancies all in one move.

The Federal Trade Commission is also an excellent resource for Credit Repair Facts for Consumers.

Questions or comments regarding credit mortgage repair will be answered promptly.

Sep 10, 2005 By Jim Jump To Story & Comments
See related stories in Real Estate, Personal Finance, Florida Mortgage,

Disaster Mortgage Information

Finding disaster mortgage information can aid those who wish to take the appropriate steps to rebuild.

Through Section 203 (H),  the Federal Government helps victims in Presidentially designated disaster areas recover by making it easier for them to with mortgage insurance for disaster victims, and re-establish themselves as homeowners.

Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area and if their homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary.

If you need help, contact the HUD Homeownership Center that serves your state. Homebuyers can also find a list of HUD-approved lender, or call the FHA Mortgage Hotline, 1-800-483-7342.

Further assistance regarding disaster mortgage information will be responded to immediately.

Sep 07, 2005 By Jim Jump To Story & Comments
See related stories in Real Estate, Personal Finance, Florida Mortgage, Banking,

Mortgage Study Released

The Mortgage Bankers Association (MBA) has released a study on the current real estate and mortgage markets. The study discusses the current state of the housing markets, the growth of innovative mortgage products, and the impact of developments in the housing and mortgage markets on households, financial institutions, the financial markets, and the economy more broadly.

One interesting point is the MBA’s speculation regarding a potential housing bubble, and the use of non-traditional, low interest mortgages. Good timing. We just learned about the pros and cons of low interest rate mortages.

You can read the entire study from their site here.here.

Sep 03, 2005 By Gus Jump To Story & Comments
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Low Interest Rate Mortgages

Certain banks specialize in high loan to value low interest rate mortgages.  These programs are designed for borrowers who have an excellent credit history and have a need for a mortgage that will advance up to 107% of the appraised value of their property.  These low interest rate high loan to value products are offered without the borrower having to pay for private mortgage insurance (it’s not required). 

These are available for cash out refinance, rate and term refinance, and, for the purchase of a home.

Remember, excellent credit is a must for these programs (generally a middle score of 680 of 3 separate repositories).

Sep 01, 2005 By Jim Jump To Story & Comments
See related stories in Real Estate, Florida Mortgage,

Real Estate appraisals are important documents

Real Estate appraisals are important documents.  They are an estimate of how much a property is worth based on its age, size, and the ammenities it has in comparison to similar properties (in a close proximity) which have sold in the past year.

The value of the “subject property” is determined by making adjustments to each comparable as it relates to the comparable.  For instance if the subject property has a 2 stall garage and a comparable property has only a 1 stall garage then value is added to the subject property.  Conversely, if the subject property is 40 years old and a comparable is 3 years old, value may be subtracted from “subject” as it relates to that particular comparable.

The reason real estate appraisals are important documents is that the more valuable a property is the better the ratio’s becomes should the mortgage amount be less than the value.  An example would be:  a home valued at $400,000 with a mortgage of $350,000 is an 87.5% loan to value; however, if the same property appraised for $440,000 then the $350,000 mortgage would be 79% loan to value.  With a 79% loan to value ratio, much more attractive interest rates are available.  Also, a 79% loan to value is much easier for a decision engine to approve.

Comments or Questions regarding Real Estate Appraisals and mortgage products will be replied to promptly.

Aug 26, 2005 By Jim Jump To Story & Comments
See related stories in Real Estate, Florida Mortgage,

Fannie Mae Information

In 1938 the Federal Government realized they needed to expand the flow of money and create a secondary market. Fannie Mae was established and authorized to buy FHA insured mortgages there by replenish the supply of lendable money.

In 1968 Fannie Mae became a privately company providing capital on a self sustaining basis. It’s role was expanded to buy mortgages beyond traditional government loan limits which caused it to reach out to a broader cross section of Americans.

Today Fannie Mae operates under a congressional charter from the U.S. House of Representatives that directs it to channel its efforts to make more affordable housing available to low and moderate income households.

Fannie Mae receives no government funding or backing but is one of the nations largest tax payers.

Fannie Mae received numerous awards including:

• Hispanic Corporate magazine “Corporate 100”
• Forbes magazine “Americas Most Admires Award”
• Essence magazine “30 Best Companies for African Americans”.

Your comments and questions about Fannie Mae Information will be openly addressed and replied to with immediacy.

Aug 25, 2005 By Jim Jump To Story & Comments
See related stories in Real Estate, Florida Mortgage,
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