Sometimes you just have a quick question or a complex market question. Feel free to ask any mortgage or financial market related question! You'll get an answer no matter what your question may be! Feel free to browse through some of the previous subjects since more often than not you're not the only one who want to know! We are committed to our clients and educating about our industry.
Question & Answer Archive
- First Time Home Buyer Tax Credit... (3/11/2009)
- The American Recovery and Reinvestment Act of 2009 has authorized a tax credit of up to $8,000 or 10% of the sales price for qualified first time home buyers purchasing a primary residence home between January 1, 2009 and December 1, 2009. This tax credit is different from the previous $7500 tax credit because it is not required to be re-paid provided the buyers stay living in the home for at least 3 years.
- Obama's Plan... (5/18/2009)
- *** Update May 18, 2009 ***
The Fannie Mae version of the Obama refinance plan is in full implementation. The first way to determine your qualification is to complete the Refinance Application. This will give us the updated information we need to determine qualification.
Although the plan, when originally unveiled, seemed that all homeowner's with Fannie or Freddie loans would be eligible, we are now finding that the eligibility is very subjective. Fannie Mae's Automated Underwriting Engine, Desktop Underwriter, must return the appropriate call in order for you to be eligible. Interest rates are available from our various investors and range from just slightly above standard rates to higher and beyond realistic refinance parameters. To determine what rate and fee schedule you qualify for, we need to enter all information in the automated system. Loan to value, credit scores, and overall qualification will make this determination.
- Jumbo Loan Refinances... (02/19/2009)
- I currently have a interest only Jumbo loan at 5.5% that is fixed for another 5 years. I also have a variable rate line of credit, at current rate of 4.5%. I am concerned about my line of credit rate escalating in the next year. Is there a way to refinance both or at least the line of credit to a fixed rate without escalating my payments to much?
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- Facing Foreclosure... (10/25/2008)
- Millions of Americans who thought they realized the American dream of becoming a homeowner are now facing the American nightmare. For whatever reason, they are no longer able to make their mortgage payments. Some are scraping by now but know it can’t continue, while others are so far behind they don’t know where to turn.
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