Mortgages
Thursday, October 7th, 2010
Mortgage insurance is an insurance that is paid to the lender to offset their losses where a borrower is not able to repay their loan. All borrowers who are not able to put down 20% of the loan must obtain this mortgage insurance called PMI. Then once the home owner over time reduces their principle to 80% of the value they may request to have this insurance cancelled…Now let’s just say that Bank of America, or any other big bank corporation for that matter, decided during this mortgage fiasco to purchase the Mortgage Insurance Companies! Would it really honestly matter much to these banks anymore to allow you the homeowner, who has a legitimate financial hardship, the dignity of a short sale? I want everyone to think on this for a minute and then tell me what you think.
Tags: Alliante Short Sales, Banking, Banking Corporation, Corporation, Greenvalley Banking, Henderson Nevada Banking, Home, Homeowners, Homes, Insurance, Las Vegas, Las Vegas Homes, Las Vegas Insurance, Las Vegas Nevada Insurance, Las Vegas Primary Mortgage Insuance, Las Vegas Short sales, Mortgage, Mortgage Insurance, Nevada, Principle, Principle Reduction, Summerlin Short Sales
Posted in Mortgages | 1 Comment »
Wednesday, September 29th, 2010
Home owners there is a timeline you will want to keep in mind when doing a short sale on your home. From the time that you stop making a payment on your loan 120 days from that first month that you missed your payment you will receive a Notice of Default. From the date that is on the Notice of Default 120 days from that date you will receive a sale date telling you when your home will be sold on the court house steps. Let’s say you have submitted all the short sale required documents to your lender and you have a short sale in the process “this does not stop this timeline!” In short home owners when thinking of doing a short sale time is of the essence when it comes to this timeline. Home owners if you have a short sale in progress you will also need to keep track of this timeline along with your Realtor, as in most cases but not all, your Realtor may be able to negotiate an extension of the sale date but usually not until a couple of days before the sale date is to commence so this is a very tricky and tight window in which to act.
Tags: Foreclosure, Home Owner, Mortgage Payment, Negotiate, Notice of Default, Realtor, Short Sale, Short Sales
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Wednesday, September 22nd, 2010
The process of obtaining a mortgage loan for the first time can be confusing and a bit frightening and even more without having knowledge of the process. We recently had an eye opening experience in the loan process when a client of ours was quoted an amount that she did not agree with as her down payment. When she left their office she set out doing her research online and came up with the answers that she needed to back her claim! The fact was that she had been quoted a price that was substantially higher than the national average of three to four percent of the loan. Now we cannot say for sure if the loan officer made a mistake or not but one thing for sure is this young lady can be proud of her awareness in this matter and her perseverance. I will say this old saying and buyers you should take heed in this matter “BUYER BEWARE!“ Buyers do your research on your lenders and be armed with knowledge and you will not go wrong. Buyers walk in with these papers in hand “20 Questions to ask A Lender Or Mortgage Broker” and your Lender or Mortgage Broker will know you mean business. In case you were wondering my client was quoted the correct price and this was resolved in her favor.
Tags: Annual Percentage Rate, Appraisal, Appraised Value, Beware, Buyer, Closing Cost, Consumer Finance Company, Financial Institution, Good Faith Estimate, Length of Loan, Licensed, Loan, Loan Officer, Loan Process, Mortgage, Mortgage Banker, Mortgage Broker Company, Mortgage Lender, qoute, Variable Rate
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Ave. Home Sale: $379,000
Avg. Sales Price: 379,000
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