Mortgages

The Housing Boom and Bust

darrinj@move-up.com — Fri, 18 Sep 2009 12:53:00 GMT

Do you own a home or investment property or do you want to own one. This information is very valuable. "Those who do not know history are doomed to repeat it". Thomas Sowell, senior Hoover fellow and author of The Housing Boom and Bust, cites Congressman Barney Frank, former President George W. Bush, and Allan Greenspan for the housing bust.

This post is not meant to be political although it deals with politics given the people in charge of setting standards in the mortgage industry. You can find the complete 34 min interview at FORA.tv It's a great web site as you can select the chapter of the video you want to see. Below I have included their YouTube video which gives a fair overview but clicking on the full video link above is well worth it. I personal have learned a tremendouse amount about econimcs from Thomos Sowell and I respect his opinion.

How to refinance if your house is worth less than the mortgage.

darrinj@move-up.com — Sat, 18 Apr 2009 09:15:00 GMT

An excellent overview of refinancing options if you have been unable to refinance because of loan to value but not due to credit or income direct from the FannieMae web site. This is the presentation used to train loan officers so you get ALL the details and inside secrets.

New credit scoring will be better for people with isolated credit problems.

darrinj@move-up.com — Thu, 05 Feb 2009 13:44:00 GMT

According Kiplinger.com new credit scoring guidelines being implemented over the next year will be beneficial to people who have an isolated credit problem and they won’t be lumped together with habitual delinquents. This could help people recover much more quickly from a short sale or credit issues related to a job loss or medical event when buying a home in the Boise Idaho area. “If you have one isolated missed payment you won’t score as low as before.” The new FICO model also focuses less on how many accounts a borrower has and more on the amount of balances carried.

Read the full article on Kiplinger.

Interest free loan available for home buyers in Boise Idaho and surrounding areas.

darrinj@move-up.com — Tue, 20 Jan 2009 02:14:00 GMT

Up to $7,500 is available interest free for the purchase of a home in the Boise. What most people don't know is that this money can be used as a down payment for FHA and conventional loan programs. That would cover 100% of the down payment for a home up to $250,000 using one of the easiest loans to qualify for (FHA). As with most programs of this type there are some restrictions - but, hey it's literally a free loan. Can't get much better than that can it?

You must be a first time home buyer or not have owned a home within the last three years.
It must be paid back over the next fifteen years (typically 15 annual installments of $500)
If your income exceeds the phase out range ($150,000 couples and $75,000 single) then you are not eligible.

These are the most common points about this program. There is more information available here or feel free to give me a call.

Oh by the way this program is only available for home purchases prior to July 1, 2009. So get a move on!

Who really has my loan?

darrinj@move-up.com — Wed, 26 Nov 2008 12:15:00 GMT

Here is what typically happens on a typical mortgage.

You buy a home and receive a mortgage from ABC Mortgage Company or even your local bank.
ABC Mortgage Co. funds your loan and you move into your new home.

Part of your loan is then sold to a very large investor (FannieMae, FreddiMac, etc.). Only the note is sold to them the servicing, or who you make your payments to is sold to another company (WellsFargo, Countywide, etc.). Local banks such as Syringa Bank, Mountain West Bank and Key Bank all sell their loans. This is a critical and important function as without their ability to sell the loans they would be limited by the amount of deposits on how much they could lend. Plus because of their local presence they have on the ground people who know the in's and out’s of out local marketplace.