Category: Blog

Creating a Cash Emergency Reserve from Your Home&#...

No one knows what the national economy will be like after the Covid-19 virus pandemic is contained. However, based on the history of past recessions, it could be a very scary economy, with high unemployment, slow growth and mass foreclosures. To offset this, many homeowners are now creating bank accounts ...
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FUNDING YOUR EMERGENCY FUND WITH A CASH OUT REFINA...

In the past month there has been a drop off in requests for purchase mortgages and an increase in requests for cash-out refinance mortgages. A large number of applications are from homeowners that desire to get the maximum cash they can be approved for, and place it in a bank ...
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Cash-Out Refinance Mortgages

Cash-Out Refinance Mortgages: Poor Credit, High Loan-to-Value (LTV) Cash-out refinance mortgages are used to access cash from home equity for any number of purposes. However, home owners with poor credit are often precluded from getting these mortgages. Most lenders advertise cash-our refinances with minimum credit scores of 640 FICO and ...
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Home Finance in the time of the Corona Virus

Home Finance in the time of the Corona Virus: The U.S. mortgage market is a service industry that has evolved into an efficient machine over the past fifty years. There are three distinct elements of that market: mortgage creation, mortgage packaging and sale, mortgage security investing and servicing. All three ...
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Availability of USDA Mortgages in Virginia

Availability of USDA Mortgages in Virginia The USDA-guaranteed mortgage is one of the most desired home loans in the country. It features a no-down payment feature and a low monthly mortgage insurance premium. However, as its name seems to imply ( ie., U.S. Department of Agriculture), it is for rural, ...
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How to Get a No-Down Payment, No Closing Cost Home...

How to Get a No-Down Payment, No Closing Cost Home Mortgage Many prospective first-time home buyers believe they cannot obtain a mortgage because of the upfront costs of a mortgage transaction, even though they believe they have sufficient income and credit rating to qualify for the mortgage. The costs of ...
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JUMBO LOANS FOR FAIR CREDIT REPORT SCORES

JUMBO LOANS FOR FAIR CREDIT REPORT SCORES In high housing cost areas, jumbo mortgages may be the only residential financing available for home purchases or refinances. This is because conventional mortgage sources- Fannie Mae, Freddie Mac, FHA and VA—cannot go over preset mortgage amounts. The standard maximum mortgage amount is ...
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TIPS FOR FIRST TIME HOME BUYERS IN 2019

It is anticipated that 2019 will experience a surge in home buying by first time homebuyers. Many questions arise for these new home buyers, some of which are answered here: How much house can I afford? Assuming you otherwise qualify for a mortgage, the key determinant of the amount of ...
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The Economics of Real Estate Settlement ( “Closi...

Real estate settlement is the procedure involved in the passage of title from a property seller to a property buyer. A similar procedure is followed when a property owner refinances the mortgage on his/her residence, and is called a “mortgage closing”. Both involve expenses that must be paid by the ...
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Cash-Out Refinance Mortgages: Poor Credit, High L...

Cash-out refinance mortgages are used to access cash from home equity for any number of purposes. However, home owners with poor credit are often precluded from getting these mortgages. Most lenders advertise cash-our refinances with minimum credit scores of 640 FICO and maximum LTVs of 80%. These are traditional terms ...
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