We are finding that reverse mortgages are becoming more of a financial planning tool. If you are at least 55 years old, and have around 50% equity in your home, you may want to consider a reverse mortgage. In a reverse mortgage, you don’t make out-of-pocket payments on the mortgage, rather the equity in your...
Author: john (John Rapasky)
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PREVENTING IDENTITY THEFT – FREEZING YOUR CREDIT
One way to prevent identity theft is to freeze your credit. If your credit is frozen, you have to manually unfreeze it prior to having it checked. Thus, if someone steals your identification, they cannot purchase anything in your name that requires a check on your credit. You can freeze your credit for free. To...
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WE CAN LEND IN ILLINOIS
I’m back in Chicago, Illinois. Illinois is one of the states where we can lend. If you are looking for a residential or commercial loan in Illinois, give us a call. We are mortgage brokers and will shop lenders to find the best loan for you. Whether you are a first-time homebuyer, investor, or starting...
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DOWN PAYMENT – FIRST-TIME HOMEBUYER VIDEO SERIES
I am at the train park in Scottsdale, located at Indian Bend and Scottsdale Road. This is a popular location where families bring their young children to play and ride on the train. A common question amongst young families is how to buy a home, and how much down payment is needed. The best loans...
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BUYDOWNS – FIRST-TIME HOMEBUYER VIDEO SERIES
With mortgage interest rates rising, buyers are looking for ways to reduce their payment. One way to do this is with a buydown. There are temporary and permanent buydowns. Temporary buydowns are trending. Temporary buydowns reduce the rate one year at a time, gradually increasing to the negotiated rate. Temporary buydowns can be 3/2/1, 2/1,...
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REMOVAL OF PRIVATE MORTGAGE INSURANCE (PMI)
If you have a conventional loan with PMI, you may request it to be removed once the principal balance of the loan reaches 80% of the value of the home. According to the Homeowners Protection Act, a borrower may initiate cancelation of PMI coverage by contacting the servicer. PMI will automatically fall off when the...
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A LOOK AT MORTGAGE RATES OVER TIME
Freddie Mac publishes a weekly Primary Mortgage Market Survey where they survey the 30-year and 15-year fixed mortgage rates. According to the survey, this week’s 30-year fixed rate is 6.96% and the 15-year fixed rate is 6.34%. The survey contains data going back to 1971. Looking at rates over the last 50-years, today’s rate is...
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MANY LOAN OPTIONS ARE AVAILABLE
The mortgage market has changed since the days of 2-3% rates. Lenders are introducing many new products into the market to try to make up for the loss in volume. Contrary to some recent news reports, it is not harder to get a loan today. Lending is not getting tighter. There are more options for...
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MULTI-FAMILY FINANCING – INVESTOR VIDEO SERIES
The type of loan available depends on the number of units you are purchasing. If you are purchasing up to a 4-unit property, you can get a 30-year fixed mortgage. However, if you are looking for an apartment building or multi-family 5+ units, lenders consider this commercial financing. These loans are typically fixed for 5...
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APPRAISALS – FIRST-TIME HOMEBUYER VIDEO SERIES
You entered into a contract and agreed to a purchase price with the seller. You are applying for a mortgage, and the lender asks if you are ready to order the appraisal. What is the appraisal and why is it necessary? An appraisal is an independent opinion of value provided by a licensed appraiser. The...